纯苯现实走弱累库增压，苯乙烯承压回落

Group 1: Report Overview - The report is an Energy Chemicals - Pure Benzene & Styrene Daily Report by Tonghui Futures, dated December 12, 2025 [1] Group 2: Market Summary Fundamentals - On December 11, the styrene main contract closed up 0.56% at 6,505 yuan/ton, and the pure benzene main contract closed up 0.13% at 5,447 yuan/ton [2] - The closing price of Brent crude on December 11 was $58.5/barrel (+$0.2/barrel), WTI crude main contract closed at $62.2/barrel (+$0.3/barrel), and the spot price of East China pure benzene was 5,310 yuan/ton (+0 yuan/ton) [2] - Styrene port inventory was 16.1 tons (-0.3 tons), a 7.5% de - stocking month - on - month, still higher than in previous years. Pure benzene port inventory was 22.4 tons (+6.0 tons), a 36.6% inventory build month - on - month [2] - Styrene production and supply had a slight month - on - month fluctuation. Current weekly styrene output was 34.2 tons (+0.7 tons), and factory capacity utilization was 68.9% (+1.6%) [2] - The overall demand of downstream 3S industries recovered. EPS capacity utilization was 56.4% (+1.6%), ABS capacity utilization was 68.3% (-2.9%), and PS capacity utilization was 59.0% (+1.4%) [2] Views - Pure benzene: In the short term, domestic pure benzene is under strong real - world pressure. Concentrated arrivals have led to a rapid build - up of port inventory, and the market's perception of supply - side pressure continues to rise. Overseas, the tightest period for gasoline has passed, but the recovery of cracking spreads is still lagging. The spreads in the US, Japan, and South Korea still have room to correct. The market is watching whether South Korean supplies will continue to be diverted to the US. Downstream industries are in the off - season, with weak pick - up. Styrene maintains low - load operation during maintenance; CPL operation has dropped to the lowest level of the year; Phenol operation has rebounded, while aniline and adipic acid continue to fluctuate within a range. Overall, the structure of "accelerated inventory build + weak demand" on the pure benzene side has not improved significantly, and the weak real - world characteristics will continue to dominate the short - term market [2][3] - Styrene: The styrene basis remains firm, but the weak fundamental pattern has not changed. The supply side maintains low - level operation, and port inventory continues to decline; downstream buying interest is okay, but overall inventory - holding enthusiasm is limited in the off - season. The downstream chain still shows a differentiated pattern: EPS operation has slightly rebounded but has a heavy inventory burden; ABS operation continues to decline due to high finished - product inventory; PS operation continues its seasonal rebound, and inventory pressure is relatively relieved. The recent rise in styrene prices has compressed downstream profits, increasing the risk of negative feedback. Looking ahead to December, the output of new plants and the early return of some maintenance plants may limit the extent of de - stocking; at the same time, upstream pure benzene faces the risk of over - inventory, exerting significant pressure on the cost side. Overall, the structure of "weak demand, poor profits, increasing inventory build expectations, and loose supply in the mid - and upstream" of styrene remains unchanged. Against the background of weak crude oil, the price ceiling is restricted, and the subsequent price center may continue to move down [3] Group 3: Industry Data Monitoring Prices | Data Indicator | 2025/12/10 | 2025/12/11 |涨跌幅 | Change | | --- | --- | --- | --- | --- | | Styrene (Futures Main Contract) | 6,469.0 | 6,505.0 | 0.56% | | | Styrene (Spot) | 6,770.0 | 6,770.0 | 0.00% | | | Pure Benzene (Futures Main Contract) | 5,440.0 | 5,447.0 | 0.13% | | | Pure Benzene (East China) | 5,310.0 | 5,310.0 | 0.00% | | | Pure Benzene (South Korea FOB) | 663.6 | 660.5 | - 0.47% | | | Pure Benzene (US FOB) | 846.2 | 846.2 | 0.00% | | | Pure Benzene (China CFR) | 668.3 | 666.1 | - 0.32% | | | Pure Benzene Domestic - CFR Spread | - 402.6 | - 379.1 | 5.83% | | | Pure Benzene East China - Shandong Spread | 10.0 | 60.0 | 500.00% | | | Brent Crude | 58.3 | 58.5 | 0.36% | | | WTI Crude | 61.9 | 62.2 | 0.44% | | | Naphtha | 7,066.5 | 7,066.5 | 0.00% | | [5] Production and Inventory | Data Indicator | 2025/11/28 | 2025/12/05 |涨跌幅 | Change | | --- | --- | --- | --- | --- | | Styrene Production (China) | 33.5 | 34.2 | 2.32% | | | Pure Benzene Production (China) | 44.6 | 43.9 | - 1.70% | | | Styrene Port Inventory (Jiangsu) | 16.4 | 16.1 | - 2.19% | | | Styrene Factory Inventory (Domestic) | 19.0 | 17.6 | - 7.49% | | | Pure Benzene Port Inventory (National) | 16.4 | 22.4 | 36.59% | | [6] Capacity Utilization | Capacity Utilization | 2025/11/28 | 2025/12/05 |涨跌 | Change | | --- | --- | --- | --- | --- | | Styrene (Pure Benzene Downstream) | 67.3 | 68.9 | 1.56 | | | Caprolactam | 86.7 | 79.2 | - 7.53 | | | Phenol | 81.2 | 81.7 | 0.57 | | | Aniline | 77.2 | 77.2 | 0.04 | | | EPS (Styrene Downstream) | 54.7 | 56.4 | 1.61 | | | ABS | 71.2 | 68.3 | - 2.90 | | | PS | 57.6 | 59.0 | 1.40 | | [7] Group 4: Industry News - Canada provides an additional CAD 235 million in aid to Ukraine [8] - The US ADP employment in November decreased by 32,000, falling short of market expectations [8] - Fitch lowers its oil price forecast from 2025 to 2027, reflecting market oversupply [8] - Despite US pressure, Venezuela's daily oil exports exceeded 900,000 barrels in November [8] - US Treasury Secretary Yellen said that there are signs of weakness in some areas of the US economy and that interest rate cuts are needed [8] - For the week ending November 28, US EIA crude oil inventory increased by 574,000 barrels (previous value: 2.774 million barrels); EIA strategic petroleum reserve inventory increased by 250,000 barrels (previous value: 498,000 barrels) [8] Group 5: Industry Data Charts - The report includes charts on pure benzene prices, styrene prices, styrene - pure benzene spreads, SM import pure benzene cost vs. domestic pure benzene cost, styrene port inventory, styrene factory inventory, pure benzene port inventory, ABS inventory, and capacity utilization rates of related products such as caprolactam, phenol, and aniline [13][18][22][28]