纯苯苯乙烯周报-20250519

Report Summary 1. Report Industry Investment Rating No investment rating was provided in the report. 2. Core Viewpoints - In the short - term, styrene has filled the previous gap and recovered from the decline caused by the trade war. Caution is advised when chasing high prices. The weakness of pure benzene continues, and the focus is on how long the profit expansion of EB can last [3][4]. - In the medium - term, the weak trend of pure benzene has not ended. The supply - side pressure is continuously recovering, and European pure benzene may continue to arrive in July. The downstream demand for pure benzene is still in a supply - exceeding - demand situation. Pay attention to the actual new orders of end - users and the replenishment intensity of 3S factories next week [4]. 3. Summary by Related Contents Short - term Market Analysis of Styrene - Styrene's performance this week was stronger than expected due to three reasons: the release of downstream terminal demand after the easing of the trade war, the potential extreme market of port paper goods in late May, and the sudden news of the overhaul of an ethylene cracking device in a northern factory. It has filled the gap from the sharp decline during the Tomb - Sweeping Festival, and caution is needed when chasing high prices [3]. Medium - term Outlook of Pure Benzene and Styrene - The weakness of pure benzene continues. The bz - sm near - month spread has risen above 1800, and the overall valuation is relatively high. The apparent inventory of styrene remains low, and the raw material inventory of downstream factories has decreased. Pay attention to the new orders of end - users and the replenishment of 3S factories next week [4]. - The supply - side pressure of pure benzene continues to recover, and European goods may continue to arrive after July. The downstream aniline, adipic acid, and caprolactam industries' operating rates have declined this week, and it is still in a supply - exceeding - demand situation [4]. Market Conditions of Pure Benzene - Pure benzene imports have exceeded expectations, and there are also many exports of EB downstream products. The supply of hydrogenated benzene is limited [8][14]. - The profit of pure benzene downstream products shows different trends. For example, the production profit of styrene non - integrated devices, aniline, phenol, caprolactam, and adipic acid has fluctuated [23][25][26]. Market Conditions of Styrene - Styrene is currently in a situation of neutral inventory, high profit, and neutral production. The inventory, production capacity utilization rate, and production volume have shown different trends over time [51][52][55]. Aromatic Hydrocarbon Market - The logistics price difference between the US and Asia cannot be opened, and pure benzene remains in Asia. The internal price difference of aromatic hydrocarbons has returned [58][65]. Contradiction in the Second Quarter - There is a contradiction between the de - stocking of chemical products in the second quarter and the weakness of upstream oil products [67]. Downstream Product Market Conditions - ABS, PS, EPS, and other downstream products have different trends in inventory, production profit, production volume, and production capacity utilization rate [69][75][84].