纯苯、苯乙烯日报：纯苯库存累积压力加大，苯乙烯低开工延续去库-20251216

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The pure benzene market faces significant supply - demand pressures. Domestically, port inventories are accumulating, especially in East China. Overseas, there's a possibility of repair in the US - South Korea price difference. Demand is weak, and although supply - side reduction plans and decreasing imports may relieve inventory pressure, the market remains under pressure, expected to oscillate in the short term [2]. - The styrene market maintains a pattern of low operation and steady inventory reduction. Port inventories are falling, but weak demand lacks upward momentum. With the approaching of December, the market enters the off - season, and inventory pressure still exists. Supply - side changes have limited impact due to unremarkable demand recovery [3]. Summary by Relevant Catalogs 1. Daily Market Summary (1) Fundamental Information - Price: On December 15, the styrene main contract closed up 0.70% at 6,487 yuan/ton, and the pure benzene main contract closed up 0.52% at 5,448 yuan/ton. The spot price of East China pure benzene was 5,315 yuan/ton (+15 yuan/ton) [2]. - Cost: On December 15, Brent crude closed at $57.4 per barrel (-$0.2 per barrel), and WTI crude closed at $61.1 per barrel (-$0.2 per barrel) [2]. - Inventory: Styrene port inventory was 14.7 tons (-1.4 tons), and pure benzene port inventory was 26.0 tons (+3.6 tons) [2]. - Supply: Styrene weekly output was 34.2 tons (+0.7 tons), and factory capacity utilization was 68.3% (-0.6%) [2]. - Demand: The overall demand of downstream 3S industries recovered. EPS capacity utilization was 53.8% (-2.6%), ABS capacity utilization was 70.5% (+2.2%), and PS capacity utilization was 58.3% (-0.7%) [2]. (2) Views - Pure Benzene: The short - term market will oscillate. Attention should be paid to downstream operation recovery and import arrivals, and the market will seek a balance between inventory and supply [2]. - Styrene: The market lacks upward momentum due to weak demand, and supply - side changes have limited impact [3]. 2. Industrial Chain Data Monitoring (1) Styrene and Pure Benzene Prices - Styrene futures main contract increased 0.70% from December 12 to December 15, and the spot price increased 0.06%. Pure benzene futures main contract increased 0.52%, and the East China spot price increased 0.28% [5]. (2) Styrene and Pure Benzene Output and Inventory - From November 28 to December 5, 2025, Chinese styrene output increased 2.32%, and pure benzene output decreased 1.70%. Styrene port and factory inventories decreased, while pure benzene port inventory increased 36.59% [6]. (3) Capacity Utilization - From November 28 to December 5, 2025, the capacity utilization of styrene in pure benzene downstream increased 1.56%, and that of caprolactam decreased 7.53%. Among styrene downstream industries, EPS capacity utilization increased 1.61%, ABS decreased 2.90%, and PS increased 1.40% [7]. 3. Industry News - Canada provided CAD 235 million in aid to Ukraine. The US ADP employment in November decreased by 32,000, falling short of market expectations. Fitch lowered the oil price forecast from 2025 to 2027. Venezuela's daily oil exports in November exceeded 900,000 barrels. The US Treasury Secretary mentioned economic weakness and the need for interest - rate cuts. The US EIA crude inventory in the week ending November 28 increased by 574,000 barrels, and the strategic petroleum reserve inventory increased by 250,000 barrels [8]. 4. Industrial Chain Data Charts - The content mainly includes charts of styrene and pure benzene prices, output, inventory, and capacity utilization, with data sources from iFinD and Steel Union Data [11][20][28][29]