Group 1: Report Title and Date - Energy Chemicals Pure Benzene & Styrene Daily Report, published on October 16, 2025 [1] Group 2: Daily Market Summary - Fundamentals - On October 15, the main styrene contract closed down 0.06% at 6,540 yuan/ton, with a basis of 0 (-41 yuan/ton); the main pure benzene contract closed down 0.32% at 5,579 yuan/ton [2] - On October 15, Brent crude closed at $58.7 per barrel (-$0.8 per barrel), and WTI crude closed at $62.4 per barrel (-$0.9 per barrel). The spot price of pure benzene in East China was 5,590 yuan/ton (-35 yuan/ton) [2] - Styrene port inventory was 19.7 tons (-0.5 tons), a 2.7% decline; pure benzene port inventory was 9.1 tons (-1.5 tons), a 14.2% decline [2] - Styrene maintenance units started to resume, with the production rate and supply increasing month-on-month. Currently, the weekly styrene output is 34.8 tons (+1.1 tons), and the factory capacity utilization rate is 73.6% (+2.4%) [2] - The operating rates of downstream 3S varied, with overall demand weakening. The EPS capacity utilization rate was 40.7% (-2.4%), the ABS capacity utilization rate was 72.5% (+1.5%), and the PS capacity utilization rate was 54.6% (-1.7%) [2] Group 3: Daily Market Summary - Views - Pure benzene: On the supply side, the operating rate of petroleum benzene units increased slightly, and the load of hydrobenzene units decreased slightly but had limited impact. Overall, the pure benzene output increased slightly month-on-month. On the demand side, the operating rates of downstream styrene, caprolactam, aniline, and adipic acid units increased to varying degrees, and phenol remained stable, driving the overall weighted operating rate of downstream products to increase month-on-month. However, the recovery of terminal demand was still insufficient. The inventory at East China ports continued to decline slightly, although it was still at a relatively high level. Affected by the weakening of international oil prices and the pressure on downstream product prices, the processing profit of petroleum benzene remained in a low range. Looking ahead to this week, some petroleum benzene and hydrobenzene units are planned to restart, and the supply of pure benzene may continue to increase. In October, new styrene, caprolactam, and phenol units are about to be put into operation, and although the calculated demand has increased, due to styrene maintenance and the reduction of some downstream loads, the overall boost is limited. The external oil price dropped significantly due to the US plan to impose tariffs, weakening the cost support. In the short term, pure benzene may continue to fluctuate weakly [2] - Styrene: On the supply side, two units of Zhejiang Petrochemical restarted, and the load of some units in South China increased, resulting in a month-on-month increase in overall output. On the demand side, the operating rates of EPS, PS, and ABS units decreased, terminal consumption continued to be weak, and spot transactions were light. The inventory at factories and ports continued to decline month-on-month, but the high-level pressure had not been fully released. Affected by the decline in the prices of pure benzene and ethylene, the non-integrated cost decreased, and the profit repair was limited. In the short term, the shutdown and maintenance of units at Jingbosidarei, Anhui Jiaxi, and Guangzhou Petrochemical will partially offset the increase from the restart of Zhejiang Petrochemical, and the capacity utilization rate may increase slightly this week. In October, about 1.2 million tons of new styrene production capacity is still planned to be put into operation, while new downstream EPS, PS, and ABS units are concentrated in November - December, and the supply-demand mismatch may further intensify. The downstream profit is low, and the finished product inventory is high, limiting the demand recovery. Affected by the expectation of US tariff increases, international oil prices weakened, and the cost-side support weakened. In the short term, styrene may continue to fluctuate weakly [2] Group 4: Industrial Chain Data Monitoring - Prices - From October 13 to 14, 2025, the main styrene futures contract decreased from 6,690.0 to 6,544.0 yuan/ton, a 2.18% decline; the styrene spot price remained unchanged at 7,020.0 yuan/ton; the styrene basis increased from 15.0 to 41.0 yuan/ton, a 173.33% increase [4] - The main pure benzene futures contract decreased from 5,682.0 to 5,597.0 yuan/ton, a 1.50% decline; the pure benzene price in East China decreased from 5,710.0 to 5,625.0 yuan/ton, a 1.49% decline; the FOB price of pure benzene in South Korea decreased from 689.6 to 673.0 dollars/ton, a 2.41% decline; the FOB price of pure benzene in the US decreased from 759.6 to 747.5 dollars/ton, a 1.59% decline; the CFR price of pure benzene in China decreased from 703.1 to 688.0 dollars/ton, a 2.15% decline [4] - The spread between domestic pure benzene and CFR increased from -317.9 to -276.2 yuan/ton, a 13.11% increase; the spread between pure benzene in East China and Shandong decreased from -190.0 to -225.0 yuan/ton, an 18.42% decline [4] - Brent crude increased from 58.9 to 59.5 dollars/ton, a 1.00% increase; WTI crude increased from 62.7 to 63.3 dollars/ton, a 0.94% increase; naphtha remained unchanged at 7,411.5 yuan/ton [4] Group 5: Industrial Chain Data Monitoring - Production and Inventory - From October 3 to 10, 2025, the styrene production in China increased from 33.6 to 34.8 tons, a 3.32% increase; the pure benzene production in China increased from 45.7 to 46.0 tons, a 0.70% increase [5] - The styrene port inventory in Jiangsu increased from 19.8 to 20.2 tons, a 2.23% increase; the domestic styrene factory inventory decreased from 20.3 to 19.4 tons, a 4.63% decline; the national pure benzene port inventory decreased from 10.6 to 9.1 tons, a 14.15% decline [5] Group 6: Industrial Chain Data Monitoring - Operating Rates - From October 3 to 10, 2025, the capacity utilization rate of styrene among pure benzene downstream increased from 71.2% to 73.6%, a 2.37% increase; the capacity utilization rate of caprolactam remained unchanged at 96.0%; the capacity utilization rate of phenol decreased from 78.7% to 78.3%, a 0.34% decline; the capacity utilization rate of aniline increased from 76.0% to 77.2%, a 1.12% increase [6] - Among styrene downstream, the EPS capacity utilization rate decreased from 43.1% to 40.7%, a 2.37% decline; the ABS capacity utilization rate increased from 71.0% to 72.5%, a 1.50% increase; the PS capacity utilization rate decreased from 56.3% to 54.6%, a 1.70% decline [6] Group 7: Industry News - OPEC+ production in September increased by 400,000 barrels per day month-on-month, with Saudi Arabia contributing an increase of 320,000 barrels per day. After the resumption of oil exports from the Iraqi Kurdistan region, production in October may further recover [7] - US refineries entered autumn maintenance, and refined oil demand declined seasonally. EIA data showed that US crude oil inventories increased by 3.7 million barrels last week, exceeding expectations [7] - Israel and Hamas reached a ceasefire agreement, the tense situation in the Middle East eased, and the geopolitical premium of crude oil continued to subside [7] Group 8: Industrial Chain Data Charts - The report includes charts on pure benzene price, styrene price, styrene - pure benzene spread, SM import pure benzene cost vs. domestic pure benzene cost, styrene port inventory, styrene factory inventory, pure benzene port inventory, ABS inventory, aniline weekly capacity utilization rate, caprolactam weekly capacity utilization rate, and phenol weekly capacity utilization rate [8][12][15]
供需双弱持续，纯苯苯乙烯延续偏弱走势
Tong Hui Qi Huo·2025-10-16 06:25