纯苯、苯乙烯日报：装置扰动下供需分化，芳烃延续震荡-20251231

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the report. 2. Report's Core View - Pure benzene: The domestic pure benzene market remains oversupplied, with high port inventories exerting continuous downward pressure on prices. Import volumes are relatively high, and there is insufficient short - term de - stocking momentum. Supply - side operations are stable, and the cost side provides limited support. Demand is weak, and overall, the short - term fundamentals are loose, with prices expected to fluctuate weakly [3]. - Styrene: After the restart of some devices and the impact of device failures, production and capacity utilization have increased. Downstream demand has improved, but the de - stocking of visible inventories has slowed. Non - integrated devices' losses have narrowed, and integrated devices are still profitable. Short - term supply is expected to be stable, and due to temporary device disruptions, short - term supply and demand remain tight, with inventories likely to decline slowly [4]. 3. Summary by Related Catalogs 3.1 Daily Market Summary - Fundamentals - Price: On December 30, the styrene main contract closed up 0.65% at 6,781 yuan/ton, and the pure benzene main contract closed up 0.33% at 5,487 yuan/ton [2]. - Cost: On December 30, Brent crude closed at $58.1/barrel (+$1.4/barrel), WTI crude closed at $61.9/barrel (+$1.3/barrel), and the spot price of East China pure benzene was 5,310 yuan/ton (+0 yuan/ton) [2]. - Inventory: Pure benzene's East China port inventory was 27.30 million tons (+1.30 million tons), remaining at a high level. Styrene's East China port inventory was 13.93 million tons (+0.46 million tons), and its East China commercial inventory was 8.46 million tons (+0.23 million tons), entering the inventory rebuilding stage [2]. - Supply: The pure benzene main basis was - 134 yuan/ton, and processing fees in CFR China and FOB South Korea rebounded slightly. The styrene device load rebounded from a low level, with an overall operating rate of 69.1% (+0.8 percentage points), and non - integrated devices were still in the loss range [2]. - Demand: Pure benzene's downstream sectors strengthened overall, while styrene's downstream entered the off - season. EPS and ABS operating rates fluctuated slightly, and PS operating rate increased, but the production profit of hard plastics was continuously compressed, and finished - product inventory pressure remained [3]. - Viewpoints - Pure benzene: The domestic market is supply - abundant, with high port inventories suppressing prices. Import arrivals are high, and short - term de - stocking is difficult. Supply - side devices operate stably, and cost support is limited. Demand is weak, and short - term prices will fluctuate weakly [3]. - Styrene: After device restarts and failures, production and capacity utilization increased. Downstream demand improved, but visible inventory de - stocking slowed. Non - integrated device losses narrowed, and short - term supply is expected to be stable. Due to device disruptions, short - term supply and demand are tight, and inventories may decline slowly [4]. 3.2 Industry Chain Data Monitoring - Price: The styrene futures main contract rose 0.65%, and the pure benzene futures main contract rose 0.33%. Brent crude rose 2.36%, and WTI crude rose 2.21% [2][6]. - Production and Inventory: China's styrene production increased by 2.26% to 35.5 million tons, and pure benzene production decreased by 0.07% to 43.6 million tons. Styrene's Jiangsu port inventory increased by 3.41% to 13.9 million tons, and pure benzene's national port inventory increased by 5.00% to 27.3 million tons [7]. - Operating Rate: Among pure benzene's downstream sectors, styrene's operating rate increased by 1.57 percentage points to 70.7%, and among styrene's downstream sectors, PS's operating rate increased by 4.00 percentage points to 59.4% [8]. 3.3 Industry News - Russia claimed to have carried out large - scale strikes on Ukraine. - The Palestinian economy remained in deep recession this year. - Venezuela's port refineries were operating normally. - Russia extended the ban on gasoline exports until the end of February 2026. - The Iraqi military will take over the Assad Air Base in a few days [9].