1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The market is oscillating between anti - involution and crude oil fluctuations, with the industry's long - short situation remaining tense. The high - season high -开工 of styrene downstream fails to reduce the inventory in the styrene segment, and the inventory pressure of hard - rubber finished products and external warehouses is increasing. Pure benzene's four minor downstream sectors are starting to reduce their operating rates and enter a weakening off - season mode. Short - term market is mainly in a state of oscillation, while mid - term is bearish [3][76]. 3. Summaries According to Relevant Catalogs 3.1 Pure Benzene Supply - Domestic production: From August to September, the average monthly maintenance loss is 60,000 tons. New device production is weak overall, with production pressure concentrated in August - September. The increment in August is 50,000 tons and 100,000 tons in September. Spot pressure of major refineries' pure benzene emerged in August [3][76]. - Import: August imports are low, resulting in low visible port inventory. September imports are expected to be 400,000 - 430,000 tons, and imports in the fourth quarter are expected to rise, with an expected 500,000 tons in October. External market still has large supply pressure [3][76]. Demand - Styrene: There were few maintenance works in August, and the devices are operating at high rates. From August to October, new styrene devices are concentrated for production, with a monthly average increment of about 20,000 - 30,000 tons. The inventory - swelling pressure in the entire styrene industry chain is prominent [3][76]. - Caprolactam: A 300,000 - ton new device of Hengyi in Guangxi Qinzhou is planned to be put into production from August to September. Factories have increased their loads recently, but the finished - product inventories of CPL and PA6 are at high levels, and factories in Shandong and South China maintain high raw - material inventories [3][76]. - Phenol: New devices of Zhenhai Refining & Chemical (400,000 tons) and Jilin Petrochemical (200,000 tons) were put into production from July to August, and Shandong Ruilin plans to start production in October. High - level production is maintained [3][76]. - Aniline: Jinmao Aluminum, Shandong Huatai, and Jiangsu Fuqiang have restarted recently, and Wanhua Chemical's (Fujian) new device has been put into production. Yantai Wanhua plans to conduct rotational maintenance from August to September. Aniline's operating rate is close to the bottleneck, and the downstream MDI continues to increase its load. Leading enterprises still have room for restocking in the short - term, which can absorb the increment of new pure - benzene production capacity [3][76]. - 3S hard - rubber downstream of styrene: In the peak season, it has high production, high inventory, and neutral profit. The core issue is how to solve the problem of high external - warehouse and factory physical inventories [3][76]. Market Outlook - The short - term market is mainly oscillating, and the mid - term is bearish. The valuation of the BZ2603 contract is 5,800 - 5,900 yuan/ton based on a crude - oil price of $65 per barrel. With the expected weakening of crude oil, the lowest valuation of BZ2603 is adjusted down to 5,550 yuan/ton when the crude - oil price is $60 [3][76]. 3.2 Styrene Production and Inventory - In the first half of 2025, global styrene production contracted. Currently, it has high inventory, neutral profit, and high production. From August to October, new devices are concentrated for production, with a monthly average increment of about 20,000 - 30,000 tons. The inventory - swelling pressure in the entire industry chain is prominent [3][48][76]. Downstream Market - ABS: Production continues to expand. Its production enterprises' equity inventory, production capacity utilization rate, and production are at certain levels, and the production profit in the East - China region shows certain fluctuations [63][64]. - PS: Its production capacity utilization rate, production, and inventory are at certain levels, and the production profit also shows certain fluctuations [65][66]. - EPS: Its production capacity utilization rate, production, and inventory are at certain levels, and the production profit in the East - China region shows certain fluctuations [70][74][75].

瑞达期货研究院 「2025.08.08」 苯乙烯市场周报 研究员：林静宜 添加客服 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 助理研究员：徐天泽 期货从业资格号F03133092 关 注 我 们 获 取 更 多 资 讯 业务咨询 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场分析 「 周度要点小结」 3 价格：本周苯乙烯缺乏单边驱动因素，期货主力EB2509在7215-7355区间小幅震荡。截至2025年8月8日收 盘，EB2509合约报收于7235元/吨，较上周收盘价下跌0.84%。 基本面：供应端，京博67万吨新装置落地，部分装置开工负荷调整，本周苯乙烯产量环比-0.64%至35.92万 吨，产能利用率环比-1.19%至77.73%。需求端，本周苯乙烯下游开工率变化不一：EPS开工率环比- 10.58%至43.67%，PS开工率环比+1.7%至55%，ABS开工率环比+5.2%至71.1%，UPR开工率环比+1%至 30%，丁苯橡胶开工率环比-0.07%至73.35%。库存方面，本周苯乙烯工厂库存环比-2.71%至21.15万吨，华 东港口库存环比-3.0 ...