生意社：消费未见改观 8月上旬ABS低位走跌

Core Viewpoint - The ABS market has continued to show weakness since early August, with some spot prices declining, reflecting a challenging supply-demand balance [1][10]. Supply Analysis - Domestic ABS industry load has increased since August, with overall load levels rising from 67% at the beginning of the month to over 71% [3]. - Weekly production is close to 140,000 tons, and inventory levels are stable at 220,000 tons, indicating a continued supply surplus [3]. - The supply side is expected to maintain a loose structure, providing limited support for ABS spot prices [3]. Cost Factors - The upstream materials for ABS have seen slight increases, but the overall impact on ABS costs remains limited [3]. - Some production facilities have reduced output, which may alleviate excess supply pressures in the short term [3]. - Downstream demand from major manufacturers remains stable, but overall cautious buying behavior persists due to ample supply [3]. Demand Analysis - The demand from downstream ABS factories has been moderate, with the market currently in a traditional off-peak season [9]. - The electrical appliance sector has reduced production, leading to further consumption declines [9]. - Geopolitical tensions in Eastern Europe have added to market caution, resulting in slow inventory turnover [9]. Market Outlook - The ABS market is expected to continue its weak consolidation trend, influenced by ongoing supply-demand imbalances [10]. - The market dynamics are unlikely to improve significantly in the short term, with prices expected to remain under pressure [10].