纯苯偏弱苯乙烯支撑有限，震荡延续

Report Title - Energy Chemicals Pure Benzene & Styrene Daily Report [1] Report Date - September 17, 2025 [1] Report Industry Investment Rating - Not provided Report Core Viewpoints - Pure benzene market remains weak due to increased supply from restarted and new - added plants, weak demand from downstream industries, and limited cost support from crude oil. Short - term market is likely to stay in weak and volatile consolidation [2] - Styrene has shown a temporary stabilization due to sudden production cuts. However, demand improvement is limited, and if there is no continuous maintenance or significant policy support, the medium - term market will fluctuate with crude oil prices [3] Summary by Relevant Catalogs 1. Daily Market Summary (1) Fundamentals - Prices: On September 16, the styrene main contract rose 1.00% to 7158 yuan/ton with a basis of 37 (+9 yuan/ton); the pure benzene main contract rose 0.68% to 6073 yuan/ton [2] - Costs: On September 16, Brent crude closed at 63.3 dollars/barrel (+0.6 dollars/barrel), WTI crude at 67.4 dollars/barrel (+0.5 dollars/barrel), and East China pure benzene spot price was 5970 yuan/ton (+25 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 as some plants were under maintenance. Weekly production was 35.4 tons (-2.2 tons), and capacity utilization was 75.0% (-4.8%) [2] - Demand: Downstream 3S industries had different capacity utilization changes. EPS was 61.0% (-8.5%), ABS was 70.0% (+1.0%), and PS was 61.9% (+0.9%) [2] (2) Views - Pure Benzene: Supply - side production increased due to restarted and new - added plants, while demand was weak as downstream industries'开工 rates declined. With limited crude - oil cost support, the market is likely to stay weak in the short term [2] - Styrene: Temporary supply cuts led to a price rebound, but demand improvement was limited. If maintenance doesn't continue or there are no policy incentives, the medium - term market will fluctuate with crude oil [3] 2. Industry Chain Data Monitoring (1) Styrene & Pure Benzene Prices - Styrene futures and spot prices, basis, and pure benzene futures and spot prices all had certain increases on September 16 compared to September 15. Upstream crude oil prices also rose slightly [5] (2) Styrene & Pure Benzene Production and Inventory - From September 5 to September 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 by 10.18%, while factory inventory increased by 2.52%. Pure benzene port inventory decreased by 3.36% [6] (3) Capacity Utilization - From September 5 to September 12, the capacity utilization of pure benzene downstream industries (styrene, caprolactam, phenol, aniline) generally declined, while that of styrene downstream industries (EPS, ABS, PS) had mixed changes [7] 3. Industry News - The US imposed high tariffs on Asian chemical products, leading to adjustments in the global petrochemical industry structure. China's refining and chemical industry faced intensified losses in the first half of 2025, and the country's pure benzene production capacity has formed a pattern centered on East China [8] 4. Industry Chain Data Charts - The report includes charts on pure benzene price, styrene price, styrene - pure benzene price difference, styrene and pure benzene inventory, and the capacity utilization of related industries [9][14][19]