芳烃市场周报：调油逻辑提振芳烃价格（PX，纯苯，苯乙烯）-20251114

Report Title - Aromatic Hydrocarbon Market Weekly Report: Blending Logic Boosts Aromatic Hydrocarbon Prices (PX, Pure Benzene, Styrene) [1] Report Date and Author - Date: November 14, 2025 - Author: Jiang Zhou Xilin - Institution: Hongye Futures, Financial Research Institute [2] Report Industry Investment Rating - Not provided in the report Core Viewpoints - PX market: Despite a strong supply-demand situation due to continuous inventory reduction, the peak season expectation has failed. However, with the improvement of downstream demand and supply tightening in November, PX processing fees and absolute prices are expected to remain strong [3]. - Pure benzene market: Affected by new production capacity and overseas supply surplus, the price is under pressure. But due to the relatively low current price and downstream demand support, the short - term decline space is limited. The market still expects inventory accumulation and supply - demand contradictions remain [4]. - Styrene market: Although there has been a recent rebound, the device profit is still poor. The weak fundamentals are difficult to change, and it will fluctuate at a low level [5][6]. Summary by Directory PX Market - Cost: International oil prices are oscillating at a low level. The price of naphtha is $569, and the PX CFR price is $825. Sinopec's PX listed price in November is slightly increased to 6,800 yuan/ton [3]. - Supply: Domestic PX production is 758,900 tons, a week - on - week increase of 1.65%. The weekly average capacity utilization rate is 90.49%, a week - on - week increase of 1.46%. Some plants are under maintenance [3]. - Demand: The downstream PTA capacity utilization rate is 76.18%, a week - on - week decrease of 1.51% and a year - on - year decrease of 6.37% [3]. - Summary and Outlook: The PX market is expected to have a strong performance in the medium - long term if there are no unexpected geopolitical conflicts [3]. Pure Benzene Market - Spot and Futures: The pure benzene futures contract 2603 rebounded slightly this week. The basis between the futures and spot widened. The arbitrage window from Shandong to East China is partially open [4]. - Supply and Demand: Weekly production is 454,300 tons, an increase of 3.77%. The capacity utilization rate is 77.98%, an increase of 2.83%. The supply exceeds demand, and many downstream styrene plants are under maintenance [4]. - Inventory: As of November 10, 2025, the commercial inventory in Jiangsu ports is 113,000 tons, a week - on - week decrease of 6.61% and a year - on - year increase of 7.62%. There is an expectation of inventory accumulation in the next period [4]. - Profit: Among the five major downstream products of pure benzene, styrene, phenol, caprolactam, and adipic acid are in loss, while aniline still has profit and it slightly expands [4]. - Summary and Outlook: The short - term decline space is limited, but the supply - demand contradiction is difficult to change. The market is affected by factors such as US supply reduction and gasoline price increase [4]. Styrene Market - Spot and Futures: The styrene futures contract rebounded this week. The spot price in East China is 6,405 yuan/ton, a decrease from the previous level [5]. - Industrial Chain Profit: The profit of non - integrated styrene plants in China is - 451 yuan/ton, with a loss increase of 35 yuan/ton compared to the previous period [5]. - Industrial Chain Capacity Utilization: The production of styrene plants in China is 344,400 tons, a week - on - week increase of 3.45%. The capacity utilization rate is 69.25%, a week - on - week increase of 2.31% [5]. - Downstream: The output of ABS, PS, and SBR increased, while the capacity utilization rate of EPS decreased. The overall demand for styrene slightly decreased [5]. - Inventory: As of November 10, 2025, the inventory in Jiangsu ports is 174,800 tons, a week - on - week decrease of 2.51%. The commodity inventory is 101,800 tons, a week - on - week decrease of 7.29% [5]. - Summary and Outlook: Although there has been a recent rebound, the device profit is poor, and the weak fundamentals are difficult to change [5][6].