纯苯、苯乙烯日报：节前累库预期升温，芳烃震荡偏弱-20251224

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report - Pure benzene is expected to remain in a high - inventory, weak - demand pattern in the short term, with prices oscillating weakly [4]. - Styrene's short - term supply - demand structure has weakened, and its price will maintain range - bound trading [4]. 3) Summary by Related Catalogs a. Daily Market Summary - Fundamentals - Prices: On December 23, the styrene main contract closed down 0.47% at 6,509 yuan/ton, and the pure benzene main contract closed down 0.62% at 5,425 yuan/ton [2]. - Costs: On December 23, Brent crude oil closed at $58.0 per barrel (+$1.5 per barrel), WTI crude oil closed at $62.1 per barrel (+$1.6 per barrel), and the spot price of East China pure benzene was 5,310 yuan/ton (-5 yuan/ton) [2]. - Inventory: Pure benzene inventory at East China ports was 27.30 million tons (+1.30 million tons), and continued to accumulate. Styrene inventory at East China ports was 13.93 million tons (+0.46 million tons), and East China commercial inventory was 8.46 million tons (+0.23 million tons), entering the restocking phase [2]. - Supply: The pure benzene main contract basis was - 134 yuan/ton. The processing fees of CFR China and FOB South Korea increased slightly. The overall operating rate of styrene plants rose to 69.1% (+0.8 percentage points), but non - integrated plants were still in the loss zone [2]. - Demand: The overall demand for pure benzene's downstream was weak, with the operating rates of CPL, phenol, and aniline dropping significantly. Styrene's downstream entered the off - season, with the operating rates of EPS and PS declining and ABS operating at a low level [3]. - Views - Pure benzene: Overseas gasoline cracking spreads weakened, and the marginal support for aromatics from blending oil decreased. There was still some arrival pressure, and downstream提货 was weak. The supply - side processing fee improved slightly, but the demand was differentiated. Overall, it was in a high - inventory, weak - demand pattern [4]. - Styrene: Port and commercial inventories increased, and the market entered the pre - holiday restocking phase. The supply - side operating rate increased slightly, but non - integrated plants were still in the loss zone. The demand entered the off - season, and the production profit of downstream hard plastics was under pressure [4]. b. Industrial Chain Data Monitoring - Prices of Styrene and Pure Benzene: On December 23, the styrene futures main contract decreased by 0.47% to 6,509 yuan/ton, and the pure benzene futures main contract decreased by 0.62% to 5,425 yuan/ton. Brent crude oil and WTI crude oil prices increased by 2.61% and 2.65% respectively [6]. - Production and Inventory of Styrene and Pure Benzene: From November 28 to December 5, 2025, China's styrene production increased by 2.32% to 34.2 million tons, and pure benzene production decreased by 1.70% to 43.9 million tons. Pure benzene port inventory across the country increased by 36.59% to 22.4 million tons [7]. - Operating Rate: From November 28 to December 5, 2025, the operating rate of styrene in pure benzene's downstream increased by 1.56 percentage points to 68.9%. The operating rate of EPS in styrene's downstream increased by 1.61 percentage points to 56.4%, while the operating rate of ABS decreased by 2.90 percentage points to 68.3% [8]. c. Industry News - European Central Bank President Lagarde said the uncertainty of the inflation outlook was still higher than usual [9]. - The year - on - year growth rate of the US core CPI in November was 2.6%, the lowest since 2021 [9]. - The number of initial jobless claims in the US last week was 224,000, lower than market expectations [9]. - Federal Reserve's Goolsbee said there was considerable room for interest rate cuts as long as inflation was clearly returning to the 2% target [9]. d. Industrial Chain Data Charts The report provides charts on the prices, production, inventory, and operating rates of styrene and pure benzene, as well as their upstream and downstream products, with data sources from iFinD and Steel Union Data [11][13][14][18][21][29][30][31].