纯苯、苯乙烯日报：芳烃供需承压，去库节奏放缓-20260106

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - The pure benzene market continues to operate weakly, dominated by high inventory and weak demand in the short term, with subsequent focus on import rhythm and downstream load changes [2] - The styrene market is in a supply - demand game stage, and short - term trends are mainly driven by real - world supply - demand changes, with inventory evolution as the core concern [3] 3. Summary by Relevant Catalogs 3.1 Daily Market Summary 3.1.1 Fundamental Information - Price: On January 5, the main contract of styrene closed down 0.77% at 6,739 yuan/ton, and the main contract of pure benzene closed down 0.75% at 5,406 yuan/ton. The main contract of Brent oil closed at $57.3/barrel (-$0.7/barrel), and the main contract of WTI crude oil closed at $60.8/barrel (-$0.5/barrel). The spot price of pure benzene in East China was 5,290 yuan/ton (-40 yuan/ton) [2] - Inventory: The inventory of pure benzene at East China ports was 300,000 tons (+27,000 tons), and the inventory of styrene at East China ports was 139,000 tons (+0 tons) [2] - Supply: The processing fees of CFR China and FOB South Korea for styrene slightly rebounded. The styrene plant load rebounded from a low level, but non - integrated plants were still in the loss range [2] - Demand: The overall downstream of pure benzene strengthened, while the downstream of styrene entered the off - season. The production profit of hard plastics was continuously compressed, and the finished product inventory pressure remained [2] 3.1.2 Views - Pure Benzene: The overseas refined oil cracking spread remains low, pressuring the aromatic hydrocarbon valuation. The domestic supply side has low processing profits, and the demand side is generally weak. In the short term, it is still dominated by high inventory and weak demand [2] - Styrene: Overseas supply pressure has marginally increased, and the domestic supply recovery is lower than expected. The demand side is still in the off - season, and the inventory evolution is the core concern [3] 3.2 Industry Data Monitoring - Price and Yield Data: From December 31, 2025, to January 5, 2026, the prices of styrene and pure benzene futures and spot, as well as upstream oil prices, showed different degrees of decline or increase. The production of styrene and pure benzene in China decreased slightly, and the inventory of pure benzene ports increased significantly [5][6] - Capacity Utilization: From December 26, 2025, to January 2, 2026, the capacity utilization rates of some downstream products of pure benzene and styrene showed different trends, with some increasing and some decreasing [7] 3.3 Industry News - Eight OPEC+ countries have agreed in principle to suspend oil production growth in Q1 2026 [8] - The US demands that Iran completely abandon uranium enrichment activities [8] - Other international political and energy - related news, such as the situation in Venezuela, Ukraine's sanctions, and changes in South African fuel prices [8][9][10] 3.4 Industry Data Charts - The report provides multiple charts, including those related to the prices of pure benzene and styrene, their spreads, import and domestic costs, port and factory inventories, and the capacity utilization rates of downstream products [11][14][21]