供需压力持续，价格持续承压

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Pure Benzene: The production decline caused by previous device maintenance has gradually recovered, and the supply side is steadily increasing. Except for styrene, other downstream products have poor profit transmission, and the terminal's willingness to start work is insufficient, resulting in limited demand. The high port inventory and the "anti - involution" policy expectation make the market more volatile with the bulk sentiment, and its own driving force is weak [4]. - Styrene: Domestic styrene devices maintain high - load operation, and short - term production may remain high. Although some downstream devices are gradually recovering, terminal orders have not significantly increased, and inventory overstocking still exists. The high social inventory and the pressure on the cost side due to oil price fluctuations and the loose supply - demand of pure benzene lead to a situation of strong supply and weak demand, and the follow - up needs to pay attention to the chain reaction brought by policies and crude oil trends [4]. 3. Summary by Directory 3.1 Daily Market Summary - Fundamentals - Price: On July 30, the main contract of styrene closed up 0.18% at 7,387 yuan/ton, with a basis of 28 (+47 yuan/ton); the main contract of pure benzene closed up 0.72% at 6,269 yuan/ton [3]. - Cost: On July 30, the main contract of Brent crude oil closed at $69.2/barrel (+$2.5/barrel), the main contract of WTI crude oil closed at $72.5/barrel (+$2.5/barrel), and the spot price of pure benzene in East China was 6,085 yuan/ton (+15 yuan/ton) [3]. - Inventory: The inventory of styrene sample factories was 20.5 tons (-0.3 tons), a month - on - month de - stocking of 1.5%, and the inventory in Jiangsu ports was 15.1 tons (+1.2 tons), a month - on - month stocking of 8.8%, with overall stocking [3]. - Supply: The styrene maintenance devices have returned, and the overall supply is stable. Currently, the weekly output of styrene remains at 36.1 tons (+0.2 tons), and the factory capacity utilization rate is 78.8% (+0.5%) [3]. - Demand: The capacity utilization rates of downstream 3S have different changes. The capacity utilization rate of EPS is 55.2% (+2.0%), ABS is 66.8% (+0.9%), and PS is 51.6% (+1.0%), with the overall start - up rate improving [3]. 3.2 Industry Chain Data Monitoring - Price Monitoring - Styrene Price: From July 28 to 29, the main continuous futures price of styrene increased by 0.22%, the spot price remained unchanged, and the basis decreased by 258.33% [6]. - Pure Benzene Price: From July 28 to 29, the main continuous futures price of pure benzene increased by 0.72%, the price in East China increased by 1.0%, and the prices of South Korea FOB, the United States FOB, and China CFR remained unchanged [6]. - Upstream Price: From July 28 to 29, the price of Brent crude oil increased by 2.35%, WTI crude oil increased by 2.11%, and the price of naphtha increased by 0.03% [6]. - Production and Inventory Monitoring - Production: From July 18 to 25, the production of styrene in China increased by 0.69% to 36.1 tons, and the production of pure benzene decreased by 2.39% to 42.5 tons [7]. - Inventory: From July 18 to 25, the port inventory of styrene in Jiangsu increased by 8.81% to 15.1 tons, the factory inventory decreased by 1.46% to 20.5 tons, and the national port inventory of pure benzene increased by 4.27% to 17.1 tons [7]. - Capacity Utilization Monitoring - Downstream of Pure Benzene: From July 18 to 25, the capacity utilization rates of styrene and caprolactam changed slightly, phenol decreased by 4.04%, and aniline increased by 0.77% [8]. - Downstream of Styrene: From July 18 to 25, the capacity utilization rates of EPS, ABS, and PS all increased, by 2.0%, 0.9%, and 1.0% respectively [8]. 3.3 Industry News - The Political Bureau of the CPC Central Committee held a meeting on July 30 to analyze the current economic situation and deploy the economic work for the second half of the year [9]. - The US Treasury Department intensified its "maximum pressure" action against Iran, targeting the shipping network of the Shamkhani family. US officials said the new sanctions would make it "more difficult" for Iran to sell oil but would not cause a continuous disruption to the global oil market [9]. - The Federal Reserve kept its policy unchanged, and Powell avoided giving guidance on a September interest - rate cut [9]. 3.4 Industry Chain Data Charts The report provides multiple data charts, including the price trends of pure benzene and styrene, the cost comparison between imported and domestic pure benzene for styrene, the inventory trends of styrene and pure benzene at ports and factories, and the capacity utilization rates of downstream products such as ABS, EPS, phenol, aniline, and caprolactam [10][15][16].