美需偏弱与库存回升，纯苯苯乙烯承压运行

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The prices of benzene and styrene are under pressure due to weak US demand and rising inventories [1]. - For benzene, overseas sentiment support is fluctuating, with potential risks of US demand decline and domestic port inventory rising. Downstream demand recovery is insufficient [2]. - Styrene shows a "double - weak" pattern of inventory and supply. Supply - side support exists, but demand improvement is slow, and the market is driven by device dynamics and inventory changes [3]. 3. Summary by Related Catalogs 3.1 Daily Market Summary 3.1.1 Fundamentals - Prices: On November 21, the styrene main contract closed down 1.33% at 6,507 yuan/ton with a basis of 53 (+33 yuan/ton); the benzene main contract closed down 1.57% at 5,508 yuan/ton. The prices of upstream Brent crude, WTI crude, and naphtha also declined [2][5]. - Cost: On November 21, Brent crude closed at $59.0/barrel (-$0.4/barrel), WTI crude at $62.8/barrel (-$0.7/barrel), and East China benzene spot at 5,360 yuan/ton (-95 yuan/ton) [2]. - Inventory: Styrene port inventory was 14.8 tons (-2.7 tons), a 15.2% month - on - month de - stocking; benzene port inventory was 14.7 tons (+3.4 tons), a 30.1% month - on - month stocking [2]. - Supply: Styrene production and capacity utilization decreased slightly. Weekly production was 34.3 tons (-0.1 ton), and capacity utilization was 69.0% (-0.3%) [2]. - Demand: The overall demand of downstream 3S industries recovered. EPS capacity utilization was 56.3% (+4.6%), ABS was 72.4% (+0.6%), and PS was 55.9% (+0.5%) [2]. 3.1.2 Views - Benzene: Overseas sentiment support is unstable. The US gasoline inventory is low, but as US refinery operations recover, the gasoline crack spread is falling. Domestically, port inventory is rising, the basis is weak, and downstream demand is insufficient [2]. - Styrene: It shows a "double - weak" pattern of inventory and supply. The market is concerned about the resumption of maintenance devices. Demand is in the off - season, and the supply side provides support, with the market driven by device dynamics and inventory changes [3]. 3.2 Industrial Chain Data Monitoring 3.2.1 Prices of Styrene and Benzene - Styrene futures and most benzene prices declined on November 21 compared to November 20, while the styrene basis increased by 165% [5]. 3.2.2 Production and Inventory of Styrene and Benzene - From November 14 to 21, styrene and benzene production in China decreased by 0.43% and 1.67% respectively. Styrene port and factory inventories decreased, while benzene port inventory increased by 30.09% [6]. 3.2.3 Capacity Utilization - Among benzene downstream industries, the capacity utilization of styrene decreased by 0.3%, that of caprolactam and phenol increased, and that of aniline decreased. Among styrene downstream industries, the capacity utilization of EPS, ABS, and PS all increased [7]. 3.3 Industry News - The EU imposed sanctions on multiple Russian individuals. - The number of non - farm payrolls in the US increased by 119,000 in September, exceeding market expectations. - Iran's foreign minister announced the official termination of the Cairo Agreement signed with the IAEA. - The US Department of Energy announced a restructuring, prioritizing oil and nuclear resources [8]. 3.4 Industrial Chain Data Charts - The report includes charts on benzene and styrene prices, styrene - benzene spreads, import and domestic costs of benzene, inventories of styrene, benzene, ABS, PS, and EPS, and the weekly capacity utilization of caprolactam, phenol, and aniline, with data sources mainly from iFinD and Steel Union Data [9][12][21].