芳烃日报：止跌反弹，关注库存变化-20260204

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Short - term observation of market sentiment and inventory changes is needed [4] Group 3: Summary by Related Directories Fundamental Analysis - As of January 27, the total inventory of styrene in the mainstream storage areas of East China's Jiangsu province fluctuated between 94,500 and 123,300 tons. The inventory at major ports in East China remained at a historically low level, and spot liquidity was still tight [1] - As of the week of January 22, the capacity utilization rate of EPS was 58.71%, a 4.66% increase from the previous period. In the off - season of downstream demand, merchants were cautious about chasing up prices, and the overall trading atmosphere was poor [1] - The capacity utilization rate of PS was 57.3%, a 0.1% decrease from the previous period. The Nanjing plant resumed production, and Guangxi Changke restarted, but Lianyungang Petrochemical and Ningbo Liwan each reduced one production line. The industry supply was temporarily stable, the total supply was steady, market sales were average, and inventory started to rise [1] - The capacity utilization rate of ABS was 66.8%, a 3% decrease from the previous period. Manufacturers' supply was still very tight, mainly controlling the volume of shipments. After entering January, most of the goods were high - priced. After the Spring Festival, market inquiries increased, trading volume expanded, and prices rebounded. In addition, the capacity utilization rate of UPR was 38%, a 1% decrease from the previous period, and the operating rate of styrene - butadiene rubber was 82.92%, remaining stable compared to the previous period [1] Macroeconomic Analysis - US President Trump said that the share of Venezuela in oil profits has not been discussed. India is about to intervene and buy Venezuelan oil. Trump's statement over the weekend that Iran is having "serious talks" with Washington signaled a cooling of the situation with the OPEC member, causing a sharp drop in WTI crude oil [2] - Nine units including the Ministry of Commerce issued the "2026 'Happy Shopping for the Spring Festival' Special Activity Plan" [2] Futures and Spot Market Analysis - The market fluctuated within the day, with the daily K - line closing positive for two consecutive days, showing the possibility of further rebound. Attention should be paid to the previous high as the upper pressure [3]