纯苯累库加速压制，苯乙烯需求偏弱承压

Group 1: Report Overview - Report Title: Energy Chemicals Pure Benzene & Styrene Daily Report [1] - Date: December 11, 2025 [1] Group 2: Investment Rating - No investment rating is provided in the report Group 3: Core Views - Pure benzene: The domestic pure benzene market continues to be weak. Port inventories are rapidly accumulating due to concentrated arrivals, and downstream demand is weak. The contradiction of "high arrival pressure - accelerated inventory accumulation - weak downstream follow - up" is more prominent [2] - Styrene: The port basis of styrene remains relatively strong, but the overall fundamentals are weak. With the approaching of the seasonal inventory accumulation period and the expected oversupply of crude oil, the upside space of styrene prices is limited. The price center is likely to move down [3] Group 4: Day - to - day Market Summary Fundamental Information - Price: On December 10, the main styrene contract closed down 1.63% at 6,469 yuan/ton, with a basis of 156 (- 48 yuan/ton); the main pure benzene contract closed down 0.95% at 5,440 yuan/ton [2] - Cost: On December 10, Brent crude closed at $58.3/barrel (- $0.6/barrel), WTI crude closed at $61.9/barrel (- $0.6/barrel), and the spot price of East China pure benzene was 5,310 yuan/ton (- 45 yuan/ton) [2] - Inventory: Styrene port inventory was 16.1 tons (- 0.3 tons), a 7.5% month - on - month de - stocking; pure benzene port inventory was 22.4 tons (+ 6.0 tons), a 36.6% month - on - month inventory accumulation [2] - Supply: Styrene production and supply fluctuated slightly month - on - month. The weekly styrene output was 34.2 tons (+ 0.7 tons), and the factory capacity utilization rate was 68.9% (+ 1.6%) [2] - Demand: The overall demand of downstream 3S industries recovered. The EPS capacity utilization rate was 56.4% (+ 1.6%), the ABS capacity utilization rate was 68.3% (- 2.9%), and the PS capacity utilization rate was 59.0% (+ 1.4%) [2] Views - Pure benzene: The domestic market has a weak reality. Overseas, the most tense period of gasoline has passed, but the lag effect of the previous strong cracking spread is still being repaired. The downstream demand is weak [2] - Styrene: The port basis is strong, but the overall fundamentals are weak. The supply side maintains low - level operation, and the downstream demand in the off - season is limited. The price is under pressure from weak fundamentals and falling crude oil prices [3] Group 5: Industrial Chain Data Monitoring Price Data - Styrene: The main futures contract price decreased by 1.63% to 6,469 yuan/ton; the spot price remained unchanged at 6,770 yuan/ton; the basis decreased by 23.53% to 156 yuan/ton [5] - Pure benzene: The main futures contract price decreased by 0.95% to 5,440 yuan/ton; the East China spot price decreased by 0.84% to 5,310 yuan/ton [5] - Upstream: Brent crude decreased by 1.07% to $58.3/barrel; WTI crude decreased by 0.88% to $61.9/barrel; naphtha price remained unchanged at 7,066.5 yuan/ton [5] Production and Inventory Data - Production: Styrene production in China increased by 2.32% to 34.2 tons; pure benzene production decreased by 1.70% to 43.9 tons [6] - Inventory: Styrene port inventory in Jiangsu decreased by 2.19% to 16.1 tons; styrene factory inventory in China decreased by 7.19% to 17.6 tons; pure benzene port inventory in China increased by 36.59% to 22.4 tons [6] Capacity Utilization Data - Pure benzene downstream: Styrene capacity utilization increased by 1.56% to 68.9%; caprolactam capacity utilization decreased by 7.53% to 79.2%; phenol capacity utilization increased by 0.57% to 81.7%; aniline capacity utilization remained unchanged at 77.2% [7] - Styrene downstream: EPS capacity utilization increased by 1.51% to 56.4%; ABS capacity utilization decreased by 2.90% to 68.3%; PS capacity utilization increased by 1.10% to 59.0% [7] Group 6: Industry News - Canada provided an additional CAD 235 million in aid to Ukraine [8] - US ADP employment in November decreased by 32,000, falling short of market expectations [10] - Fitch lowered the oil price forecast from 2025 to 2027, reflecting market oversupply [10] - Venezuela's daily oil exports in November exceeded 900,000 barrels, despite US pressure [10] - US Treasury Secretary Yellen said that some areas of the US economy showed signs of weakness and needed interest rate cuts [10] - US EIA crude oil inventory for the week ending November 28 increased by 574,000 barrels, and the strategic petroleum reserve inventory increased by 250,000 barrels [10] Group 7: Industrial Chain Data Charts - The report provides multiple data charts, including pure benzene price, styrene price, styrene - pure benzene spread, etc. [12][14][15]