纯苯、苯乙烯日报：EB供强需弱，关注宏观会议方向指引-20250724

Group 1: Report Summary - Report title: Pure Benzene & Styrene Daily Report [1] - Date: July 24, 2025 [1] - Core view: Styrene is in a "supply - strong, demand - weak" structure, and its short - term trend may be more affected by the macro - level. Attention should be paid to the tone of the domestic macro - meeting at the end of July and the emotional impact brought by the dynamics of Sino - US trade policies. Pure benzene has a "supply - strong, demand - stable" pattern, and its price trend may be under pressure [3] Group 2: Daily Market Summary Fundamentals - Price: On July 23, the main contract of styrene closed down 1.12% at 7397 yuan/ton, with a basis of 53 (+49 yuan/ton); the main contract of pure benzene closed down 0.67% at 6196 yuan/ton [2] - Cost: On July 23, the Brent crude oil main contract closed at 65.3 dollars/barrel (-0.6 dollars/barrel), the WTI crude oil main contract closed at 68.6 dollars/barrel (-0.6 dollars/barrel), and the spot price of East China pure benzene was 6030 yuan/ton (+0 yuan/ton) [2] - Inventory: Styrene sample factory inventory was 20.8 tons (-0.1 tons), a month - on - month destocking of 0.7%; Jiangsu port inventory was 13.9 tons (+2.7 tons), a month - on - month stocking of 24.2%, and styrene overall stocked [2] - Supply: Styrene maintenance devices returned, and the overall supply was stable. Currently, the weekly output of styrene remained at 35.9 tons (-0.4 tons), and the factory capacity utilization rate was 78.3% (-0.9%) [2] - Demand: The operating rates of downstream 3S varied. Among them, the EPS capacity utilization rate was 53.2% (+2.1%), the ABS capacity utilization rate was 65.9% (+0.9%), and the PS capacity utilization rate was 50.6% (-0.5%), and the overall operating rate recovered [2] Views - Pure benzene: Last week, the supply of the pure benzene market increased month - on - month. It is expected that the supply pressure will increase. The downstream overall operating rate remains high, and short - term demand is expected to remain strong, but there may be a marginal weakening of demand in the long run. The port inventory is expected to gradually stock, and the price trend may be under pressure [3] - Styrene: The supply is expected to increase significantly. The demand is in the traditional off - season, with limited demand resilience. The port inventory continues to stock, and the spot basis continues to weaken. The short - term trend may be more affected by the macro - level [3] Group 3: Industrial Chain Data Monitoring Styrene & Pure Benzene Prices - Styrene prices: The main continuous contract of styrene decreased by 0.15% from July 21 to July 22, and the spot price increased by 0.05%. The basis decreased by 912% [5] - Pure benzene prices: The price of pure benzene in East China remained unchanged, the FOB price in South Korea increased by 0.5%, the FOB price in the US decreased by 0.35%, and the CFR price in China increased by 0.4% [5] - Spreads: The spread between domestic pure benzene and CFR decreased by 1155%, and the spread between East China and Shandong pure benzene decreased by 2091% [5] - Upstream prices: Brent crude oil decreased by 0.15%, WTI crude oil decreased by 0.10%, and naphtha remained unchanged [5] Styrene & Pure Benzene Production and Inventory - Production: China's styrene production decreased by 1.1149% from July 11 to July 18, and pure benzene production increased by 0.81% [6] - Inventory: Jiangsu port inventory of styrene increased by 24.22%, domestic factory inventory of styrene decreased by 0.66%, and the national port inventory of pure benzene decreased by 5.75% [6] Operating Rate - Downstream of pure benzene: The capacity utilization rate of styrene decreased by 0.91%, and that of caprolactam decreased by 4.00%. The capacity utilization rate of phenol increased by 3.33%, and that of aniline increased by 4.88% [7] - Downstream of styrene: The capacity utilization rate of EPS increased, that of ABS increased by 0.90%, and that of PS decreased by 0.50% [7] Group 4: Industry News - Trump and Xi Jinping will meet before or during the APEC Summit in South Korea [8] - The establishment conference of China Yajiang Group Co., Ltd. was held in Beijing [8] - Trump plans to impose 15% or 20% general tariffs on most trading partners [8] Group 5: Industrial Chain Data Charts - The report includes charts of pure benzene prices, styrene prices, styrene - pure benzene spreads, SM import pure benzene cost vs. domestic pure benzene cost, styrene port inventory, styrene factory inventory, pure benzene port inventory, ABS inventory, PS inventory, EPS inventory, caprolactam weekly capacity utilization, phenol weekly capacity utilization, and aniline weekly capacity utilization [9][14][15]