两苯去库难改弱势，市场仍承压整理

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - Pure Benzene: The current pure benzene market remains weak. Supply is increasing due to the restart of some petroleum benzene and hydro - benzene units, and new production from Shandong and Hebei. Demand is sluggish as the downstream industries'开工率 is weakening, and there are no signs of peak - season stocking. Crude oil has limited support for the cost of pure benzene. In the short term, the market is likely to maintain a weak and volatile consolidation [2]. - Styrene: Styrene has shown a temporary stabilization due to sudden production cuts. Supply has tightened in the short term because of planned and unplanned equipment issues. However, demand improvement is limited, and the overall inventory level is still high. If there is no continuous maintenance or significant policy support, the medium - term market will likely fluctuate with the trend of crude oil [3]. 3. Summary by Directory 3.1. Daily Market Summary - Fundamentals - Prices: On September 17, the styrene main contract closed down 0.28% at 7,138 yuan/ton with a basis of 42 (+5 yuan/ton), and the pure benzene main contract closed down 0.26% at 6,057 yuan/ton. The price of Brent crude oil was 63.3 dollars/barrel, and WTI crude oil was 67.4 dollars/barrel, both unchanged. The spot price of pure benzene in East China was 5,970 yuan/ton, also unchanged [2]. - Cost: The prices of Brent and WTI crude oil remained stable, and the spot price of pure benzene in East China did not change [2]. - Inventory: Styrene inventory was 15.9 tons (-1.8 tons), a 9.9% decrease, and pure benzene port inventory was 13.4 tons (-1.0 tons), a 6.9% decrease [2]. - Supply: Styrene production decreased to 35.4 tons (-2.2 tons), and the plant capacity utilization rate was 75.0% (-4.8%) [2]. - Demand: The 开工率 of downstream 3S varied. EPS capacity utilization was 61.0% (-8.5%), ABS was 70.0% (+1.0%), and PS was 61.9% (+0.9%) [2]. - Viewpoints - Pure Benzene: The market is likely to stay weak in the short term due to supply - demand contradictions and insufficient market confidence [2]. - Styrene: Short - term price support comes from sudden supply disruptions, but the medium - term trend depends on maintenance and policy [3]. 3.2. Industrial Chain Data Monitoring - Prices: The report provides price data for styrene and pure benzene (futures and spot), their basis, upstream prices (crude oil and naphtha), and price differences between different regions and types of products [5]. - Production and Inventory: Data on styrene and pure benzene production and inventory from September 5 to September 12 are presented, showing changes in production volume and inventory levels [6]. - 开工率: The 开工率 data of pure benzene and styrene downstream industries from September 5 to September 12 are given, indicating the operating conditions of these industries [7]. 3.3. Industry News - The US imposing high tariffs on Asian chemical products has led to adjustments in the global petrochemical industry structure. - In the first half of 2025, China's refining and chemical industry's losses continued to intensify, with the refining and chemical sector losing over 9 billion yuan more than the previous year. - China's pure benzene production capacity has formed a pattern centered on East China, with coordinated development in South China and Northeast China [8]. 3.4. Industrial Chain Data Charts The report includes various charts showing the prices, production, inventory, and 开工率 of pure benzene and styrene and their downstream products over different time periods, with data sources from iFinD and Steel Union Data [9][11][21]