纯苯、苯乙烯日报：港口库存高企压制反弹，纯苯苯乙烯震荡承压-20251031

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The domestic pure benzene market will maintain a weak and volatile pattern in the short term, with high inventory and weak demand hindering price rebounds. Attention should be paid to port destocking rhythm and downstream start - up changes [2] - The styrene market will continue its weak consolidation trend. If downstream orders do not improve significantly, styrene will remain under the dual constraints of high inventory and low demand, and the price center may continue to decline. Attention should be paid to subsequent import rhythm and device maintenance dynamics [3] Summary by Directory 1. Daily Market Summary (1) Fundamental Information - Price: On October 30, the styrene main contract closed down 1.41% at 6421 yuan/ton, with a basis of 9 (+62 yuan/ton); the pure benzene main contract closed down 1.47% at 5445 yuan/ton. The spot price of East China pure benzene was 5350 yuan/ton (-60 yuan/ton), Brent crude oil closed at 60.5 US dollars/barrel (+0.3 US dollars/barrel), and WTI crude oil closed at 64.9 US dollars/barrel (+0.5 US dollars/barrel) [2] - Inventory: Styrene port inventory was 19.3 tons (-1 ton), a month - on - month destocking of 4.7%; pure benzene port inventory was 8.5 tons (-1.4 tons), a month - on - month destocking of 14.1% [2] - Supply: Styrene's weekly output was 32.3 tons (-0.4 tons), and the factory capacity utilization rate was 66.7% (-2.5%) [2] - Demand: The overall demand of downstream 3S industries improved. The EPS capacity utilization rate was 62.2% (+0.2%), the ABS capacity utilization rate was 72.1% (-0.7%), and the PS capacity utilization rate was 52.0% (-1.8%) [2] (2) Views - Pure benzene: The domestic pure benzene market is in a weak and volatile pattern. Supply is abundant, imports increase port inventory, demand recovery is limited, and the cost - side support is weak [2] - Styrene: The styrene market continues to be weak. Supply is marginally loose, demand is cautious, and high port inventory suppresses the market [3] 2. Industrial Chain Data Monitoring (1) Price Data - Styrene futures and spot prices declined, and the basis increased. Pure benzene futures and spot prices also declined, and the spread between domestic and imported pure benzene widened [5] - The prices of Brent crude oil and WTI crude oil increased slightly, while the price of naphtha remained unchanged [5] (2) Output and Inventory Data - Styrene production decreased by 1.09% to 32.3 tons, and pure benzene production increased by 0.66% to 42.9 tons [6] - Both styrene port and factory inventories decreased, and pure benzene port inventory decreased by 14.14% [6] (3) Capacity Utilization Data - Among pure benzene downstream industries, the capacity utilization rates of styrene and caprolactam decreased, while those of phenol and aniline increased [7] - Among styrene downstream industries, the EPS capacity utilization rate increased slightly, while the ABS and PS capacity utilization rates decreased [7] 3. Industry News - Trump's threat to impose 100% tariffs 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 by one year and re - examine the plan [8] - US inflation data in September were lower than expected, increasing the prospect of the Fed's interest - rate cut [8] - On the early morning of October 30, the Fed adjusted the interest - rate ceiling to 4% as expected [8] 4. Industrial Chain Data Charts - The report provides multiple charts including pure benzene price, styrene price, styrene - pure benzene spread, and inventory and capacity utilization rate of related products [9][13][16]