纯苯、苯乙烯日报：纯苯弱现实承压，苯乙烯库存高企-20251201

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - The short - term pure benzene market is in a pattern of weak reality and strong expectation, with the price fluctuating in a certain range. December is the period with the greatest real - world pressure, and it may gradually stabilize after January 2026 due to supply contraction and demand improvement expectations [2]. - The styrene market currently has a structural contradiction of stable supply, pressured demand, and high inventory. It is difficult to show a trend in the short term and may maintain a weak oscillation pattern [3]. 3. Summary of Each Section 3.1 Daily Market Summary 3.1.1 Fundamentals - On November 28, the styrene main contract closed up 0.71% at 6566 yuan/ton with a basis of 64 (+0 yuan/ton); the pure benzene main contract closed up 0.77% at 5479 yuan/ton [2]. - On November 28, Brent crude closed at 58.7 dollars/barrel (+0 dollars/barrel), WTI crude at 62.9 dollars/barrel (+0.3 dollars/barrel), and the spot price of pure benzene in East China was 5345 yuan/ton (+15 yuan/ton) [2]. - Styrene port inventory was 16.4 tons (+1.6 tons), a 10.7% month - on - month increase; pure benzene port inventory was 16.4 tons (+1.7 tons), an 11.6% month - on - month increase [2]. - Styrene production and supply fluctuated slightly month - on - month. The weekly styrene output was 33.5 tons (-0.8 tons), and the plant capacity utilization rate was 67.3% (-1.7%) [2]. - The overall demand of the downstream 3S production capacity utilization rate recovered. The EPS capacity utilization rate was 54.7% (-1.5%), the ABS capacity utilization rate was 71.2% (-1.2%), and the PS capacity utilization rate was 57.6% (+1.7%) [2]. 3.1.2 Views - Pure benzene: The short - term market is in a weak reality and strong expectation pattern. The overseas gasoline - blending logic has cooled. Demand is in the off - season, and the supply is expected to shrink after January 2026. December has the greatest pressure, and it may gradually stabilize later [2]. - Styrene: The market has a structural contradiction of stable supply, pressured demand, and high inventory. It is difficult to show a trend in the short term and may maintain a weak oscillation pattern. Attention should be paid to overseas supply changes and domestic demand recovery [3]. 3.2 Industrial Chain Data Monitoring 3.2.1 Styrene and Pure Benzene Prices - From November 25 to 26, 2025, the styrene futures main contract rose 1.35%, and the spot price fell 0.90%. The pure benzene futures main contract rose 0.96%, and the East China spot price rose 0.76% [5]. - The price of Brent crude fell 1.51%, and WTI crude fell 1.47% [5]. 3.2.2 Styrene and Pure Benzene Output and Inventory - From November 14 to 21, 2025, Chinese styrene output decreased 0.43%, and pure benzene output decreased 1.67% [6]. - Styrene port inventory in Jiangsu decreased 15.16%, and factory inventory decreased 0.70%. Pure benzene port inventory increased 30.09% [6]. 3.2.3 Capacity Utilization Rate - From November 14 to 21, 2025, the capacity utilization rate of styrene in the pure benzene downstream decreased 0.30%, and that of caprolactam increased 2.18%. The capacity utilization rate of EPS in the styrene downstream increased 4.64% [7]. 3.3 Industry News - The EU imposed sanctions on several Russian individuals [8]. - The US non - farm payrolls in September increased by 119,000, higher than market expectations [8]. - Iran's foreign minister announced the official termination of the Cairo Agreement signed with the International Atomic Energy Agency [8]. - The US Department of Energy announced a restructuring, prioritizing oil and nuclear resources [8]. 3.4 Industrial Chain Data Charts - The report provides multiple charts showing the prices, inventories, and capacity utilization rates of styrene and pure benzene over different time periods [10][12][18]