苯乙烯：供需紧平衡 现金流小幅压缩

Supply and Demand - As of December 4, the overall production of styrene was 342,400 tons, an increase of 7,700 tons, with an operating rate of 68.85%, up by 1.56% [2] - As of December 8, the total port inventory of styrene in Jiangsu was 146,800 tons, a decrease of 13,800 tons from the previous period; the commodity inventory was 87,800 tons, down by 8,600 tons [2] - The capacity utilization rates for downstream products as of December 4 were 56.36% for EPS (up by 1.61%), 59.0% for PS (up by 1.4%), and 68.3% for ABS (down by 2.9%) [2] Profitability - As of December 10, the profit for non-integrated styrene units was approximately 64 yuan per ton [2] Market Outlook - There is an expectation of increased planned and unplanned maintenance for styrene units, but overall operating rates may slightly increase as profits continue to recover [3] - Demand support is limited due to some downstream operations being affected by cold weather, combined with high inventory and declining profits [3] - The overall supply-demand structure for styrene is tight, but due to weak cost support and seasonal demand decline, the upward potential for styrene prices is limited [3] - Short-term market dynamics are characterized by a clear tug-of-war between bullish and bearish sentiments, with the market likely influenced by oil prices and macroeconomic disturbances [3]