供需错配延续，苯乙烯纯苯低位震荡运行

Report Title - Energy Chemicals Pure Benzene & Styrene Daily Report [1] Report Date - October 14, 2025 [1] Report Industry Investment Rating - Not provided Core Viewpoints - The mismatch between supply and demand continues, and benzene and styrene are oscillating at low levels [1] - The pure benzene market continues its weak oscillating trend, and the styrene market is under pressure from both cost and demand ends [2][3] Summary by Directory 1. Daily Market Summary (1) Fundamental Analysis - Price: On October 13, the styrene main contract closed down 0.79% at 6,690 yuan/ton, with a basis of 15 (-17 tons); the pure benzene main contract closed down 0.91% at 5,682 yuan/ton [2] - Cost: On October 13, Brent crude oil closed at $58.9/barrel (-$2.6/barrel), WTI crude oil closed at $62.7/barrel (-$2.5/barrel), and the spot price of pure benzene in East China was 5,710 yuan/ton (-25 yuan/ton) [2] - Inventory: Styrene port inventory was 202,000 tons (+40,000 tons), a 2.2% increase; pure benzene port inventory was 91,000 tons (-15,000 tons), a 14.2% decrease [2] - Supply: Styrene maintenance devices are returning, with weekly production at 348,000 tons (+110,000 tons) and a plant capacity utilization rate of 73.6% (+2.4%) [2] - Demand: The capacity utilization rates of downstream 3S devices vary. EPS is 40.7% (-2.4%), ABS is 72.5% (+1.5%), and PS is 54.6% (-1.7%) [2] (2) Views - Pure Benzene: The overall supply has increased slightly, and downstream demand has also risen, but the overall supply - demand pattern has not improved significantly. The inventory in East China ports has decreased slightly, but the absolute inventory level remains high. The processing profit of petroleum benzene is low, and short - term demand is difficult to improve substantially [2] - Styrene: The market was weak last week, with supply increasing and demand weak. Inventory pressure has eased but remains high. Cost has decreased, but profit repair is limited. In the short term, production is expected to increase slightly, and the supply - demand mismatch may intensify [3] 2. Industry Chain Data Monitoring (1) Price Data - Styrene futures and spot prices both declined, with the basis dropping 53.13% [5] - Pure benzene futures and East China spot prices decreased, while international prices remained stable. The internal - CFR spread of pure benzene decreased by 6.69%, and the East China - Shandong spread increased by 11.63% [5] - Upstream crude oil and naphtha prices declined [5] (2) Production and Inventory Data - Styrene production in China increased by 3.32% to 348,000 tons, and pure benzene production increased by 0.70% to 460,000 tons [6] - Styrene port inventory in Jiangsu increased by 2.23% to 202,000 tons, and factory inventory decreased by 4.63% to 194,000 tons. Pure benzene port inventory nationwide decreased by 14.15% to 91,000 tons [6] (3) Capacity Utilization Data - Among pure benzene downstream, the capacity utilization rates of styrene and aniline increased, while that of phenol decreased slightly. Among styrene downstream, the capacity utilization rates of ABS increased, while those of EPS and PS decreased [7] 3. Industry News - OPEC+ production increased by 400,000 barrels per day in September, with Saudi Arabia contributing 320,000 barrels per day. Iraqi Kurdistan's oil exports restarted, and production may further recover in October [8] - US refineries entered autumn maintenance, and refined oil demand declined seasonally. US crude oil inventory increased by 3.7 million barrels last week [8] - Israel and Hamas reached a cease - fire agreement, easing tensions in the Middle East and reducing the geopolitical premium on crude oil [8] 4. Industry Chain Data Charts - The report includes charts on pure benzene price, styrene price, styrene - pure benzene spread, etc. [9][14]