装置检修轮动支撑，苯乙烯开工率或见底

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - Pure Benzene: Recently, domestic supply - side disturbances have increased. With the maintenance of some refining and chemical plants in East and South China, production has decreased, and the import of Asian sources is restricted. Demand remains weak, and inventory in some areas has decreased. The cost has increased. In the short - term, the market may fluctuate strongly under the support of plant maintenance, but in the long - term, it is necessary to be vigilant against the suppression caused by OPEC+ production increase and less - than - expected demand recovery [2]. - Styrene: The supply has been continuously shrinking due to maintenance. Although production may increase this week, downstream device operation is differentiated, and inventory performance is also different. The cost of non - integrated enterprises has increased, and profit margins have been compressed. In September, the supply pressure is relatively alleviated. In the short - term, inventory is being reduced, but if demand does not improve significantly, the price increase space may be limited [3]. 3. Summary by Related Catalogs 3.1 Daily Market Summary - Fundamentals - Price: On September 22, the main contract of styrene closed down 0.92% at 6,928 yuan/ton, with a basis of 42 (+4 yuan/ton); the main contract of pure benzene closed down 0.75% at 5,921 yuan/ton [2]. - Cost: On September 22, Brent crude oil closed at $62.4/barrel (-$0.9/barrel), WTI crude oil closed at $66.0/barrel (-$0.9/barrel), and the spot price of pure benzene in East China was 5,875 yuan/ton (+0 yuan/ton) [2]. - Inventory: Styrene inventory was 15.9 tons (-1.8 tons), a 9.9% decrease; pure benzene port inventory was 13.4 tons (-1.0 tons), a 6.9% decrease [2]. - Supply: Styrene production and capacity utilization have decreased. The weekly output was 34.7 tons (-0.7 tons), and the factory capacity utilization rate was 73.4% (-1.5%) [2]. - Demand: The capacity utilization rates of downstream 3S varied. EPS was 61.7% (+0.7%), ABS was 69.8% (-0.2%), and PS was 61.2% (-0.7%) [2]. 3.2 Industry News - The US has imposed high tariffs on some Asian (especially South Korean) chemical products, leading to global petrochemical industry structure adjustment. South Korea has cut ethylene cracking capacity, and some European factories have closed due to high energy costs [8]. - In the first half of 2025, the overall loss of China's refining and chemical industry continued to intensify, with the total loss amount increasing by about 8.3% compared with the same period last year, and the loss in the refining and chemical sector exceeding 9 billion yuan [8]. - With the accelerated implementation of private refining and chemical integration projects, China's pure benzene production capacity has formed a pattern with East China as the core and South and Northeast China developing in coordination [8]. 3.3 Chain Data Monitoring - Price Monitoring - Styrene: The main futures contract decreased by 0.92%, and the spot price decreased by 1.78%. The basis increased by 10.53% [5]. - Pure Benzene: The main futures contract decreased by 0.75%, and prices in different regions had different degrees of decline [5]. - Upstream: Brent crude oil decreased by 1.36%, WTI crude oil decreased by 1.32%, and naphtha decreased by 1.14% [5]. - Production and Inventory Monitoring - Production: From September 5 to 12, China's styrene production decreased by 5.97%, and pure benzene production increased by 0.49% [6]. - Inventory: From September 5 to 12, styrene port inventory in Jiangsu decreased by 10.18%, and pure benzene port inventory nationwide decreased by 3.36% [6]. - Capacity Utilization Monitoring - Pure Benzene Downstream: The capacity utilization rates of styrene, caprolactam, phenol, and aniline changed to different degrees from September 5 to 12 [7]. - Styrene Downstream: The capacity utilization rates of EPS, ABS, and PS also had different changes during the same period [7].