纯苯、苯乙烯周报：市场情绪显著波动，纯苯苯乙烯震荡偏强-20260202

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The styrene market has significant fluctuations in sentiment, with pure benzene and styrene showing an oscillating and strengthening trend. The styrene fundamentals are improving, and the market is running strongly. The investment view is an oscillating trend, and the trading strategy for the single - side is bullish [4]. - Overseas pure benzene markets have rising prices, mainly driven by energy market fluctuations and geopolitical risks. Although the supply is generally sufficient, the Iranian situation increases energy uncertainty, and demand has a slight rebound [73]. - The Asian pure benzene market has broken the recent consolidation pattern, with prices rising significantly, driven by strong energy prices, styrene profit repair, and the discussion of the US - Asia arbitrage window [83]. - The overseas styrene market shows signs of stabilizing and rebounding, mainly due to the expectation of future supply tightening. The market is transitioning from a stage of "cost collapse and weak demand" to a stage of "expectation - driven and ready to develop" [93]. 3. Summary by Relevant Catalogs 3.1 Main Viewpoints and Strategy Overview - Supply: The economic situation of styrene has improved. The Asia styrene - benzene spread has rebounded to $210, and the styrene - naphtha spread has reached $340, both significantly widening, which stimulates the willingness to start production [4]. - Demand: As of January 26, 2026, the total commercial inventory of pure benzene in Jiangsu ports was 305,000 tons, a 2.69% month - on - month increase and a 125.93% year - on - year increase. From January 19 to January 25, the arrival was about 1,300 tons, and the pick - up was about 500 tons [4]. - Inventory: As of January 26, 2026, the total inventory of styrene in Jiangsu ports was 100,600 tons, a 7.59% increase from the previous period. The commercial inventory was 62,300 tons, a 5.77% increase from the previous period [4]. - Basis: The styrene basis has strengthened. Due to rumors of force majeure in Middle - East installations, downstream procurement willingness has increased [4]. - Profit: The styrene - naphtha spread has expanded to $340, and the styrene - benzene spread has risen to $210, with styrene profits significantly repaired [4]. - Valuation: Market sentiment is high, with a large amount of commodity funds flowing into the market. Overseas export demand is driving up prices [4]. - Macro Policy: On January 30, the US Treasury's Office of Foreign Assets Control updated the sanctions list related to Iran, which may have an impact on the market [4]. - Investment View: The styrene fundamentals are improving, and the market is running strongly, showing an oscillating trend. The trading strategy for the single - side is bullish, with geopolitical risks to be concerned about [4]. 3.2 Overview of Pure Benzene and Styrene Fundamentals - Crude Oil: Tensions in the Iranian situation have increased the war risk premium [6]. - Pure Benzene: Overseas pure benzene markets have rising prices, mainly driven by energy market fluctuations and geopolitical risks. The Asian pure benzene market has broken the recent consolidation pattern, with prices rising significantly [73][83]. - Styrene: The styrene market has strongly rebounded, with prices reaching a recent high. Multiple factors have contributed to this, including unstable operations in the Middle - East, adjustments in regional export flows, inventory decline, and downstream polymer manufacturers' inventory replenishment [133]. 3.3 Polymer Demand Overview - ABS: The ABS price has rebounded, but the profit of downstream polymer manufacturers is under pressure due to the raw material price increase [51][133]. - PS: The PS production profit is at a low level, and demand has entered the off - season [64]. - EPS: Information about EPS production profit, inventory, and price is presented, but no overall conclusion is drawn in the report [76]. - Phenol: The phenol port inventory has rapidly declined [96]. - Adipic Acid: The profit and load of adipic acid have declined [107]. - Caprolactam: The load and inventory of caprolactam have increased [119]. - Household Appliances: The demand for household appliances is waiting for an increase [128].