纯苯、苯乙烯日报：纯苯到港承压库存走高，苯乙烯低供去库支撑震荡-20251217

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Pure benzene is under short - term pressure, with high domestic arrivals and inventory accumulation. Overseas, there is room for the price difference between the US and South Korea to repair. The supply side has shown negative feedback, but it has limited ability to offset the arrival pressure. The demand side is in the off - season, and downstream overall starts are declining continuously [2]. - Styrene maintains a pattern of low start - up and inventory reduction. Short - term supply tightening supports the price, but the demand is in the seasonal off - season, and the pull on the price increase is limited. It may maintain a volatile trend in the short term [3]. Group 3: Summary of Each Section 1. Daily Market Summary Fundamentals - On December 16, the main contract of styrene closed up 0.09% at 6,493 yuan/ton, and the main contract of pure benzene closed down 0.15% at 5,440 yuan/ton. The closing price of Brent crude oil was 56.8 US dollars/barrel (- 0.6 US dollars/barrel), and the main contract of WTI crude oil closed at 60.6 US dollars/barrel (- 0.5 US dollars/barrel). The spot price of pure benzene in East China was 5,295 yuan/ton (- 20 yuan/ton) [2]. - Styrene port inventory was 14.7 tons (- 1.4 tons), and pure benzene port inventory was 26.0 tons (+ 3.6 tons). The weekly output of styrene was 34.2 tons (+ 0.7 tons), and the factory capacity utilization rate was 68.3% (- 0.6%). Among the downstream 3S, the EPS capacity utilization rate was 53.8% (- 2.6%), the ABS capacity utilization rate was 70.5% (+ 2.2%), and the PS capacity utilization rate was 58.3% (- 0.7%) [2]. Views - Pure benzene: The short - term pressure on the fundamentals of pure benzene is mainly on the real - time side. The domestic arrival volume remains high, and the inventory in the main port accumulates rapidly. The supply side has negative feedback, but the demand side is in the off - season, and downstream starts are decreasing [2]. - Styrene: The styrene market continues the pattern of low start - up and inventory reduction. Short - term supply tightening supports the price, but the demand is in the off - season, and the cost support is limited. It may maintain a volatile trend [3]. 2. Industrial Chain Data Monitoring Styrene and Pure Benzene Prices - On December 16, the main contract of styrene futures increased by 0.09% to 6,493 yuan/ton, and the spot price increased by 0.09% to 6,780 yuan/ton. The main contract of pure benzene futures decreased by 0.15% to 5,440 yuan/ton, and the spot price in East China decreased by 0.38% to 5,295 yuan/ton. The prices of pure benzene in South Korea FOB, the US FOB, and China CFR remained unchanged [5]. - The spread between domestic pure benzene and CFR decreased by 4.33% to - 378.6 yuan/ton, and the spread between East China and Shandong of pure benzene decreased by 133.33% to - 5 yuan/ton. The price of Brent crude oil decreased by 1.08% to 56.8 US dollars/ton, and the price of WTI crude oil decreased by 0.92% to 60.6 US dollars/ton. The price of naphtha remained unchanged [5]. Styrene and Pure Benzene Output and Inventory - From November 28 to December 5, the output of styrene in China increased by 2.32% to 34.2 tons, and the output of pure benzene decreased by 1.70% to 43.9 tons. The port inventory of styrene in Jiangsu decreased by 2.19% to 16.1 tons, and the factory inventory of domestic styrene decreased by 7.19% to 17.6 tons. The national port inventory of pure benzene increased by 36.59% to 22.4 tons [6]. Capacity Utilization Rate - From November 28 to December 5, among the downstream of pure benzene, the capacity utilization rate of styrene increased by 1.56% to 68.9%, the capacity utilization rate of caprolactam decreased by 7.53% to 79.2%, the capacity utilization rate of phenol increased by 0.57% to 81.7%, and the capacity utilization rate of aniline increased by 0.04% to 77.2%. Among the downstream of styrene, the capacity utilization rate of EPS increased by 1.61% to 56.4%, the capacity utilization rate of ABS decreased by 2.90% to 68.3%, and the capacity utilization rate of PS increased by 1.40% to 59.0% [7]. 3. Industry News - Canada provided an additional 235 million Canadian dollars in aid to Ukraine [8]. - The ADP employment in the US in November decreased by 32,000, falling short of market expectations [8]. - Fitch lowered the oil price expectations from 2025 to 2027, reflecting the market oversupply [10]. - Despite US pressure, Venezuela's daily oil exports in November exceeded 900,000 barrels [10]. - US Treasury Secretary Bessent said that there were signs of weakness in some areas of the US economy and interest rate cuts were needed [10]. - From November 28 to the week ending on that day, the EIA crude oil inventory in the US increased by 574,000 barrels, and the EIA strategic petroleum reserve inventory increased by 250,000 barrels [9]. 4. Industrial Chain Data Charts - The report provides charts on the prices of pure benzene and styrene, the spread between styrene and pure benzene, the import and domestic costs of styrene's pure benzene, the inventories of styrene ports, factories, and ABS, the port inventory of pure benzene, and the weekly capacity utilization rates of caprolactam, phenol, and aniline [15][20][24][30][31]