纯苯、苯乙烯日报：开工低位回升，芳烃高位震荡-20260212

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The supply - demand structure of pure benzene shows marginal improvement, but price increase needs further drivers due to high inventory. The domestic pure benzene operating rate has stabilized and rebounded, and the import volume has increased slightly. Downstream demand has improved to some extent [2]. - The supply - demand pattern of styrene is still improving marginally. The lowest point of domestic styrene plant operation may have passed, and the supply is gradually recovering. Demand shows a differentiated performance [3]. 3. Summary by Relevant Catalog 3.1 Daily Market Summary 3.1.1 Fundamentals - Price: On February 11, the main contract of styrene closed up 0.32% at 7,497 yuan/ton, and the main contract of pure benzene closed up 1.25% at 6,090 yuan/ton [2]. - Cost: On February 11, Brent crude oil closed at $64.0 per barrel (-$0.4 per barrel), WTI crude oil closed at $68.8 per barrel (-$0.2 per barrel), and the spot price of pure benzene in East China was 6,090 yuan/ton (+755 yuan/ton) [2]. - Inventory: The inventory of pure benzene at East China ports was 30.5 tons (+0 tons), remaining flat. The inventory of styrene at East China ports was 10.9 tons (+0.8 tons), showing slow accumulation [2]. - Demand: The overall downstream of pure benzene changed little, with only the operating rate of phenol slightly dropping to 86.0%. The downstream of styrene entered the off - season. The operation of PS and ABS decreased slightly, while the operation of EPS increased slightly, and the overall operation of hard plastics weakened [2]. 3.1.2 Views - Pure benzene: The port inventory of pure benzene at the beginning of the week remained at a relatively high level, suppressing the market. The supply is increasing marginally, and the downstream demand has improved, but price increase is restricted by high inventory [2]. - Styrene: The supply is gradually recovering, and the market is worried about the excessive return of supply. The port inventory decreased slightly at the beginning of the week, and demand shows a differentiated performance [3]. 3.2 Industrial Chain Data Monitoring 3.2.1 Styrene & Pure Benzene Prices - Styrene futures main contract increased by 0.32% from 7,473.0 yuan/ton on February 10 to 7,497.0 yuan/ton on February 11; spot price decreased by 0.91% from 7,678.0 yuan/ton to 7,608.0 yuan/ton. The basis increased by 43.90% [5]. - The main contract of pure benzene futures increased by 1.49%, the East China price increased by 1.25%, and prices in South Korea, the US and CFR China also rose [5]. - The difference between domestic pure benzene profit and CFR decreased by 5.88%, and the difference between East China and Shandong pure benzene increased by 55.56% [5]. 3.2.2 Styrene & Pure Benzene Production and Inventory - China's styrene production increased by 0.98% from 34.8 tons in January 30 to 35. tons on February 6, and pure benzene production increased by 3.29% from 42.9 tons to 44.3 tons [6]. - The port inventory of styrene in Jiangsu increased by 7.95% from 10.1 tons to 10.9 tons, and the national port inventory of pure benzene remained unchanged at 30.5 tons [6]. 3.2.3 Operating Rate - Among the downstream of pure benzene, the operating rate of styrene increased by 0.68%, that of caprolactam decreased by 0.41%, that of phenol decreased by 2.29%, and that of aniline increased by 0.51% [7]. - Among the downstream of styrene, the operating rate of EPS increased by 2.98%, that of ABS decreased by 1.70%, and that of PS decreased by 0.40% [7]. 3.3 Industry News - Ukraine reported that a bus in Dnipro was attacked by Russia, resulting in 15 deaths and 7 injuries [8]. - The US PPI in December increased by 3% year - on - year, higher than the expected 2.7% [8]. - The total number of US oil rigs this week was 411, the same as the previous value [8]. - Trump hinted that India would buy oil from Venezuela [8]. - The southeastern coast of the US suffered the worst snowstorm and storm surge in decades [8]. - The Iranian foreign minister said he was still confident of reaching a nuclear deal with the US [8]. 3.4 Industry Chain Data Charts - The report provides charts on pure benzene prices, styrene prices, styrene - pure benzene price difference, SM import pure benzene cost vs. domestic pure benzene cost, styrene port inventory, styrene factory inventory, pure benzene port inventory, ABS inventory, and the weekly capacity utilization rates of caprolactam, phenol, and aniline [9][12][19][23][25][28][29]