纯苯、苯乙烯日报：地缘刺激下芳烃冲高，下游开工回升-20260304

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - Pure benzene is mainly driven by cost, and its upward elasticity depends on the realization of refinery load reduction and the sustainability of downstream profit repair. The supply pressure is not significantly relieved in the short term, but the demand structure is acceptable. [3] - Styrene is supported by cost in the short term and oscillates strongly. In the medium term, attention should be paid to the implementation rhythm of maintenance and the sustainability of 3S demand. The inventory is in the seasonal rebuilding stage, and the short - term supply - demand structure is slightly loose. [3] Group 3: Daily Market Summary Fundamentals - On March 3, the main contract of styrene closed up 1.44% at 8081 yuan/ton, and the main contract of pure benzene closed up 3.70% at 6720 yuan/ton. The pure benzene main - contract basis was - 191 yuan/ton (-156), the port inventory was 30.30 tons (-0.10), and the downstream profits were differentiated. The styrene main - contract basis was - 61 yuan/ton (-197), the non - integrated profit was 440 yuan/ton (+72), and the downstream EPS and ABS started to pick up, while PS continued to be at a low level. [2] Views - For pure benzene, crude oil is rising due to the Iran situation, providing cost support, but its own fundamentals are still relatively loose. For styrene, the inventory is in the seasonal rebuilding stage, the basis is weakening, and there is a phased de - stocking expectation in the future. [3] Group 4: Industrial Chain Data Monitoring Price - The price of the styrene futures main contract increased by 1.44% to 8081 yuan/ton, and the spot price increased by 0.25% to 7910 yuan/ton. The price of the pure benzene futures main contract increased by 3.21% to 6761 yuan/ton, and the East China spot price increased by 3.70% to 6720 yuan/ton. The Brent crude oil price increased by 6.28% to 71.2 dollars/ton, and the WTI crude oil price increased by 6.63% to 77.7 dollars/ton. [5] Production and Inventory - The styrene production in China increased by 0.98% to 350,000 tons, and the pure benzene production increased by 3.29% to 443,000 tons. The styrene port inventory in Jiangsu increased by 7.95% to 109,000 tons, and the pure benzene port inventory in the whole country remained unchanged at 3.05 million tons. [6] Capacity Utilization - The capacity utilization rate of styrene in the pure benzene downstream increased by 0.68% to 70%, and the capacity utilization rate of EPS in the styrene downstream increased by 2.98% to 56.2%. [7] Group 5: Industry News - WTI April crude oil futures closed down 0.27 dollars, a decline of 0.38%, at 66.31 dollars/barrel. Brent April crude oil futures closed down 0.27 dollars, a decline of 0.38%, at 71.49 dollars/barrel. The US may launch a military strike against Iran on February 23 or 24. The US February Dallas Fed Manufacturing Index was 0.2, the highest since July 2025. [8] Group 6: Industrial Chain Data Charts - The report provides charts on pure benzene price, styrene price, styrene - pure benzene spread, SM import pure benzene cost vs. domestic pure benzene cost, styrene port inventory, styrene factory inventory, pure benzene port inventory, ABS inventory, and the weekly capacity utilization rates of aniline, caprolactam, and phenol. [9][12][19]