港口去库明显，纯苯强势上涨

Report Overview - On January 19, 2026, the closing prices of the pure benzene 2603 contract and the styrene 2602 contract were 5,827 yuan/ton and 7,295 yuan/ton respectively, with daily increases of +3.48% and +1.86% [2] Core Viewpoints - Pure benzene is in a transitional period where the fundamentals may shift, with significant real - world pressure. Although high inventories may limit short - term increases, there will be a quarterly improvement in Q1. There is a possibility of an early market manifestation under the consistent expectation similar to the polyester chain [3] Reasons for the Rise - Port De - stocking: As of January 19, 2026, the total commercial inventory of pure benzene at Jiangsu ports was 20.7 tons, a reduction of 2.7 tons from the previous week. From January 12 - 18, there were no arrivals and about 2.7 tons of pick - ups, which was the first de - stocking since November 10 [3] - Downstream Profit Boost: Driven by export deals and unexpected maintenance, styrene supply and demand are tight, and the price difference with pure benzene is widening. Two styrene plants are about to resume production, and terminal export growth drives demand [3] - Potential Tariff Cancellation: There are discussions about the US canceling the 15% tariff on South Korean pure benzene, which is seen as a potential positive factor [3] - Catch - up in Aromatic Allocation: In the chemical industry, aromatics are a multi - allocation sector. After the previous rally of PX - PTA, it entered a digestion and feedback phase. Pure benzene, with a relatively low valuation, has become a multi - allocation choice for funds [3] Market Outlook - From the balance sheet, the supply - demand gap remains positive from January to February but decreases month - on - month. There may be a small amount of de - stocking in March. High inventories may limit short - term increases, but there will be a quarterly improvement in Q1. If the US cancels the tariff on South Korean pure benzene, it will greatly benefit the domestic pure benzene balance sheet and raise its valuation [3]