芳烃市场周报：成本端弱势延续，调油仍有驱动（PX，纯苯，苯乙烯）-20251121

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - PX: Despite a relatively strong supply - demand situation due to continuous inventory reduction, the PX market failed to meet the "Golden September and Silver October" peak - season expectations. However, with improved downstream demand in November, positive news on Sino - US tariffs, and planned supply cuts, PX processing fees and absolute prices are expected to remain strong, but cost - side support needs attention [6]. - Pure Benzene: Affected by new production capacity and overseas oversupply, the price is under pressure. But with the current low - price level and downstream rigid demand support, the downside is limited. The market is trading on the expectation of export of blending oils to the US, and the overall market sentiment is positive [7]. - Styrene: After multiple small increases followed by rapid declines since the third quarter, the styrene market has generally shown a downward trend. Recently, due to plant shutdowns and inventory reduction, the supply - demand situation has improved, and the futures price has rebounded. Future performance depends on consumption policies and macro news [9]. 3. Summary by Directory PX - Price: The current international oil price is oscillating at a low level with weak support. The naphtha price is 573 US dollars, and the PX CFR price is 832 US dollars. Sinopec raised the November PX listed price slightly to 6800 yuan/ton [6]. - Production and Devices: This week's PX output was 74.81 tons, a week - on - week decrease of 0.41%. The domestic average weekly PX capacity utilization was 89.21%, a week - on - week decrease of 0.36%. Some devices had maintenance and malfunctions, but the production enthusiasm of PX factories remained high [6]. - Supply and Demand: Downstream PTA capacity utilization was 74.29%, a week - on - week decrease of 1.89% and a year - on - year decrease of 6.74%. The PX market is in a situation of strong supply and weak demand [6]. Pure Benzene - Spot and Futures: The main pure - benzene contract 2603 has been declining continuously since mid - September and rebounded slightly recently. The basis between the futures and the East China spot has widened [7]. - Supply and Demand: This week's output was 44.67 tons, a decrease of 0.76 tons from last week. The capacity utilization was 76.67%, a decrease of 1.31% from last week. There is an oversupply situation, with many downstream styrene factories under maintenance [7]. - Inventory: The commercial inventory of pure benzene at Jiangsu ports was 14.7 tons, a significant increase of 3.4 tons from the previous period due to a large number of imported goods arriving at the port [7]. - Profit: Except for aniline and caprolactam, the five major downstream industries of pure benzene are still operating at a loss. However, it is expected that the profits of pure benzene, styrene, phenol, and caprolactam will increase or be repaired in the future [7]. Styrene - Spot and Futures: The main styrene contract rebounded this week due to improved fundamentals and higher raw material prices. The current mainstream price in East China is 6615 yuan/ton, and the port inventory has been continuously decreasing [8]. - Industrial Chain Profit: The profit of non - integrated styrene plants in China was - 305 yuan/ton this week, an increase of 146 yuan/ton from the previous period, a week - on - week increase of 32.43% [8]. - Industrial Chain Capacity Utilization: The total output of Chinese styrene factories was 34.29 tons, a decrease of 0.15 tons from the previous period. The capacity utilization was 68.95%, a week - on - week decrease of 0.3%. The supply is lower than demand, but the market sentiment remains cautious [8]. - Inventory: As of November 17, 2025, the total inventory of styrene at Jiangsu ports was 14.83 tons, a decrease of 2.65 tons from the previous period, a decrease of 15.16%. The market is in a tight - balance state [8].