油价反弹有限，纯苯苯乙烯弱势震荡

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Pure benzene supply is increasing while demand is decreasing, with slow inventory reduction and weak short - term trends [2] - Styrene has limited supply reduction in the short term, demand increase is limited, and short - term trends are mainly fluctuating [3] Summary by Relevant Catalogs 1. Daily Market Summary Fundamentals - On September 12, the styrene main contract closed down 0.86% at 7,020 yuan/ton, with a basis of 50 (+6 yuan/ton); the pure benzene main contract closed down 0.86% at 5,988 yuan/ton [2] - On September 12, Brent crude oil closed at $62.4 per barrel (-$1.3 per barrel), WTI crude oil closed at $66.4 per barrel (-$1.1 per barrel), and the spot price of East China pure benzene was 5,895 yuan/ton (-40 yuan/ton) [2] - Styrene inventory was 17.7 tons (-2.0 tons), a 10.2% month - on - month inventory reduction; pure benzene port inventory was 14.4 tons (-0.5 tons), a 3.4% month - on - month inventory reduction [2] - Styrene production in September will have equipment maintenance, and supply is expected to decrease. Currently, the weekly production of styrene is 35.4 tons (-2.2 tons), and the factory capacity utilization rate is 75.0% (-4.8%) [2] - The capacity utilization rates of the three downstream products of styrene varied. EPS was 61.0% (-8.5%), ABS was 70.0% (+1.0%), and PS was 61.9% (+0.9%) [2] Views - Pure benzene: Supply is increasing and demand is decreasing, with slow inventory reduction, and short - term trends are weak and fluctuating [2] - Styrene: Supply reduction provides some support, but supply pressure remains, demand increase is limited, and short - term trends are mainly fluctuating [3] 2. Industrial Chain Data Monitoring Prices - On September 12, the styrene futures main contract decreased by 0.86% to 7,020 yuan/ton, and the spot price decreased by 1.00% to 7,320 yuan/ton; the pure benzene futures main contract decreased by 0.86% to 5,988 yuan/ton, and the East China spot price decreased by 0.67% to 5,895 yuan/ton [5] - Brent crude oil decreased by 2.04% to $62.4 per barrel, and WTI crude oil decreased by 1.66% to $66.4 per barrel [5] Production and Inventory - From September 5 to September 12, China's styrene production decreased by 5.97% to 35.4 tons, and pure benzene production increased by 0.49% to 45.6 tons [6] - During the same period, styrene port inventory in Jiangsu decreased by 10.18% to 17.7 tons, and factory inventory increased by 2.52% to 22.0 tons; pure benzene port inventory nationwide decreased by 3.36% to 14.4 tons [6] Capacity Utilization Rates - From September 5 to September 12, the capacity utilization rate of styrene in pure benzene downstream decreased by 4.76% to 75.0%, and the capacity utilization rates of other downstream products also decreased to varying degrees [7] - Among the styrene downstream products, the capacity utilization rate of EPS increased by 8.19% to 61.0%, ABS increased by 1.00% to 70.0%, and PS increased by 0.90% to 61.9% [7] 3. Industry News - The US imposed 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 losses of China's refining and chemical industry continued to intensify, with the total loss amount increasing by about 8.3% compared to the same period last year [8] - With the accelerated implementation of private refining and chemical integration projects, China's pure benzene production capacity has formed a pattern with East China as the core and coordinated development in South China and Northeast China [8] 4. Industrial Chain Data Charts - The content provides charts of pure benzene price, styrene price, styrene - pure benzene price difference, etc., and the data sources are iFinD and Steel Union Data [9][11][21]