芳烃市场周报：成本走强，利多市场抬升（PX，纯苯，苯乙烯）-20260123

Report Information - Report Title: Aromatic Hydrocarbon Market Weekly Report: Cost Strengthening, Bullish Market Uplift (PX, Pure Benzene, Styrene) [1] - Author: Jiang Zhou Xilin [2] - Date: January 23, 2026 [2] 1. Industry Investment Rating - No information provided 2. Core Viewpoints - PX continues its strong pattern due to improved downstream demand since Q4 2026, positive news, and supply - demand remaining strong with supply tightness easing recently [3] - The pure benzene market has shifted from oversupply to undersupply, and the short - term market is still supported, but there may be an opportunity to shrink the processing spread [4] - Styrene has seen significant price increases in both futures and spot markets recently. The short - term market is bullish, and there may be an opportunity to shrink the pure benzene - styrene spread later [5][6] 3. Summary by Directory PX Market Cost - Geopolitical factors have driven up oil prices, causing the PX outer - market price to rise continuously. The spot - futures price is in high - level oscillation, and the basis has widened. The January PX listed price of Sinopec is raised to 7,500 yuan/ton [3] Supply - Zhejiang Petrochemical's reform is under maintenance, and the PX load has decreased. This week's PX output is 743,300 tons, a week - on - week decrease of 2.27%. The domestic and Asian PX capacity utilization rates have also declined [3] Demand - The average weekly capacity utilization rate of domestic PTA is 75.83%, a week - on - week decrease of 1.39% and a year - on - year decrease of 5.69% [3] Summary and Outlook - PX is expected to maintain a strong supply - demand situation in 2026. New investments may be realized after Q4, and the supply tightness has eased recently [3] Pure Benzene Market Spot and Futures - The futures price of pure benzene has risen significantly since early January. Rising oil prices, geopolitical news, and good downstream demand are the main driving factors [4] Supply and Demand - In December 2025, the national pure benzene output was 1.9228 million tons, a year - on - year increase of 0.28%. The import volume was estimated at 470,000 tons. The market has shifted from oversupply to undersupply [4] Inventory - As of this week, the commercial inventory of pure benzene in Jiangsu ports is 297,000 tons, a week - on - week decrease of 8.33% and a year - on - year increase of 107.69% [4] Profit - The spot price difference between pure benzene and downstream styrene has widened, prompting factories to lock in profits and buy pure benzene for hedging, further driving up the price [4] Summary and Outlook - In Q4 2025, new capacities led to oversupply. Recently, the short - term market is supported, and there may be an opportunity to shrink the processing spread [4] Styrene Market Spot and Futures Performance - The styrene main contract has risen for multiple consecutive trading days, mainly due to cost support and a continued tight - balance situation [5] Industrial Chain Profit - The average profit of non - integrated styrene plants in China this week is 441 yuan/ton, a week - on - week increase of 45.79% [5] Industrial Chain Operation - This week, the total output of styrene plants in China is 349,300 tons, a week - on - week decrease of 1.72%. The capacity utilization rate is 69.63%, a week - on - week decrease of 1.23% [5] Downstream - The consumption of the main downstream products of styrene in China this week is 267,900 tons, a week - on - week increase of 3.16% [5] Inventory - As of this week, the total inventory of the main styrene storage areas in South China is 12,000 tons, a week - on - week decrease of 36.84% [5] Summary and Outlook - Styrene's performance in the traditional peak season in 2025 was disappointing. Recently, the market has been bullish, but there may be a risk of weak downstream demand later [6]