苯乙烯日报：原油拖累，EB成本型下挫-2025-04-08

Report Industry Investment Rating - No relevant information provided Core Viewpoints - Crude oil drags down EB, causing a cost-driven decline. The price fluctuations are mainly driven by crude oil. The two-stage spread of pure benzene processing fee and styrene processing profit is expected to fluctuate within a range, and there are currently few contradictions in the industrial chain [1][2] - It is recommended to conduct cautious short hedging [3] Summary by Directory EB& Pure Benzene Basis Structure and Related Spreads - Pure benzene port inventory is 140,500 tons (-500 tons), CFR China processing fee is 219 dollars/ton (-1 dollar/ton), FOB Korea processing fee is 198 dollars/ton (-1 dollar/ton), US-Korea spread is -78.8 dollars/ton (-57.4 dollars/ton), still closed. The spread between East China pure benzene spot and M2 is 45 yuan/ton (+120 yuan/ton) [1] - Styrene's main basis is 56 yuan/ton (-169 yuan/ton), still strong; non-integrated production profit is -250 yuan/ton (+43 yuan/ton), expected to gradually compress [1] EB& Pure Benzene开工 Inventory - Pure benzene port inventory is gradually reaching the bottom, continuing to fluctuate within a range. With the decline in downstream pick-up, there is a possibility of re-accumulation. The pure benzene processing fee is weak [2] - In April, there are more styrene overhauls, the decline rate of styrene factory inventory has further accelerated, and this week, styrene port inventory has also continued to decline. Styrene processing profit has a rebound driver [2] - Styrene port inventory is 119,000 tons (-27,600 tons), commercial inventory is 83,000 tons (-15,100 tons), in the inventory rebuilding stage. The styrene operating rate is 73.3% (-2.0%) [1] Downstream Operating Rate and Production Profit - EPS production profit is 844 yuan/ton (+614 yuan/ton), PS production profit is 144 yuan/ton (+364 yuan/ton), ABS production profit is 820 yuan/ton (+467 yuan/ton) [1] - EPS operating rate is 53.61% (+2.38%), PS operating rate is 64.60% (-4.20%), ABS operating rate is 68.60% (-4.20%), and the downstream operating rate is at a seasonal low [1] Pure Benzene Downstream Production Profit - No specific data summary provided in the text, but figures for various pure benzene downstream production profits are presented, including caprolactam, phenol-ketone, aniline, etc. [5]