纯苯、苯乙烯日报：纯苯苯乙烯弱势难改，关注中美磋商进展-20251030

1. Report Industry Investment Rating - This part is not mentioned in the provided content. 2. Core Viewpoints of the Report - The prices of pure benzene and styrene are expected to remain weak. Pure benzene will continue its weak and volatile trend due to high supply pressure and limited demand recovery. Styrene will also maintain a weak and volatile pattern as it faces pressures on both supply and demand sides and lacks upward momentum in the short term [2][3]. 3. Summary by Relevant Catalogs 3.1 Daily Market Summary - Fundamentals - Prices: On October 29, the main contract of styrene closed up 0.73% at 6,513 yuan/ton with a basis of -53 (-42 yuan/ton), and the main contract of pure benzene closed up 0.56% at 5,526 yuan/ton [2]. - Costs: On October 29, the main contract of Brent crude oil closed at $60.2/barrel (-$1.2/barrel), WTI crude oil at $64.4/barrel (-$1.2/barrel), and the spot price of East China pure benzene was 5,485 yuan/ton (+0 yuan/ton) [2]. - Inventory: Styrene port inventory was 193,000 tons (-10,000 tons), a 4.7% month - on - month decrease, while it continued to accumulate. Pure benzene port inventory was 85,000 tons (-14,000 tons), a 14.1% month - on - month decrease [2]. - Supply: The operating rate and supply of styrene decreased slightly month - on - month. Currently, the weekly output of styrene was 327,000 tons (-12,000 tons), and the plant capacity utilization rate was 69.3% (-2.6%) [2]. - Demand: The overall demand of the downstream 3S operating rate recovered. The capacity utilization rate of EPS was 62.0% (-0.5%), ABS was 72.8% (-0.3%), and PS was 53.8% (+0%) [2]. - Views - Pure Benzene: Sanctions on some Chinese refineries by European and American countries have led to a decline in the operation of some pure benzene plants and an adjustment in domestic supply expectations. However, the overall balance sheet shows that pure benzene will continue to accumulate inventory in the fourth quarter. From late October, the export shipments from South Korea are expected to arrive at ports in late October to early November, which may lead to a new round of inventory accumulation. The demand is weak, and the price of pure benzene will continue its weak and volatile trend. Future focus lies on the expansion of sanctions and the impact of external policies and crude oil prices [2]. - Styrene: The styrene market continues to be under pressure, with supply - side pressure further increasing. Two new plants have been put into operation, adding a total capacity of about 1.2 million tons. Although there may be a phased reduction in inventory in the fourth quarter, the overall de - stocking pressure is still high. The news of unplanned production cuts may affect the supply - demand structure. The demand from downstream industries remains at a low level, and the cost - side support has weakened. The market is expected to maintain a weak and volatile pattern [3]. 3.2 Industry Data Monitoring - Prices of Styrene and Pure Benzene: The main contract of styrene futures increased by 0.73% from October 28 to October 29, while the spot price decreased by 1.28%. The main contract of pure benzene futures increased by 0.56%, and the prices of pure benzene in South Korea, the US, and China CFR remained unchanged. The prices of Brent crude oil, WTI crude oil, and naphtha all decreased [5]. - Output and Inventory of Styrene and Pure Benzene: From October 17 to October 24, the output of styrene in China decreased by 3.66% to 327,000 tons, and the output of pure benzene decreased by 2.72% to 426,000 tons. The port and factory inventories of styrene and the port inventory of pure benzene all increased [6]. - Operating Rate: From October 17 to October 24, the operating rates of styrene and caprolactam in the downstream of pure benzene decreased, while the operating rate of aniline increased slightly. Among the downstream of styrene, the operating rates of EPS and ABS decreased slightly, and the operating rate of PS remained unchanged [7]. 3.3 Industry News - Trump's threat to impose a 100% tariff on China has been cancelled. China is expected to resume "substantial" purchases of US soybeans, and Beijing will postpone the implementation of rare - earth export controls for one year and re - examine the plan [8]. - The inflation data in the US in September was lower than expected, increasing the possibility of the Fed cutting interest rates [8]. - The Fed held an interest - rate meeting early on October 30 [8]. 3.4 Industry Data Charts - The report provides charts on the prices, production, inventory, and operating rates of pure benzene and styrene, as well as the prices of related upstream products, including Brent crude oil, WTI crude oil, and naphtha [9][13][16].