苯乙烯日报：利好情绪消化殆尽，高位偏弱震荡-20250520

Report Investment Rating - Not provided in the content Core Viewpoints - For pure benzene, the short - term trend is supply - dominated, with a "supply exceeds demand" pattern. It's recommended to maintain a bearish approach and focus on whether export recovery can support demand [3] - For styrene, it has basically recovered from pre - holiday declines. However, short - term price fluctuations are intense, and caution is needed when chasing high prices [4] Summary by Directory 1. Daily Market Summary (1) Fundamental Aspects - Price: On May 19, the styrene main contract rose 0.45% to 7779 yuan/ton, with a basis of 246 yuan/ton (-43 yuan/ton) [2] - Cost: On May 19, the Brent crude oil main contract closed at 62.0 dollars/barrel (+0.4 dollars/barrel), WTI at 65.4 dollars/barrel (+0.9 dollars/barrel), and East China pure benzene spot at 6155 yuan/ton (+60 yuan/ton) [2] - Inventory: Styrene sample factory inventory was 21.3 tons (-1.9 tons), down 8.2% month - on - month; Jiangsu port inventory was 5.7 tons (-1.2 tons), down 17.2% [2] - Supply: Styrene maintenance devices are gradually resuming, with an expected increase in supply. Weekly production decreased 1.29% to 32.65 tons (-0.42 tons), and factory capacity utilization was 71.3% (-0.9%) [2] - Demand: The capacity utilization rates of downstream 3S varied. EPS was 62.3% (+15.0%), ABS 67.4% (-1.6%), and PS 57.1% (+0.8%) [2] (2) Views - Pure Benzene: It's in a weak pattern, with a high BZ - SM near - month contract spread and adjustment pressure. Supply is abundant, and demand is weak, remaining in a "supply exceeds demand" situation. A bearish approach is recommended [3] - Styrene: Last week's price increase was driven by Sino - US trade relaxation, low port paper - cargo inventory, and a major factory's device maintenance. Short - term price fluctuations are large, and caution is needed when chasing high prices [4] 2. Industrial Chain Data Monitoring (1) Styrene & Pure Benzene Prices - From May 16 to May 19, styrene futures rose 1.54% to 7779 yuan/ton, spot fell 0.56% to 8224 yuan/ton, and the basis decreased 14.88% to 246 yuan/ton. Pure benzene in East China rose 0.98% to 6155 yuan/ton [6] (2) Styrene & Pure Benzene Output and Inventory - From May 9 to May 16, styrene output decreased 1.29% to 32.6 tons, and pure benzene output decreased 2.94% to 39.0 tons. Styrene port inventory in Jiangsu decreased 17.23% to 5.7 tons, and factory inventory decreased 8.17% to 21.3 tons. Pure benzene port inventory increased 2.50% to 12.3 tons [7] (3) Capacity Utilization Rates - From May 9 to May 16, the capacity utilization rate of styrene decreased 0.93 to 71.3, that of aniline decreased 6.44 to 68.9, EPS increased 14.96 to 62.3, ABS decreased 1.61 to 67.4, and PS increased 0.80 to 57.1 [8] 3. Industry News - The 1 - year LPR in May dropped 10bp to 3%, and the over - 5 - year variety dropped to 3.5% [9] - The Iranian deputy foreign minister warned that nuclear talks would fail if the US insisted on Iran stopping uranium enrichment [9] - Putin, Trump, and Zelensky made statements regarding the Russia - Ukraine peace talks [9] 4. Industrial Chain Data Charts - The report includes charts of pure benzene price, styrene price, styrene - pure benzene spread, etc., with data sources from iFinD and Steel Union Data [10][17][20]