苯乙烯产业链期货周报-20251112

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The supply - demand pattern of pure benzene is weak, the supply - demand side of styrene lacks upward drivers, and with the increase in US crude oil inventories, the prices of pure benzene and styrene are expected to show a weak and volatile trend [6][8] - For trading strategies of both pure benzene and styrene, it is recommended to take a wait - and - see approach for arbitrage and sell out - of - the - money call options [6][8] Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategies Comprehensive Analysis - Pure Benzene - Upstream: OPEC decided to increase production in December but suspend it in Q1 next year. There are many uncertainties in the situations of Russia, Ukraine, and Venezuela, and oil prices are volatile in the short term. Sinopec lowered the listed price of pure benzene, large integrated plants increased external sales, and market transactions were light. The arbitrage window between Shandong and East China has closed, and the expected imports in November are high, resulting in a weak market atmosphere [6][10] - Supply: Dalian Fujia's 350,000 - ton pure benzene plant restarted, Luoyang Petrochemical's 140,000 - ton plant had a short - stop, and Zhenhai Refining & Chemical's 240,000 - ton plant is expected to restart in mid - to - late November, with relatively ample supply of petroleum benzene. For hydrogenated benzene, some plants were under maintenance while others restarted. The operating rate decreased week - on - week but is expected to increase in the middle of the month [6][13] - Demand: The downstream operating rate of pure benzene decreased, profits continued to be in the red, and the inventory of major downstream products was high. The main ports of pure benzene may continue to see a slight increase in inventory [6][14][16] Comprehensive Analysis - Styrene - Supply - demand: Both supply and demand of styrene decreased, the inventory at the main ports decreased month - on - month, the basis fluctuated slightly, the price difference between East China and Shandong weakened, and the inter - regional arbitrage window remained closed. Some plants restarted or increased production, while others planned maintenance. New plants are expected to increase supply [8][30] - Downstream: The operating rate of EPS decreased, while those of ABS and PS increased slightly. The inventory of EPS and PS decreased, and the inventory of ABS increased month - on - month [33][35] Chapter 3: Weekly Data Tracking 3.1 Pure Benzene - Price: Includes domestic and foreign prices, price differences between varieties and regions, and profit data of the industrial chain [39][42][44] - Operating rate: Covers the operating rates of pure benzene, hydrogenated benzene, and downstream products [61][63] - Inventory: The inventory at the pure benzene ports is presented [62] 3.2 Styrene - Price: Includes domestic and foreign prices, price differences between regions and foreign markets, and profit data of the industrial chain [69][72][74] - Operating rate: Covers the operating rates of styrene and its downstream products [76] - Inventory: The inventory at the styrene ports in East and South China is presented [81]