纯苯、苯乙烯日报：纯苯供应宽松叠加苯乙烯承压，产业链整体偏弱-20251024

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Views of the Report - The overall energy and chemical industry chain of pure benzene and styrene is weak. The pure benzene market may continue its weak and volatile trend in the short term, while the styrene market may operate in a weak and volatile manner in the short term [1][2][3] Group 3: Summary by Relevant Catalogs 1. Daily Market Summary (1) Fundamental Analysis - Price: On October 23, the main contract of styrene closed up 0.11% at 6,545 yuan/ton, with a basis of 40 (+68 yuan/ton); the main contract of pure benzene closed up 0.74% at 5,604 yuan/ton [2] - Cost: On October 23, the main contract of Brent crude oil closed at $58.5 per barrel (+$1.3 per barrel), and the main contract of WTI crude oil closed at $62.6 per barrel (+$1.3 per barrel). The spot price of pure benzene in East China was 5,560 yuan/ton (+50 yuan/ton) [2] - Inventory: Styrene port inventory was 203,000 tons (+6,000 tons), a month-on-month increase of 3.1%. Pure benzene port inventory was 99,000 tons (+9,000 tons), a month-on-month increase of 10% [2] - Supply: The operating rate and supply of styrene decreased slightly month-on-month. Currently, the weekly output of styrene is 327,000 tons (-12,000 tons), and the factory capacity utilization rate is 69.3% (-2.6%) [2] - Demand: The overall demand of the downstream 3S operating rate has recovered. The EPS capacity utilization rate is 62.0% (-0.5%), the ABS capacity utilization rate is 72.8% (-0.3%), and the PS capacity utilization rate is 53.8% (+0%) [2] (2) Views - Pure Benzene: The pure benzene market continued its weak consolidation, with the spot price center slightly shifting downward. The supply pressure continued to rise, and the terminal demand was weak, with limited support for pure benzene. The market is expected to continue its weak and volatile trend in the short term [2] - Styrene: The styrene market fluctuated weakly, with the main contract slightly declining. Both the supply and demand sides were weak, and the market is expected to operate in a weak and volatile manner in the short term [3] 2. Industrial Chain Data Monitoring (1) Styrene and Pure Benzene Prices - On October 23, the main contract of styrene futures increased by 0.11% to 6,545 yuan/ton, and the spot price decreased by 0.06% to 6,830 yuan/ton. The main contract of pure benzene futures increased by 0.74% to 5,604 yuan/ton, and the spot price in East China increased by 0.91% to 5,560 yuan/ton [5] (2) Styrene and Pure Benzene Production and Inventory - From October 17 to October 24, the production of styrene in China decreased by 3.66% to 327,000 tons, and the production of pure benzene decreased by 2.72% to 426,000 tons. Styrene port inventory in Jiangsu increased by 3.05% to 203,000 tons, and pure benzene port inventory nationwide increased by 10.00% to 99,000 tons [6] (3) Operating Rate - From October 17 to October 24, the capacity utilization rate of styrene decreased by 2.63% to 69.3%, and the capacity utilization rate of downstream products such as caprolactam and EPS also showed different degrees of decline [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 the autumn maintenance period, and refined oil demand declined seasonally. EIA data showed that US crude oil inventories increased by 3.7 million barrels last week [8] - Israel and Hamas reached a ceasefire agreement, easing the tense situation in the Middle East, and the geopolitical premium of crude oil continued to decline [8] 4. Industrial Chain Data Charts - The report provides charts on pure benzene prices, styrene prices, styrene-pure benzene spreads, and inventory and capacity utilization rates of related products [9][13][16]