纯苯苯乙烯：BZ：需求潜力有限EB：9月供应或收缩

Report Industry Investment Rating - The overall investment rating for the pure benzene and styrene industry is neutral [3] Core Viewpoints - Pure benzene: Last week, the operating load of pure benzene increased, with no new maintenance capacity and the restart of multiple maintenance devices, leading to a continuous increase in overall supply. With maintenance mostly completed, supply is expected to remain stable in September, still at a relatively high level. In terms of imports, South Korea's exports to China in the first ten days of August decreased significantly month-on-month, and China's imports in August are expected to decline substantially. Downstream demand is at a relatively high level for the same period, but overall downstream profits have declined significantly. In the short term, supply and demand for pure benzene are expected to be strong, but in the long run, poor downstream profits may lead to weakening demand. Particular attention should be paid to the stability of styrene demand. Port inventory of pure benzene has increased, and subsequent destocking is expected, with an upward driving force. In terms of valuation, the BZN spread is neutral, and the valuation is also relatively neutral [3] - Styrene: Last week, Fushun Petrochemical carried out maintenance on its styrene unit. Supply is expected to be high in August but may tighten in September due to an increase in maintenance. In terms of demand, multiple PS units increased their loads, and EPS had good sales at low prices, alleviating some inventory pressure. Overall, the comprehensive operating rate of the three downstream S products has rebounded, but current demand remains weak, mainly driven by rigid needs, and raw material inventories are high. In terms of terminal inventory, port inventory remained stable last week, and there is still pressure to accumulate inventory in August, with a downward driving force. In terms of valuation, the BZ - SM spread has declined significantly, and the styrene valuation is neutral [3] Summary by Relevant Catalogs Pure Benzene Supply - There are no new maintenance plans for pure benzene units, and the current operating rate is at a high level. Supply is expected to continue increasing [3] - Last week, there were no new maintenance devices for pure benzene, and supply is expected to increase. The maintenance of hydrogenated benzene is basically over, and supply is expected to remain at a high level [7][10] - After the peak of pure benzene maintenance has passed, with the commissioning of new devices, supply in August is expected to increase month-on-month [47] Pure Benzene Demand - Downstream overall operating rates are high and are expected to remain stable in the short term. However, downstream profit margins are poor, limiting demand potential. As the "Golden September and Silver October" period approaches, the situation of end - users should be observed [3] Pure Benzene Month - Spread - Pure benzene is expected to undergo destocking, and the paper futures month - spread structure is close to flat [3] Styrene Supply - Current supply is high, but may contract in September due to an increase in maintenance [3] - Last week, the styrene operating rate increased. Although Fushun Petrochemical's unit was under maintenance, overall supply remains high. Maintenance will increase in September, and supply may tighten [52] - With the commissioning of new devices, styrene supply is expected to continue to rise [87] Styrene Demand - The operating rate of the three downstream S products remains stable but is weak. Overall downstream profits are good, and demand is expected to remain stable [3] - Currently, the three S products are in the off - season. Overall demand shows some resilience, but inventories of the three S products are high, and subsequent demand may weaken. Attention should be paid to the destocking situation of the three S products during the "Golden September and Silver October" period [87] Styrene Month - Spread - Given the pattern of strong supply and weak demand combined with improved long - term expectations, the C structure is expected to be maintained [3] External Market Support - The arbitrage window between the US and Asia remains closed. In the first ten days of August, China imported 38,725 tons of pure benzene from South Korea, a significant month - on - month decrease and lower than the same period last year [3]