能源化工周报：苯乙烯-20251020

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report Cost-side crude oil rebounded, providing support for styrene. There were partial device overhauls in the short term, but overall supply remained at a high level. This week, the inventory at East China ports slightly increased after the holiday and was at a high level compared to the same period in the past five years. The rigid demand from the three major downstream sectors showed no significant increase, and the spot demand was expected to be weak [5]. 3. Summary by Directory Supply - EB production enterprise operating rate was 71.88%, a 2.37% increase compared to the previous period. EB weekly output was 33.94 tons, a 3.32% increase [8]. Demand - The weighted operating rate of the three major downstream sectors was 61.95%, a 10.34% increase compared to the previous period. The weighted inventory of the three major downstream sectors was 10.60 tons, a 7.80% increase [8]. Inventory - This week, the EB inventory at East China factories was 10.17 tons, a 6.00% decrease compared to the previous period. The East China port inventory was 19.65 tons, a 17.30% increase [8]. Upstream and Cost - No specific data was provided other than charts showing historical data trends such as pure benzene - naphtha cracking spread, ethylene - naphtha cracking spread, pure benzene operating rate, etc. Price and Profit - This week, the spot price of pure benzene decreased by 1.09% to 5615 yuan/ton compared to the previous period. The spot price of styrene decreased by 3.34% to 6495 yuan/ton [8]. Basis and Calendar Spread - The basis was 12, and the (11 - 12) calendar spread was -27 [8].