芳烃市场周报：苯乙烯非一体化亏损缩减，港口累库预期仍存（PX，纯苯，苯乙烯）-20251127

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - PX market is expected to see its processing fees and absolute prices continue to run strongly, with attention on cost - side support and potential impacts from India's BIS certification and long - term contract prices [4]. - The pure benzene market is expected to have a relatively loose supply, and it will be in a low - level oscillation, with focus on exports and potential changes in South Korean disproportionation plants [5]. - The styrene market is in a supply - stronger - than - demand pattern, following cost - side fluctuations, and future trends depend on consumption policies and macro - news [7]. 3. Summary by Related Catalogs PX Market - Cost: International oil prices are in a low - level oscillation, with weak support. Naphtha price is $557, and PX CFR price is $829. Sinopec's December PX listed price is 6,850 yuan/ton, up 50 yuan/ton from last month [4]. - Supply: This week's PX output is 752,600 tons, a 0.6% increase from last week. The domestic weekly average capacity utilization rate is 89.74%, up 0.53%. Some plants are under maintenance [4]. - Demand: The downstream PTA weekly average capacity utilization rate is 74.29%, down 1.89% from last week and 6.74% year - on - year [4]. - Summary and Outlook: PX fundamentals are strong due to continuous de - stocking, but the "peak season" failed to meet expectations. It is expected to run strongly if there are no unexpected cost - side disturbances [4]. Pure Benzene Market - Concerns: Geopolitical situation and US - South Korea arbitrage window [5]. - Futures and Spot: The pure benzene futures contract has rebounded slightly, and the basis difference between futures and spot has widened. The market is under cost - side pressure [5]. - Supply and Demand: This week's output is 446,700 tons, a 1.67% decrease from last week, and the capacity utilization rate is 76.67%, down 1.31%. Supply exceeds demand [5]. - Inventory: As of November 24, 2025, the commercial inventory in Jiangsu ports is 164,000 tons, with significant inventory accumulation [5]. - Profit: Most downstream products are in a loss, but some are expected to improve. Disproportionation plants' losses are increasing [5]. - Summary and Outlook: New capacities have led to increased domestic output, and the overall supply is expected to be loose, with the market in a low - level oscillation [5]. Styrene Market - Futures and Spot Performance: The styrene futures contract has rebounded, but cost - side weakness suppresses prices. Spot prices have declined [6]. - Industrial Chain Profit: As of November 26, the daily profit of non - integrated styrene plants is - 159 yuan/ton, with a reduced loss [6]. - Industrial Chain Operation: This week's styrene output is 334,700 tons, a 2.39% decrease from last week, and the capacity utilization rate is 67.29%, down 1.66% [6]. - Downstream: ABS, PS, EPS, and UPR have increased output, but the overall industry profitability is not good [6]. - Inventory: As of November 24, 2025, the port inventory in Jiangsu has increased, and there is an expectation of further inventory accumulation [6]. - Summary and Outlook: Styrene is in a supply - stronger - than - demand pattern, and the improvement in the supply - demand situation after the holiday has limited impact on high port inventories [7].