纯苯、苯乙烯日报：纯苯苯乙烯均累库，但成本支撑难以突破-20251128

Group 1: Report's Industry Investment Rating - No relevant information found Group 2: Report's Core Viewpoints - The pure benzene market is currently in a stage where cost reduction and supply - demand improvement offset each other. It is likely to maintain a weak and stable oscillation in the short term. The benzene - ethylene market is still in a state where multiple supply - demand forces are intertwined. In the short term, it is expected to remain in a low - level oscillation [2][3] Group 3: Summary of Each Section 1. Daily Market Summary Fundamental Analysis - On November 27, the main contract of styrene closed down 0.20% at 6520 yuan/ton with a basis of 55 (+3 yuan/ton), and the main contract of pure benzene closed down 0.48% at 5437 yuan/ton. The closing price of Brent crude oil was 58.7 dollars/barrel (+0.7 dollars/barrel), and WTI crude oil was 62.5 dollars/barrel (+0.7 dollars/barrel). The spot price of pure benzene in East China was 5330 yuan/ton (+0 yuan/ton) [2] - Styrene port inventory was 16.4 tons (+1.6 tons), a 10.7% month - on - month increase, and pure benzene port inventory was 16.4 tons (+1.7 tons), an 11.6% month - on - month increase. The weekly production of styrene was 33.5 tons (-0.8 tons), and the factory capacity utilization rate was 67.3% (-1.7%) [2] - The overall demand of the downstream 3S industries recovered. The capacity utilization rate of EPS was 54.7% (-1.5%), ABS was 71.2% (-1.2%), and PS was 57.6% (+1.7%) [2] Views - For pure benzene, the market has been significantly affected by the large fluctuations in crude oil and refined oil. The gasoline crack spread first strengthened and then weakened, weakening the support from gasoline blending. Supply may contract due to some overseas plant shutdowns and domestic load - reduction plans. However, the weakening cost due to falling oil prices restricts price increases. The market is likely to maintain a weak and stable oscillation in the short term [2] - For styrene, the market is in a state where multiple supply - demand forces interact. The overall domestic operation rate has been low since October, absorbing the impact of new production capacity. Domestic downstream demand has changed little, but previous exports increased. The weakening cost has led to an oscillatory consolidation of the spot and futures markets. The basis remains relatively strong, providing some support to the spot. In the short term, it is expected to maintain a low - level oscillation [3] 2. Industrial Chain Data Monitoring Price Data - The main contract of styrene futures decreased by 0.20%, and the spot price increased by 1.22%. The basis increased by 5.77%. The main contract of pure benzene futures decreased by 0.48%, while the East China spot price remained unchanged. The FOB prices of pure benzene in South Korea and CFR in China increased slightly, and the FOB price in the US remained unchanged [5] - The spread between domestic pure benzene and CFR decreased by 2.94%, and the spread between pure benzene in East China and Shandong decreased by 71.43%. The prices of Brent crude oil, WTI crude oil increased by 1.21% and 1.20% respectively, and the price of naphtha remained unchanged [5] Production and Inventory Data - The production of styrene in China decreased by 2.40%, and the production of pure benzene decreased by 0.11%. The port inventory of styrene in Jiangsu increased by 10.72%, and the domestic factory inventory increased by 1.24%. The national port inventory of pure benzene increased by 11.56% [6] Capacity Utilization Rate - The capacity utilization rate of pure benzene downstream products: styrene decreased by 1.66%, caprolactam decreased by 1.54%, phenol increased by 2.15%, and aniline increased by 1.51%. The capacity utilization rate of styrene downstream products: EPS decreased by 1.52%, ABS decreased by 1.20%, and PS increased by 1.70% [7] 3. Industry News - The EU imposed sanctions on several Russian individuals. The number of non - farm payrolls in the US in September increased by 119,000, higher than market expectations. The Iranian Foreign Minister announced the termination of the Cairo Agreement with the International Atomic Energy Agency. The US Department of Energy announced a restructuring, prioritizing oil and nuclear resources [8] 4. Industrial Chain Data Charts - The report includes charts on the prices of pure benzene and styrene, the spread between styrene and pure benzene, the cost comparison between imported and domestic pure benzene, the inventory of styrene and pure benzene at ports and factories, and the capacity utilization rates of related products [13][18][22]