纯苯、苯乙烯日报：纯苯供需边际改善，苯乙烯基差承压走弱-20250821

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The supply - demand situation of pure benzene has marginally improved, but there are still contradictions between high - level hidden inventory and weak terminal consumption. The demand during the traditional peak season of "Golden September and Silver October" remains a key variable [3]. - The styrene market is generally loose, with new production capacity being continuously released. Although there are signs of marginal improvement, new production capacity and the weakening basis point to the problems of oversupply and difficulty in destocking [4]. 3. Summary by Related Catalogs 3.1 Daily Market Summary 3.1.1 Fundamentals - Price: On August 20, the styrene main contract closed up 0.82% at 7,285 yuan/ton, with a basis of - 10 (+54 yuan/ton); the pure benzene main contract closed up 0.37% at 6,205 yuan/ton [2]. - Cost: On August 20, Brent crude oil closed at 61.8 (-1.7 dollars/barrel), WTI crude oil closed at 65.8 (-0.8 dollars/barrel), and the spot price of pure benzene in East China was 6,070 yuan/ton (-35 yuan/ton) [2]. - Inventory: Styrene sample factory inventory was 20.9 tons (-0.3 tons), a 1.3% month - on - month destocking; Jiangsu port inventory was 14.9 tons (-1.0 tons), a 6.42% month - on - month destocking. Pure benzene port inventory was 14.6 tons (-1.7 tons), a 10.43% month - on - month destocking [2]. - Supply: A new styrene plant in Shandong was put into operation, and the overall supply remained stable. The weekly styrene output was 36.9 tons (+1.0 tons), and the factory capacity utilization rate was 78.2% (+0.5%) [2]. - Demand: The capacity utilization rates of downstream 3S varied. The EPS capacity utilization rate was 58.1% (+14.4%), the ABS capacity utilization rate was 71.1% (+0%), and the PS capacity utilization rate was 56.7% (+1.7%). The EPS operating rate recovered, and the ABS and PS operating rates continued to increase [2]. 3.1.2 Views - Pure Benzene: The supply side has been running strongly recently. The supply has increased, and the demand shows structural differentiation. Although the supply - demand balance has marginally improved, there are still problems such as high - level hidden inventory and weak terminal consumption [3]. - Styrene: The market is generally loose, with new production capacity continuously released. The demand improvement is limited, and the basis weakening reflects the intensification of supply - demand mismatch and weakening market sentiment [4]. 3.2 Industrial Chain Data Monitoring - Styrene and Pure Benzene Prices: The styrene futures main contract increased by 0.82%, the pure benzene futures main contract increased by 0.37%, and the styrene basis decreased by 118.52% [6]. - Styrene and Pure Benzene Output and Inventory: Styrene output increased by 2.76%, pure benzene output decreased by 0.18%. Styrene and pure benzene inventories decreased to varying degrees [7]. - Operating Rate: The capacity utilization rates of some downstream products of pure benzene and styrene increased, such as the EPS capacity utilization rate increased by 14.41% [8]. 3.3 Industry News - China's shale cracking raw material supply is affected by trade and production capacity, pushing up naphtha costs. China is expected to increase naphtha imports to a record high 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 [9].