纯苯、苯乙烯日报：BZ、EB港口均去库，苯乙烯盘整延续-20250813

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - Pure Benzene: Supply increases slightly due to new oil - benzene device production, while hydro - benzene开工率 drops. Demand from phenol rises but is partly offset by the decline in adipic acid. Overall demand is flat. Inventory decreases at East China ports due to typhoon - affected arrivals. 8 - 9月 may see slight inventory reduction, but improvement is limited due to high hidden inventory and weak consumption [5]. - Styrene: Supply is sufficient with new device production and resumed operations. Demand is weak, with EPS开工率 dropping significantly and PS/ABS rising slightly. Port inventory doesn't increase but remains high. Mid - term supply pressure persists with new capacity planned. The strong pure benzene price provides some support, and the macro - environment helps sentiment, but fundamental positives are limited [6]. 3. Summary by Directory 3.1. Daily Market Summary - Fundamentals - Price: On August 12, styrene futures rose 0.99% to 7322 yuan/ton with a basis of 28 (- 27 yuan/ton), and pure benzene futures rose 0.32% to 6250 yuan/ton [4]. - Cost: On August 12, Brent crude closed at 64.0 (+0.1 dollar/barrel), WTI at 66.6 (+0.0 dollar/barrel), and East China pure benzene spot was 6180 yuan/ton (+20 yuan/ton) [4]. - Inventory: Styrene factory inventory was 21.1 (-0.6) million tons, a 2.71% decrease; Jiangsu port inventory was 14.9 (-1.0) million tons, a 6.42% decrease. Pure benzene port inventory was 14.6 (-1.7) million tons, a 10.43% decrease [4]. - Supply: A new styrene device in Shandong was put into operation. Weekly styrene output was 35.9 (-0.2) million tons, and capacity utilization was 77.7% (-1.2%) [4]. - Demand: Among styrene's downstream 3S, EPS capacity utilization dropped 10.6% to 43.7%, ABS rose 5.2% to 71.1%, and PS rose 1.7% to 55.0% [4]. 3.2. Industry Chain Data Monitoring - Price: Styrene futures and spot prices rose slightly on August 12 compared to August 11, while the basis decreased. Pure benzene futures, East China spot, and some international prices also changed, with different price differences showing various trends [8]. - Output and Inventory: From August 1 to August 8, styrene output decreased by 0.63% to 35.9 million tons, and pure benzene output increased by 2.36% to 44.6 million tons. Styrene and pure benzene inventories at ports and factories all decreased [9]. - Capacity Utilization: From August 1 to August 8, the capacity utilization of styrene and some pure - benzene downstream products changed. EPS capacity utilization dropped significantly, while ABS and PS increased [10]. 3.3. Industry News - China's shale cracking raw material supply issues may push up naphtha costs, with an expected record - high naphtha import of 16 - 17 million tons in 2025 [11]. - Global diesel shortage supports refinery profits, affecting the crude oil and chemical chains [11]. - India plans to accelerate petrochemical expansion to counter China's dominance [11]. 3.4. Industry Chain Data Charts The report provides multiple charts showing the historical data of pure benzene and styrene prices, price differences, inventory, and capacity utilization [16][19][21]