能源化工 纯苯&苯乙烯日报 价格：8 月 26 日苯乙烯主力合约收跌 1.00%，报 7257 元/吨，基差 68 （+43 元/吨）；纯苯主力合约收跌 0.81%，报 6156 元/吨。 成本：8 月 26 日布油主力收盘 64.8（+1.1 美元/桶），WTI 原油主力合约收 盘 68.8 桶（+1.1 美元/桶），华东纯苯现货报价 6072.5 元/吨（+0 元/吨）。 库存：苯乙烯样本工厂库存 20.3 万吨（-0.3 万吨），环比去库 1.1%，江苏 港口库存 16.2 万吨（+1.3 万吨），环比累库库 8.5%，苯乙烯恢复累库。 纯苯港口库存 14.4 万吨（-0.2 万吨），环比去库 1.1%。 通惠期货•研发产品系列 2025 年 8 月 27 日 星期三 纯苯供应宽松苯乙烯累库，中期承压回落 一、 日度市场总结 通惠期货研发部 （1）基本面 供应：苯乙烯 8 月底将有装置检修，供应或有减少。目前，苯乙烯周产量 37.1 万吨（+0.2 万吨），工厂产能利用率 78.5%（+0.3%）。 需求：下游 3S 开工率变化不一，其中 EPS 产能利用率 61.0%（+2.9%）， ABS 产能利用 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - For pure benzene, the supply shows a slight increase with the overall supply rising due to the increase in开工率. The demand is also increasing, but the actual demand growth is slow due to low profits. There is a slight decline in port inventory this week, and the supply - demand pattern is expected to improve in August - September, but the improvement space is limited considering high hidden inventory and insufficient terminal demand [5]. - For styrene, the supply pressure remains high with new capacity coming online, but the demand from EPS and PS sectors has increased, and there is a de - stocking trend in inventory. The supply - demand surplus is expected to ease marginally in August - September, and attention should be paid to the implementation of new capacity and exports [6]. Summary by Relevant Catalogs 1. Daily Market Summary (1) Fundamental Information - Price: On August 18, the styrene main contract closed down 0.14% at 7,230 yuan/ton with a basis of 40 (+0 yuan/ton); the pure benzene main contract closed down 0.05% at 6,186 yuan/ton [4]. - Cost: On August 18, the Brent crude oil main contract closed at 62.8 (-1.2 dollars/barrel), the WTI crude oil main contract closed at 65.9 (-1.0 dollars/barrel), and the spot price of East China pure benzene was 6,095 yuan/ton (-5 yuan/ton) [4]. - Inventory: Styrene sample factory inventory was 20.9 tons (-0.3 tons), a 1.3% de - stocking; Jiangsu port inventory was 14.9 tons (-1.0 tons), a 6.42% de - stocking; pure benzene port inventory was 14.6 tons (-1.7 tons), a 10.43% de - stocking [4]. - Supply: A new styrene plant in Shandong was put into operation, and the overall supply remained stable. The weekly styrene output was 36.9 tons (+1.0 tons), and the factory capacity utilization rate was 78.2% (+0.5%) [4]. - Demand: The capacity utilization rates of downstream 3S varied. EPS capacity utilization rate was 58.1% (+14.4%), ABS was 71.1% (+0%), and PS was 56.7% (+1.7%) [4]. (2) Views - Pure benzene: The supply is increasing, the demand is also rising but the actual increase is slow. There is a slight de - stocking in ports this week. The supply - demand pattern shows signs of improvement in August - September, but the improvement space is limited [5]. - Styrene: The supply pressure is high, the demand has increased in some sectors, and there is a de - stocking trend. The supply - demand surplus is expected to ease marginally in August - September [6]. 2. Industrial Chain Data Monitoring (1) Styrene & Pure Benzene Prices - Styrene futures main contract price changed from 7,238.0 to 7,240.0, a 0.03% increase; spot price changed from 7,656.0 to 7,596.0, a 0.78% decrease; basis changed from 67.0 to 40.0, a 40.30% decrease [8]. - Pure benzene futures main contract price changed from 6,179.0 to 6,189.0, a 0.16% increase; East China price changed from 6,105.0 to 6,100.0, a 0.08% decrease; South Korea FOB price changed from 732.5 to 733.5, a 0.14% increase; US FOB price changed from 799.5 to 796.5, a 0.38% decrease; China CFR price remained unchanged [8]. (2) Styrene & Pure Benzene Output and Inventory - Styrene output in China increased from 35.9 to 36.9 tons, a 2.76% increase; pure benzene output decreased from 44.6 to 44.5 tons, a 0.18% decrease [9]. - Styrene port inventory in Jiangsu decreased from 15.9 to 14.9 tons, a 6.42% decrease; domestic factory inventory decreased from 21.1 to 20.9 tons, a 1.29% decrease; pure benzene port inventory decreased from 16.3 to 14.6 tons, a 10.43% decrease [9]. (3) Capacity Utilization Rates - For pure benzene downstream, styrene capacity utilization rate increased from 77.7 to 78.2, a 0.45% increase; caprolactam increased from 88.4 to 93.7, a 5.31% increase; phenol decreased from 77.1 to 77.0, a 0.07% decrease; aniline decreased from 73.5 to 71.6, a 1.89% decrease [10]. - For styrene downstream, EPS capacity utilization rate increased from 43.7 to 58.1, a 14.41% increase; ABS remained at 71.1, a 0.00% change; PS increased from 55.0 to 56.7, a 1.70% increase [10]. 