纯苯、苯乙烯日报：突发检修提振，纯苯苯乙烯持续反弹-20250916

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - Pure Benzene: The pure benzene market is in a weak supply - demand pattern. Supply has increased due to the restart of some units and new production capacity. Demand is sluggish with weak downstream industry开工 rates. With pressure on crude oil and lack of market confidence, the short - term market may fluctuate and consolidate [2]. - Styrene: There has been an unexpected supply tightening recently due to unplanned shutdowns. The market has a short - term price rebound, but demand is still divided and overall inventory is high. Without further support, the medium - term trend will mainly fluctuate with crude oil [3]. 3. Summary by Section I. Daily Market Summary - Fundamentals - Prices: On September 15, the styrene main contract rose 0.95% to 7087 yuan/ton with a basis of 28 (-22 yuan/ton); the pure benzene main contract rose 0.73% to 6032 yuan/ton. The price of Brent crude oil was 62.7 dollars/barrel (+0.3 dollars/barrel), and WTI crude oil was 67.0 dollars/barrel (+0.6 dollars/barrel). The spot price of East China pure benzene was 5945 yuan/ton (+50 yuan/ton) [2]. - Inventory: Styrene inventory was 15.9 tons (-1.8 tons), a 9.9% de - stocking; pure benzene port inventory was 13.4 tons (-1.0 tons), a 6.9% de - stocking [2]. - Supply: Styrene production and capacity utilization decreased. Weekly production was 35.4 tons (-2.2 tons), and the factory capacity utilization was 75.0% (-4.8%) [2]. - Demand: The downstream 3S industries had different capacity utilization rates. EPS was 61.0% (-8.5%), ABS was 70.0% (+1.0%), and PS was 61.9% (+0.9%) [2]. II. Industry Chain Data Monitoring - Prices: From September 11 - 12, styrene futures and spot prices decreased, while the basis increased. Pure benzene prices generally decreased, and upstream prices of Brent, WTI, and naphtha also decreased [5]. - Production and Inventory: From September 5 - 12, styrene production decreased by 5.97% to 35.4 tons, and pure benzene production increased slightly by 0.49% to 45.6 tons. Styrene port inventory in Jiangsu decreased, while factory inventory increased. Pure benzene port inventory decreased [6]. - Capacity Utilization: From September 5 - 12, the capacity utilization of pure benzene downstream industries (styrene, caprolactam, phenol, aniline) decreased, while that of styrene downstream industries (EPS, ABS, PS) generally increased [7]. III. Industry News - The US imposed high tariffs on Asian chemical products, leading to structural adjustments in the global petrochemical industry [8]. - In the first half of 2025, China's refining and chemical industry losses increased by about 8.3% year - on - year, with the refining and chemical sector losing over 9 billion yuan [8]. - China's pure benzene production capacity has formed a pattern with East China as the core, coordinated development in South and Northeast China [8]. IV. Industry Chain Data Charts - The report provides multiple charts on prices, production, inventory, and capacity utilization of pure benzene and styrene and their downstream products, with data sources from iFinD and Steel Union Data [9][21]