芳烃日报：苯乙烯超预期去库、纯苯历史级别高库存-20260113

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Pure benzene has large supply - demand pressure, rebounds due to overall sentiment but with limited space, and should be treated with a continued oscillating mindset [4]. - Styrene is strong in the short - term due to the short - term rebound sentiment of overall commodities, export disturbances, and unexpected inventory reduction. Pay attention to the support of the 60 - day moving average on the daily K - line and low - buying opportunities. The late Spring Festival and downstream styrene benefits as well as pre - holiday procurement demand in the north have a positive impact on the market [4]. 3. Summary by Directory Fundamental Analysis - From January 2nd to 8th, China's styrene factory output was 355,700 tons, a month - on - month increase of 0.99%, and the factory capacity utilization rate was 70.92%, a month - on - month increase of 0.69% [1]. - From January 2nd to 8th, the consumption of styrene downstream products EPS, PS, and ABS increased by 0.31% month - on - month to 259,700 tons [1]. - As of January 8th, the styrene factory inventory was 162,300 tons, a week - on - week decrease of 5.48%. As of January 12th, the styrene inventory at East China ports was 100,600 tons, a week - on - week decrease of 23.96% [1]. - As of January 12th, the non - integrated profit of styrene was 250.79 yuan/ton, and the integrated profit was 660.46 yuan/ton [1]. - According to past industry rules, January - March is the off - season for styrene demand, with a high possibility of seasonal inventory accumulation. Due to the late Spring Festival this year, the time for seasonal production cut is late [1]. Macroeconomic Analysis - The Ministry of Finance announced an adjustment to the export tax - rebate policy for photovoltaic and other products. Starting from April 1st, 2026, the VAT export tax - rebate for photovoltaic and other products will be cancelled, including multiple commodities such as lithium hexafluorophosphate, lithium manganate, etc. [2] Futures and Spot Market Analysis No relevant content provided.