3. Industry News - China's shale cracking raw material supply is affected by trade and capacity, pushing up naphtha costs, and China is expected to increase naphtha imports to a record 1,600 - 1,700 tons in 2025 [11]. - The global diesel shortage supports refinery profits, which has a structural impact on the crude oil and chemical chains [11]. - India is accelerating petrochemical expansion to counter China's dominant position in the global petrochemical market [11].

Group 1: Report Overview - Report Title: Pure Benzene & Styrene Daily Report [1] - Report Date: August 11, 2025 [2] - Report Author: R & D Department of Tonghui Futures [3] Group 2: Investment Rating - No investment rating information provided Group 3: Core Views - Pure Benzene: Supply increases slightly due to new installations, demand remains stable, inventory decreases slightly. The supply - demand situation may improve marginally in August - September, but the improvement is limited due to high hidden inventory and weak terminal consumption [4] - Styrene: Supply is sufficient, demand is weak, showing a pattern of increasing supply and decreasing demand. It will remain in oversupply in August - September, but the relatively strong price of pure benzene provides some support [5] Group 4: Daily Market Summary Fundamental Information - Price: On August 8, the styrene main contract closed down 0.84% at 7,235 yuan/ton, with a basis of 60 (+11 yuan/ton); the pure benzene main contract closed down 0.70% at 6,204 yuan/ton [3] - Cost: On August 8, Brent crude oil closed at $63.9/barrel (-$0.5/barrel), WTI crude oil closed at $66.4/barrel (-$0.5/barrel), and the spot price of pure benzene in East China was 6,107.5 yuan/ton (-37.5 yuan/ton) [3] - Inventory: Styrene sample factory inventory was 211,000 tons (-6,000 tons), a 2.71% MoM decrease; Jiangsu port inventory was 159,000 tons (-5,000 tons), a 3.05% MoM decrease; pure benzene port inventory was 163,000 tons (-7,000 tons), a 4.12% MoM decrease [3] - Supply: A new styrene plant in Shandong was put into operation, with overall stable supply. Weekly styrene output was 359,000 tons (-2,000 tons), and factory capacity utilization was 77.7% (-1.2%) [3] - Demand: The capacity utilization rates of downstream 3S varied. EPS capacity utilization was 43.7% (-10.6%), ABS was 71.1% (+5.2%), and PS was 55.0% (+1.7%) [3] Views - Pure Benzene: Supply increases slightly, demand is stable, and inventory decreases due to typhoon - affected arrivals. The supply - demand pattern may improve marginally in 8 - 9 months, but the improvement is limited [4] - Styrene: Supply is sufficient, demand is weak, and it is expected to remain in oversupply in 8 - 9 months. However, the strong pure benzene price provides support [5] Group 5: Industry Chain Data Monitoring Price Data - Styrene: The main contract price decreased by 0.84% to 7,235 yuan/ton, and the spot price increased slightly [7] - Pure Benzene: The main contract price decreased by 0.70% to 6,204 yuan/ton, and prices in different regions also showed slight declines [7] - Upstream: Brent crude oil and WTI crude oil prices decreased, while naphtha prices remained unchanged [7] Production and Inventory Data - Production: Styrene production decreased slightly to 359,000 tons, and pure benzene production increased to 446,000 tons [8] - Inventory: Styrene and pure benzene inventories all decreased [8] Capacity Utilization Data - Styrene: Capacity utilization decreased to 77.7% [9] - Pure Benzene Downstream: The capacity utilization of some products changed, such as a decrease in caprolactam and an increase in adipic acid [9] - Styrene Downstream: EPS capacity utilization decreased significantly, while ABS and PS increased [9] Group 6: Industry News - China's shale cracking raw material supply affects naphtha costs, with expected record - high naphtha imports in 2025 [10] - Global diesel shortage supports refinery profits, having a structural impact on the crude oil and chemical chain [10] - India accelerates petrochemical expansion to counter China's dominance [10] Group 7: Industry Chain Data Charts - The report provides charts on pure benzene price, styrene price, styrene - pure benzene spread, inventory, and capacity utilization [11][21][22]

