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Pure Benzene and Styrene Daily Report Summary - 2025-11-11

Pure Benzene Market Update

• Inventory: Port stock fell 0.800,000 tons to 11.300,000 tons, indicating modest decline.
• Maincontract Basis: -137元/ton (worse than previous).
• Processing Fees: CFR China at 83 USD/ton (down $5), FOB Korea at 65 USD/ton (down $5), with US-Korea price spread at 97.4 USD/ton (up $2).
• Downstream Demand: Weak, with specific profit margins low: acetyl compounds -$1675 RMB/ton, phenol -$364 RMB/ton, aniline +559 RMB/ton, adipic acid -$1157 RMB/ton. Startup rates mixed, with declines in phenol and cyclohexane, but increases in adipic acid.

Styrene Market Update

• Basis and Inventory: Main contract basis -10元/ton; port inventory down 4,500 tons to 174,800 tons, commercial inventory down 8,000 tons to 101,800 tons. Market in rebuilding phase.
• Profit Margins: Expected compression for non-integrated production (-444 RMB/ton +11). Startup rate at 66.9% (up slightly).
• Downstream: ABS production profit negative, with low startup rates and slow inventory reduction.

Overall Market Analysis

• Demand remains weak across both pure benzene and styrene. Key factors include slow downstream uptake and supply adjustments, with no net change in focus areas like oil price volatility.
• Inventory reductions support slightly improved basis for styrene, but overall market sentiment is cautious.

Strategy Recommendations (Based on Analysis)

• Spread Trading: EB2512-EB2601 buy spread at low levels; BZ2603-BZ2605 sell spread at high levels. Directional views are absent.
• Market remains neutral, with key risks being external factors like sanctions and oil price movements.

Key Risks

• Ongoing sanctions efforts globally and oil price fluctuations could impact margins and inventories.

This summary captures the core points from the daily report without additional commentary.