油价反弹有限，纯苯苯乙烯仍承压

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The pure benzene market remains under pressure, but the cost side shows some resilience due to a slight rebound in oil prices. In the short term, it maintains a weak oscillating pattern, and the medium - to - long - term trend depends on whether the oil price can continue to rebound and the realization of import increments [2] - The styrene market rebounds briefly, with the short - term focus returning to the 7000 - 7100 yuan/ton range. However, in the medium term, the pressure remains. It mainly oscillates within a range, and the rebound height is limited. Attention should be paid to the downward pressure brought by inventory realization [3] Group 3: Summary by Relevant Catalogs 1. Daily Market Summary (1) Fundamentals - Price: On September 8, the styrene main contract closed down 0.42% at 7077 yuan/ton, with a basis of 38 (+20 yuan/ton); the pure benzene main contract closed down 0.60% at 6013 yuan/ton [2] - Cost: On September 8, Brent crude oil closed at $61.9 per barrel (-$1.6 per barrel), WTI crude oil closed at $65.5 per barrel (-$1.5 per barrel), and the spot price of pure benzene in East China was 5820 yuan/ton (-15 yuan/ton) [2] - Inventory: Styrene inventory was 19.7 million tons (+1.8 million tons), a 9.8% increase; pure benzene port inventory was 14.9 million tons (+1.1 million tons), an 8.0% increase [2] - Supply: Styrene will have device maintenance in September, and supply is expected to decrease. Currently, the weekly output of styrene is 37.6 million tons (+0.8 million tons), and the factory capacity utilization rate is 79.7% (+1.7%) [2] - Demand: The operating rates of downstream 3S vary. The EPS capacity utilization rate is 52.5% (-5.8%), the ABS capacity utilization rate is 69.0% (-1.8%), and the PS capacity utilization rate is 61.0% (+1.1%) [2] (2) Views - Pure Benzene: Although it gets some cost support after a technical rebound, the supply - demand contradiction is still prominent [2] - Styrene: The short - term price rebounds, but the medium - term pressure remains, and the supply - demand imbalance pattern remains unchanged [3] 2. Industrial Chain Data Monitoring - Price: The prices of styrene and pure benzene futures and spot, as well as upstream oil and naphtha, have different degrees of decline or increase from September 5 to September 8 [5] - Output and Inventory: From August 29 to September 5, the output of styrene and pure benzene in China increased slightly, and the inventory of styrene and pure benzene also increased [6] - Operating Rate: From August 29 to September 5, the capacity utilization rate of styrene increased, and the operating rates of downstream products of pure benzene and styrene changed differently [7] 3. Industry News - The US imposes high tariffs on some Asian chemical products, leading to adjustments in the global petrochemical industry structure [8] - In the first half of 2025, the overall loss of China's refining and chemical industry continued to intensify, with the loss in the refining and chemical sector exceeding 9 billion yuan [8] - With the accelerated implementation of private refining and chemical integration projects, China's pure benzene production capacity forms a pattern with East China as the core and coordinated development in South China and Northeast China [8] 4. Industrial Chain Data Charts - The report provides charts on pure benzene price, styrene price, styrene - pure benzene price difference, etc., with data sources from iFinD and Steel Union Data [9][11][21]