纯苯、苯乙烯日报：纯苯供需趋紧或支撑价稳，苯乙烯承压难改弱势-20250820

Report Summary 1. Investment Rating The report does not provide an investment rating for the industry. 2. Core Views - Pure Benzene: The supply side of pure benzene has been relatively strong recently. The supply of petroleum benzene has been stable, and the overall operating rate of hydrobenzene has increased significantly. The demand side shows structural differences, with an increase in the consumption of pure benzene in some products. However, the profit margins of downstream products are compressed, and the release of substantial incremental demand from new production capacity is slow. The inventory in East China ports has decreased slightly, and the supply and demand in the domestic market are both increasing in August - September. Although the supply - demand balance has improved marginally, high - level hidden inventory and weak terminal consumption are still concerns [3]. - Styrene: The styrene market remains oversupplied. New production capacity is being continuously released, and there are still large - scale plant commissioning plans in September - October. The demand improvement is limited due to insufficient terminal consumption. Although there are signs of marginal improvement in the supply - demand surplus in August - September, whether the market can maintain inventory reduction remains to be observed [4]. 3. Summary by Section 3.1. Daily Market Summary - Fundamentals - Prices: On August 19, the main contract of styrene closed down 0.06% at 7,226 yuan/ton, with a basis of 54 (+14 yuan/ton); the main contract of pure benzene closed down 0.06% at 6,182 yuan/ton. The price of Brent crude oil closed at 63.4 (+0.6 dollars/barrel), and WTI crude oil closed at 66.6 (+0.8 dollars/barrel). The spot price of pure benzene in East China was 6,095 yuan/ton (+0 yuan/ton) [2]. - Inventory: Styrene's sample factory inventory was 20.9 million tons (-0.3 million tons), a 1.3% decrease; the inventory in Jiangsu ports was 14.9 million tons (-1.0 million tons), a 6.42% decrease. The port inventory of pure benzene was 14.6 million tons (-1.7 million tons), a 10.43% decrease [2]. - Supply: A new styrene plant in Shandong was put into operation, and the overall supply remained stable. The weekly production of styrene was 36.9 million tons (+1.0 million tons), and the factory capacity utilization rate was 78.2% (+0.5%) [2]. - Demand: The operating rates of EPS, ABS, and PS among downstream 3S products changed differently. The capacity utilization rate of EPS was 58.1% (+14.4%), ABS was 71.1% (+0%), and PS was 56.7% (+1.7%) [2]. 3.2. Industry News - China's shale cracking raw material supply is affected by trade and production capacity, pushing up the cost of naphtha. China is expected to increase naphtha imports to a record 1,600 - 1,700 million tons in 2025 [9]. - The global diesel shortage supports refinery profits, having a structural impact on the crude oil and chemical chains [9]. - India is accelerating petrochemical expansion to counter China's dominant position. Reliance Industries in India emphasizes the need to develop petrochemical production capacity [9]. 3.3. Industrial Chain Data Monitoring - Prices: The prices of styrene and pure benzene futures and spot, as well as the basis, are presented in the report. The prices of upstream products such as Brent crude oil, WTI crude oil, and naphtha are also included [6]. - Production and Inventory: The production and inventory data of styrene and pure benzene from August 8 to August 15, 2025, are provided, showing changes in production volume and inventory levels [7]. - Operating Rates: The operating rates of pure benzene and styrene downstream products from August 8 to August 15, 2025, are given, including styrene, caprolactam, phenol, aniline, EPS, ABS, and PS [8].