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Report Industry Investment Rating - Not provided in the content Core Viewpoints - The pure benzene market continues to operate weakly, facing dual pressures of supply accumulation and weak demand, with short - term trends likely to remain oscillating weakly [3] - Styrene has shown a phased stabilization due to sudden supply disruptions. In the short - term, it gets some support, but the medium - term trend may still be oscillating if there are no subsequent favorable factors [4] Summary by Relevant Catalogs 1. Daily Market Summary (1) Fundamentals - On September 18, the styrene main contract closed down 1.06% at 7062 yuan/ton, with a basis of 38 (- 4 yuan/ton); the pure benzene main contract closed down 0.96% at 5999 yuan/ton [2] - On September 18, Brent crude oil closed at 63.7 dollars/barrel (+ 0.4 dollars/barrel), WTI crude oil main contract closed at 67.4 dollars/barrel (+ 0.0 dollars/barrel), and the spot price of pure benzene in East China was 5910 yuan/ton (- 50 yuan/ton) [2] - Styrene inventory was 15.9 tons (- 1.8 tons), a 9.9% de - stocking compared to the previous period; pure benzene port inventory was 13.4 tons (- 1.0 tons), a 6.9% de - stocking [2] - Styrene plants have started maintenance, with production and capacity utilization decreasing. Weekly styrene output was 34.7 tons (- 0.7 tons), and plant capacity utilization was 73.4% (- 1.5%) [2] - The capacity utilization rates of downstream 3S varied. EPS capacity utilization was 61.7% (+ 0.7%), ABS was 69.8% (- 0.2%), and PS was 61.2% (- 0.7%) [2] (2) Views - Pure Benzene: Supply has increased as some units have resumed production after maintenance and new plants have released output. Demand is weak as downstream industries'开工 rates have declined and terminal enterprises have low stocking willingness. The cost support from international crude oil is limited. The short - term trend is likely to be oscillating weakly [3] - Styrene: Supply has tightened due to maintenance and production suspension of some plants, leading to a mild price rebound. Demand improvement is limited, and downstream enterprises mainly consume their own inventories. Although port inventory has decreased, it is still at a relatively high level. The short - term is supported, but the medium - term may oscillate [4] 2. Industrial Chain Data Monitoring (1) Styrene & Pure Benzene Prices - From September 16 to 17, the styrene futures main contract decreased 0.28%, the spot price increased 0.14%, and the basis increased 13.51% [6] - The pure benzene futures main contract decreased 0.26%, and the prices in East China, South Korea FOB, the US FOB, and China CFR remained unchanged [6] - The pure benzene domestic - CFR spread increased 0.33%, and the East China - Shandong spread decreased 500% [6] - Brent crude oil, WTI crude oil, and naphtha prices remained unchanged [6] (2) Styrene & Pure Benzene Output and Inventory - From September 5 to 12, Chinese styrene output decreased 5.97%, and pure benzene output increased 0.49% [7] - The styrene port inventory in Jiangsu decreased 10.18%, the domestic factory inventory increased 2.52%, and the national pure benzene port inventory decreased 3.36% [7] (3) Capacity Utilization - From September 5 to 12, the capacity utilization of styrene in pure benzene downstream decreased 4.76%, that of caprolactam decreased 4.21%, that of phenol decreased 6.20%, and that of aniline decreased 4.44% [8] - In styrene downstream, the capacity utilization of EPS increased 8.19%, ABS increased 1.00%, and PS increased 0.90% [8] 3. Industry News - The US has imposed high tariffs on some Asian chemical products, leading to adjustments in the global petrochemical industry structure [9] - 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, a year - on - year increase of about 8.3% [9] - With the accelerated implementation of private refining and chemical integration projects, China's pure benzene production capacity has formed a pattern centered on East China, with coordinated development in South and Northeast China [9] 4. Industrial Chain Data Charts - The content provides multiple charts including those on pure benzene price, styrene price, styrene - pure benzene spread, etc., with data sources mainly from iFinD and Steel Union Data [10][15][20]