纯苯、苯乙烯周报：芳烃延续弱势，纯苯苯乙烯下行-20250922

1. Report Industry Investment Rating - The investment view for styrene is "oscillation", with an expected bearish trend mainly due to weakening costs. The trading strategy is to "wait and see" [3]. 2. Core View of the Report - The aromatics market continues to be weak, with pure benzene and styrene prices declining. Various factors such as supply, demand, inventory, basis, profit, valuation, and macro - policies have different impacts on the market. Overall, the styrene market is expected to be mainly bearish, but influenced by the Fed's interest rate cut, there are also some supporting factors [3]. 3. Summary by Relevant Catalogs 3.1 Main Views and Strategy Overview - Supply: Bearish. The spread between styrene and naphtha is $274 per ton, and the spread between styrene and benzene is $159. Asian producers' economics remain negative [3]. - Demand: Bearish. Port inventories are slightly decreasing, but market expectations are poor. As of September 15, 2025, the commercial inventory of pure benzene in Jiangsu ports is 134,000 tons, a month - on - month decrease of 6.94% and a year - on - year increase of 168%. After the end of maintenance, supply has increased significantly, and Yulong Petrochemical's plant is about to be put into operation. Overseas demand is still declining due to the low operating rate of derivatives [3]. - Inventory: Neutral. As of September 15, 2025, the total inventory of styrene in Jiangsu port samples is 159,000 tons, a decrease of 9.92% from the previous period. The commercial inventory is 78,000 tons, a decrease of 10.34% from the previous period [3]. - Basis: Bearish. The styrene basis is stable, but there are expectations of inventory accumulation for pure benzene and styrene in the future. The upcoming operation of Yulong Petrochemical's plant will bring obvious market pressure [3]. - Profit: Bearish. The spread between styrene and naphtha is $274 per ton, and the spread between styrene and benzene has also dropped to $159 [3]. - Valuation: Neutral. Crude oil prices have fallen sharply, overseas pure benzene continues to flow in, and the supply of styrene plants is disrupted [3]. - Macro - policy: Bullish. The Fed cut interest rates by 25 basis points in September [3]. 3.2 Fundamentals Overview of Pure Benzene and Styrene - Crude oil: Trump's remarks have led to a weak operation of crude oil [5]. - Styrene: The profit of styrene integrated plants has declined, and port inventories have slightly decreased [15][27]. - Pure benzene: The price of pure benzene is running weakly, and overseas demand is dragging it down [38]. 3.3 Polymer Demand Overview - Styrene downstream - ABS: Demand is fair, with the mainstream price, production, and inventory showing certain trends [52]. - Styrene downstream - PS: Inventory has increased, and profit has declined [64]. - Styrene downstream - EPS: The load has increased, and inventory has accumulated [71]. - Pure benzene - Aniline: Profit has slightly recovered [81]. - Phenol: Inventory has increased, and the gross profit is average [90]. - Adipic acid: Production profit is low [100]. - Caprolactam: Production is stable, but the price has declined [112]. - Household appliances: Export demand has decreased year - on - year [122].