纯苯、苯乙烯日报：山东新装置实现产出，EB供应进一步提升-20250807

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Pure Benzene: This week, the supply of pure benzene showed a marginal loosening trend, with the restart capacity higher than the shutdown capacity, and the overall supply increased by about 14,000 tons. The demand was weak, and the short - stop of phenol devices significantly affected the consumption of raw materials. The port inventory was stable and weak due to typhoon disturbances, and the port was in a destocking state in the short term. The supply - demand balance sheet indicates a slight destocking of pure benzene in August - September, with fundamental improvement. However, the weak terminal orders and high hidden inventory limit the upward momentum. After the important macro - level meeting, the market sentiment declined, and the market returned to fundamental - led rhythm [3]. - Styrene: The supply of styrene was stable, and there was no new large - scale device maintenance last week. The Jingbo new device produced qualified products, bringing marginal supply increments. The demand was in the seasonal off - peak, and the 3S industries'开工 rates fluctuated slightly, providing rigid support for styrene raw materials. After the important meeting this week, the commodity sentiment cooled down, and the styrene futures price fluctuated downward. The basis of the main contract turned from negative to positive, and the inter - month structure changed from B to C, indicating market expectations for the "Golden September and Silver October" traditional peak season. If the Jingbo new device operates smoothly in August, the supply pressure will increase. The balance sheet shows that styrene will face destocking pressure in August - September, and the fundamental pattern will remain loosely supplied [4]. 3. Summary by Directory 3.1 Daily Market Summary - Fundamentals - Prices: On August 6, the main contract of styrene closed up 0.04% at 7,285 yuan/ton, with a basis of 60 (+42 yuan/ton); the main contract of pure benzene closed up 0.42% at 6,246 yuan/ton. The closing price of the Brent crude oil main contract was 65.2 dollars/barrel (-1.1 dollars/barrel), and the WTI crude oil main contract closed at 67.6 dollars/barrel (-1.1 dollars/barrel). The spot price of East China pure benzene was 6,030 yuan/ton (+0 yuan/ton) [2]. - Inventory: The sample factory inventory of styrene was 217,000 tons (+12,000 tons), a 5.9% month - on - month inventory increase; the Jiangsu port inventory was 164,000 tons (+13,000 tons), an 8.8% month - on - month inventory increase. The overall styrene inventory increased. The pure benzene port inventory was 170,000 tons (-1,000 tons) [2]. - Supply: The overhauled styrene devices resumed operation, and the overall supply was stable. The weekly output of styrene remained at 361,000 tons (+0 tons), and the factory capacity utilization rate was 78.9% (+0.1%) [2]. - Demand: The capacity utilization rates of downstream 3S industries changed differently. The EPS capacity utilization rate was 54.3% (-1.0%), the ABS capacity utilization rate was 65.9% (-0.9%), and the PS capacity utilization rate was 53.3% (+1.7%), with the overall开工 rate fluctuating slightly [2]. 3.2 Industry Chain Data Monitoring - Prices: From August 4 to August 5, the prices of styrene and pure benzene futures and spot contracts showed different trends, with changes ranging from -0.50% to 1.13%. The prices of upstream Brent crude oil, WTI crude oil, and naphtha also decreased slightly [6]. - Output and Inventory: From July 25 to August 1, the output of styrene in China remained unchanged at 361,000 tons, while the output of pure benzene increased from 425,000 tons to 436,000 tons, a 2.37% increase. The styrene port inventory in Jiangsu increased from 151,000 tons to 164,000 tons (8.83%), and the domestic styrene factory inventory increased from 205,000 tons to 217,000 tons (5.87%). The national pure benzene port inventory decreased slightly from 171,000 tons to 170,000 tons (-0.58%) [7]. - Capacity Utilization Rates: From July 25 to August 1, the capacity utilization rates of some pure benzene and styrene downstream industries changed. For example, the capacity utilization rate of styrene increased from 78.8% to 78.9%, the EPS capacity utilization rate decreased from 55.2% to 54.3%, and the PS capacity utilization rate increased from 51.6% to 53.3% [8]. 3.3 Industry News - OPEC+ will significantly increase production again in September to complete the withdrawal from the latest round of production cuts and compete for market share, but future choices remain uncertain [9]. - The non - farm payrolls in the United States in May were revised down from 144,000 to 19,000, and in June from 147,000 to 14,000, a total reduction of 258,000 in two months [9]. - The Federal Reserve remained on hold, and Powell avoided giving guidance on a September interest rate cut [9]. 3.4 Industry Chain Data Charts The report includes multiple charts showing the prices, costs, inventories, and capacity utilization rates of pure benzene, styrene, and their downstream products over different time periods [10][20][21].