Group 1: Report Summary - Report title: Pure Benzene & Styrene Daily Report [1] - Date: July 24, 2025 [1] - Core view: Styrene is in a "supply - strong, demand - weak" structure, and its short - term trend may be more affected by the macro - level. Attention should be paid to the tone of the domestic macro - meeting at the end of July and the emotional impact brought by the dynamics of Sino - US trade policies. Pure benzene has a "supply - strong, demand - stable" pattern, and its price trend may be under pressure [3] Group 2: Daily Market Summary Fundamentals - Price: On July 23, the main contract of styrene closed down 1.12% at 7397 yuan/ton, with a basis of 53 (+49 yuan/ton); the main contract of pure benzene closed down 0.67% at 6196 yuan/ton [2] - Cost: On July 23, the Brent crude oil main contract closed at 65.3 dollars/barrel (-0.6 dollars/barrel), the WTI crude oil main contract closed at 68.6 dollars/barrel (-0.6 dollars/barrel), and the spot price of East China pure benzene was 6030 yuan/ton (+0 yuan/ton) [2] - Inventory: Styrene sample factory inventory was 20.8 tons (-0.1 tons), a month - on - month destocking of 0.7%; Jiangsu port inventory was 13.9 tons (+2.7 tons), a month - on - month stocking of 24.2%, and styrene overall stocked [2] - Supply: Styrene maintenance devices returned, and the overall supply was stable. Currently, the weekly output of styrene remained at 35.9 tons (-0.4 tons), and the factory capacity utilization rate was 78.3% (-0.9%) [2] - Demand: The operating rates of downstream 3S varied. Among them, the EPS capacity utilization rate was 53.2% (+2.1%), the ABS capacity utilization rate was 65.9% (+0.9%), and the PS capacity utilization rate was 50.6% (-0.5%), and the overall operating rate recovered [2] Views - Pure benzene: Last week, the supply of the pure benzene market increased month - on - month. It is expected that the supply pressure will increase. The downstream overall operating rate remains high, and short - term demand is expected to remain strong, but there may be a marginal weakening of demand in the long run. The port inventory is expected to gradually stock, and the price trend may be under pressure [3] - Styrene: The supply is expected to increase significantly. The demand is in the traditional off - season, with limited demand resilience. The port inventory continues to stock, and the spot basis continues to weaken. The short - term trend may be more affected by the macro - level [3] Group 3: Industrial Chain Data Monitoring Styrene & Pure Benzene Prices - Styrene prices: The main continuous contract of styrene decreased by 0.15% from July 21 to July 22, and the spot price increased by 0.05%. The basis decreased by 912% [5] - Pure benzene prices: The price of pure benzene in East China remained unchanged, the FOB price in South Korea increased by 0.5%, the FOB price in the US decreased by 0.35%, and the CFR price in China increased by 0.4% [5] - Spreads: The spread between domestic pure benzene and CFR decreased by 1155%, and the spread between East China and Shandong pure benzene decreased by 2091% [5] - Upstream prices: Brent crude oil decreased by 0.15%, WTI crude oil decreased by 0.10%, and naphtha remained unchanged [5] Styrene & Pure Benzene Production and Inventory - Production: China's styrene production decreased by 1.1149% from July 11 to July 18, and pure benzene production increased by 0.81% [6] - Inventory: Jiangsu port inventory of styrene increased by 24.22%, domestic factory inventory of styrene decreased by 0.66%, and the national port inventory of pure benzene decreased by 5.75% [6] Operating Rate - Downstream of pure benzene: The capacity utilization rate of styrene decreased by 0.91%, and that of caprolactam decreased by 4.00%. The capacity utilization rate of phenol increased by 3.33%, and that of aniline increased by 4.88% [7] - Downstream of styrene: The capacity utilization rate of EPS increased, that of ABS increased by 0.90%, and that of PS decreased by 0.50% [7] Group 4: Industry News - Trump and Xi Jinping will meet before or during the APEC Summit in South Korea [8] - The establishment conference of China Yajiang Group Co., Ltd. was held in Beijing [8] - Trump plans to impose 