芳烃日报：淡季存需求压制-20260109

Report Industry Investment Rating - Not provided Report's Core View - The overall situation of pure benzene shows strong supply and weak demand, and it should still be treated weakly; benzene styrene is in the seasonal off - season demand in the first quarter, with obvious demand pressure, and the industry should participate in hedging appropriately [3] Summary by Relevant Catalogs Fundamental Analysis - As of December 29, 2026, the total commercial inventory of pure benzene in Jiangsu port samples was 300,000 tons, a month - on - month increase of 9.89% and a year - on - year increase of 56.09%; from December 22 to 28, the estimated arrival was about 39,500 tons and the pick - up was about 12,500 tons; 3 out of the statistical storage areas increased and 4 remained stable [1] - As of January 5, 2026, the total inventory of benzene styrene port samples in Jiangsu was 132,300 tons, a decrease of 4.68% from the previous period; the commercial inventory was 77,300 tons, a decrease of 7.20% from the previous period; according to past industry rules, there is a high possibility of seasonal inventory accumulation from January to March [1] Macroeconomic Analysis - The short - term large - denomination certificate of deposit interest rates of some banks have entered the "0 -字头", similar to ordinary fixed deposits [2] - In December 2025, the national consumer price increased by 0.8% year - on - year; China's December CPI annual rate was 0.8%, with an expected 0.9% and a previous value of 0.70% [2] Futures and Spot Market Analysis - Pure benzene fluctuated slightly during the day, with strong upward pressure and a supply - strong and demand - weak state, and is still treated weakly [3] - Benzene styrene fluctuated slightly, with attention paid to the pressure near the 40 - day moving average on the weekly line level; in the first - quarter off - season, it may be boosted by the short - term rebound sentiment of overall commodities, but the demand pressure is still obvious, and the industry should participate in hedging appropriately [3]