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Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The pure benzene market has shown a trend of increasing supply and demand recently. The supply of petroleum benzene is stable, and the hydrogenated benzene has reached a historical high. The demand has recovered to the pre - maintenance level in the second quarter. There may be arbitrage opportunities if the supply - demand rhythm is misaligned. However, the demand has not improved substantially [4]. - The styrene market is generally weak due to the continuous deterioration of the supply - demand structure. The supply pressure is significant, and the demand is further weakening. The supply - demand gap is expanding, and it has entered the inventory accumulation stage. Although the short - term disk is supported by oil prices and macro - sentiment, the fundamentals are bearish [5]. 3. Summary by Directory 3.1 Daily Market Summary - Fundamentals - Price: On July 14, the styrene main contract rose 0.84% to 7,478 yuan/ton, with a basis of 237 (-72 yuan/ton); the pure benzene main contract fell 0.79% to 6,189 yuan/ton [2]. - Cost: On July 14, Brent crude closed at $68.5/barrel (+$1.9/barrel), WTI at $70.4/barrel (+$1.7/barrel), and the East China pure benzene spot was 5,945 yuan/ton (+0 yuan/ton) [2]. - Inventory: Styrene factory inventory was 210,000 tons (+16,000 tons), a 8.1% increase; Jiangsu port inventory was 112,000 tons (+13,000 tons), a 12.9% increase [2]. - Supply: Styrene maintenance devices returned, and the supply was stable. The weekly output was 363,000 tons (-4,000 tons), and the capacity utilization rate was 79.2% (-0.8%) [2]. - Demand: The 3S downstream开工率 (capacity utilization rate) changed differently. EPS was 51.1% (-4.82%), ABS was 65.0% (+0.0%), and PS was 51.1% (-1.3%), with the overall开工 rate declining [3]. - Viewpoints - Pure Benzene: Supply and demand both increased. Supply was stable in petroleum benzene and reached a high in hydrogenated benzene. Demand recovered, and there may be arbitrage opportunities. The spot price rose with the disk, but demand had no substantial improvement [4]. - Styrene: The market was weak due to supply - demand deterioration. Supply pressure was high, demand weakened, and the supply - demand gap expanded. It entered the inventory accumulation stage, but the short - term disk was relatively firm [5]. 3.2 Industry Chain Data Monitoring - Price: Styrene futures rose 0.84%, and spot rose 0.35%. Pure benzene prices in different regions had different changes. Brent crude rose 2.82%, WTI rose 2.51%, and naphtha rose 0.10% [6]. - Production and Inventory: Styrene production decreased 1.03%, pure benzene production decreased 0.37%. Styrene port and factory inventories increased, while pure benzene port inventory decreased 1.69% [7]. - Capacity Utilization: Styrene's capacity utilization rate decreased 0.82%, and the downstream 3S products' capacity utilization rates generally declined [8]. 3.3 Industry News - In 2025, the basic pension for retirees will be increased by 2%. - Trump said that if Canada raises tariffs on the US, the US will raise its 35% tariff on Canada accordingly. - Trump plans to impose 15% or 20% tariffs on most trading partners [9]. 3.4 Industry Chain Data Charts - The report provides charts on pure benzene price, styrene price, styrene - pure benzene spread, SM import and domestic pure benzene cost comparison, styrene and pure benzene inventory, and downstream product capacity utilization rates [10][15][16]