15% or 20% general tariffs on most trading partners [8] Group 5: Industrial Chain Data Charts - The report includes charts of pure benzene prices, styrene prices, styrene - pure benzene spreads, SM import pure benzene cost vs. domestic pure benzene cost, styrene port inventory, styrene factory inventory, pure benzene port inventory, ABS inventory, PS inventory, EPS inventory, caprolactam weekly capacity utilization, phenol weekly capacity utilization, and aniline weekly capacity utilization [9][14][15]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The pure benzene market shows a pattern of increasing supply and demand. Supply is boosted by the restart of some plants and new production lines, while demand has mostly recovered to pre - second - quarter levels. Port inventory is likely to accumulate, and the potential early production of Yulong Petrochemical's pure benzene plant has affected market sentiment and widened the price difference with styrene [3]. - The styrene market's supply - demand pattern is weakening. Supply pressure is increasing as weekly production reaches a historical high, and demand from downstream industries is softening. Port inventory is rising, and styrene has entered an inventory - building phase. Attention should be paid to the basis adjustment rhythm and the commissioning progress of Yulong Petrochemical's disproportionation unit [4]. 3. Summary by Directory 3.1. Daily Market Summary - **Fundamentals**: - **Price**: On July 7, the styrene main contract closed down 0.04% at 7337 yuan/ton, with a basis of 303 (+13 yuan/ton). - **Cost**: The Brent crude oil main contract closed at 67.0 dollars/barrel (+0 dollars/barrel), WTI crude oil at 68.3 dollars/barrel (-0.5 dollars/barrel), and the East China pure benzene spot price was 5880 yuan/ton (+0 yuan/ton). - **Inventory**: Styrene sample factory inventory was 19.4 million tons (-0.6 million tons), a 3.0% de - stocking, while Jiangsu port inventory was 9.9 million tons (+1.4 million tons), a 16.2% inventory build - up. - **Supply**: Styrene's maintenance devices are gradually returning, with a weekly output of 36.7 million tons (+0 million tons) and a factory capacity utilization rate of 80.0% (-0.1%). - **Demand**: The capacity utilization rates of downstream 3S industries have declined. EPS is at 55.9% (-3.84%), ABS at 65.0% (-1.0%), and PS at 52.4% (-5.0%) [2]. 3.2. Industrial Chain Data Monitoring - **Prices**: - **Styrene**: The futures main - contract price dropped 0.04% to 7337 yuan/ton, and the spot price rose 0.13% to 7914 yuan/ton. The basis increased 4.48% to 303 yuan/ton. - **Pure Benzene**: The East China price remained unchanged at 5880 yuan/ton, the South Korea FOB price dropped 0.42% to 711.5 dollars/ton, the US FOB price rose 2.29% to 817.8 dollars/ton, and the China CFR price dropped 0.41% to 727.5 dollars/ton. - **Spreads**: The pure benzene internal - benefit - CFR spread increased 6.60% to -398.1 yuan/ton, and the pure benzene East China - Shandong spread decreased 71.43% to -120.0 yuan/ton. - **Upstream**: Brent crude oil was flat at 67.0 dollars/ton, WTI crude oil dropped 0.73% to 68.3 dollars/ton, and naphtha dropped 0.39% to 7751.5 yuan/ton [6]. - **Output and Inventory**: - **Output**: China's styrene output was 36.7 million tons (-0.07%), and pure benzene output was 43.3 million tons (+0.16%). - **Inventory**: Jiangsu styrene port inventory increased 16.24% to 9.9 million tons, domestic styrene factory inventory decreased 2.99% to 19.4 million tons, and the national pure benzene port inventory increased 3.51% to 17.7 million tons [7]. - **Capacity Utilization**: - **Pure Benzene Downstream**: Styrene's capacity utilization dropped 0.05% to 80.0%, caprolactam rose 6.41% to 95.7%, phenol dropped 0.46% to 78.5%, and aniline dropped 0.10% to 69.2%. - **Styrene Downstream**: EPS dropped 3.84% to 55.9%, ABS dropped 0.96% to 65.0%, and PS dropped 5.00% to 52.4% [8]. 3.3. Industry News - Trump believes there is no need to extend the July 9 tariff deadline, and the US Treasury Secretary admits it may be difficult to complete all negotiations. - Trump may lead a delegation to China, and US officials are formulating a plan for him to visit China with dozens of CEOs later this year. - The US Senate passed the Trump tax - reform bill in a key procedural vote with a 51 - 49 margin [9].