苯乙烯：供需预期好转但成本端支撑有限 苯乙烯短期低位震荡

Market Overview - On September 3, the styrene market in East China stabilized slightly, with port inventory increasing marginally, supporting market sentiment. Overall supply of goods is ample, and the industry is operating at a high utilization rate, but downstream demand is weak, particularly in the EPS sector, which has seen a decline in operating rates. The industry continues to experience losses, and the basis trend remains stable, with market participants buying on dips [1][4]. Profitability - As of September 3, the profit for non-integrated styrene units is around -140 yuan/ton [2]. Supply and Demand - As of August 28, the overall production of styrene is 368,600 tons, a decrease of 2,200 tons, with an operating rate of 78.07%, down by 0.465%. - As of September 1, the total port inventory of styrene in Jiangsu is 196,500 tons, an increase of 17,500 tons from the previous cycle; the commodity inventory is 96,500 tons, up by 12,500 tons [3]. - As of August 28, the capacity utilization rates for downstream products are as follows: EPS at 58.35%, down by 2.63%; PS at 59.9%, up by 2.4%; ABS at 70.8%, down by 0.3% [3]. Market Outlook - The EPS and PS sectors are experiencing reduced operating rates due to compressed industry profits. Currently, the styrene industry is not facing significant losses, and short-term supply remains high with elevated port inventory levels, leading to weak short-term driving forces for styrene. However, there are plans for increased maintenance of domestic styrene units in September and October, along with expectations for increased exports due to overseas unit maintenance. This suggests a potential improvement in supply-demand dynamics for styrene. If oil prices do not decline sharply, the further downside for styrene prices is expected to be limited. The strategy suggests monitoring support around 6,900 yuan and considering light long positions at low levels, while primarily focusing on short positions during rebounds [4].