宏观利好带来双苯反弹，长期供需情况仍不佳

Report Industry Investment Rating - No relevant information provided Core View of the Report - The macro - favorable factors have led to a rebound in the benzene and styrene markets, but the long - term supply - demand situation remains poor. The pure benzene market is weakly operating with increased supply pressure and weak demand, and the styrene market has pressure on both the supply and demand sides, with a potential supply - demand mismatch in the future [1][2][3] Summary by Relevant Catalogs 1. Daily Market Summary (1) Fundamental Information - Price: On October 22, the styrene main contract closed up 1.55% at 6,538 yuan/ton with a basis of - 28 (- 55 yuan/ton); the pure benzene main contract closed up 1.59% at 5,563 yuan/ton. The spot price of East China pure benzene was 5,510 yuan/ton (+ 87/ton) [2] - Cost: On October 22, Brent crude oil closed at $57.2 per barrel (+ $0.2 per barrel), and WTI crude oil closed at $61.3 per barrel (+ $0.3 per barrel) [2] - Inventory: Styrene port inventory was 19.7 tons (- 0.5 tons), a 2.7% month - on - month destocking, and further inventory accumulation. Pure benzene port inventory was 9.0 tons (- 0.1 tons), a 1.1% month - on - month destocking [2] - Supply: Styrene's production and capacity utilization decreased slightly month - on - month. Currently, the weekly styrene output is 33.9 tons (- 0.8 tons), and the factory capacity utilization rate is 71.9% (- 1.7%) [2] - Demand: The overall demand of downstream 3S industries has recovered. The EPS capacity utilization rate is 62.5% (+ 21.8%), the ABS capacity utilization rate is 73.1% (+ 0.6%), and the PS capacity utilization rate is 53.8% (- 0.8%) [2] (2) Views - Pure Benzene: The pure benzene market has been operating weakly recently. Port inventory has risen again, increasing supply pressure. The downstream operating rates are low, and the inventories of some products are high, dragging down demand. The supply - demand contradiction has not been effectively alleviated, and the market is expected to remain weak in the short term [2][3] - Styrene: Although the styrene market has rebounded, there are significant pressures on both the supply and demand sides. The supply will be affected by previous shutdowns, and production is expected to decline slightly this week. However, due to concentrated downstream production in November and December, there may be a supply - demand mismatch [3] 2. Industrial Chain Data Monitoring (1) Styrene and Pure Benzene Prices - Styrene futures rose 1.55% to 6,538 yuan/ton, and the spot price remained unchanged. The pure benzene futures rose 1.59% to 5,563 yuan/ton, and the East China spot price rose 1.19% to 5,510 yuan/ton. The prices of pure benzene in different regions showed different trends [5] (2) Styrene and Pure Benzene Production and Inventory - China's styrene production decreased by 2.35% to 33.9 tons, and pure benzene production decreased by 4.82% to 43.8 tons. Styrene port and factory inventories decreased, and pure benzene port inventory also decreased [6] (3) Operating Rate - The capacity utilization rates of some pure benzene downstream industries decreased, while the capacity utilization rates of some styrene downstream industries increased [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. US refineries are in autumn maintenance, and oil product demand has seasonally declined. The cease - fire agreement between Israel and Hamas has eased the Middle East situation, and the geopolitical premium of crude oil has continued to decline [8] 4. Industrial Chain Data Charts - The report provides charts of pure benzene price, styrene price, styrene - pure benzene spread, inventory, and capacity utilization rate, etc., with data sources including iFinD and Steel Union Data [9][16][25]