苯乙烯日报：苯胺及CPL拖累纯苯需求-20250416

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - The demand for pure benzene is dragged down by aniline and CPL. The low price difference between the US and South Korea in the pure benzene market increases the pressure of South Korean pure benzene being shipped to China. The maintenance periods of caprolactam and aniline, along with high inventory pressures in PA6 and MDI, and the concentrated maintenance period of styrene in April, all contribute to the weak processing fees of pure benzene [1][2]. - For styrene, with more maintenance, the port inventory continues to decline, and the processing profit has rebounded. In the short - term, it reflects the concerns about the shutdown of styrene plants using ethane from the US due to high tariffs. In the medium - term (May), as the styrene operation rate rises, there is pressure for the production profit to decline again. The recent price fluctuations are mainly driven by tariff policies [2]. - The recommended strategy is to cautiously short - hedge [3]. 3. Summary by Relevant Catalogs EB& Pure Phenyl Difference Structure and Related Spreads - Pure benzene: The port inventory is 14.20 million tons (+0.15 million tons), the CFR China processing fee is 194 dollars/ton (-21 dollars/ton), the FOB South Korea processing fee is 180 dollars/ton (-15 dollars/ton), the US - South Korea price difference is - 12.6 dollars/ton (+28.2 dollars/ton), and the East China pure benzene spot - M2 spread is 40 yuan/ton (-10 yuan/ton) [1]. - Styrene: The main contract basis is 195 yuan/ton (+77 yuan/ton), the non - integrated production profit is - 89 yuan/ton (-34 yuan/ton), and it is expected to gradually compress [1]. EB& Pure Benzene Operation and Inventory - Pure benzene: The East China port inventory is 14.20 million tons (+0.15 million tons) [1]. - Styrene: The East China port inventory is 95,600 tons (-23,400 tons), the East China commercial inventory is 70,100 tons (-12,900 tons), and the operation rate is 68.4% (-4.9%) [1]. Downstream Operation and Production Profit - EPS: The production profit is 351 yuan/ton (+10 yuan/ton), and the operation rate is 47.09% (-6.52%) [1]. - PS: The production profit is - 99 yuan/ton (+10 yuan/ton), and the operation rate is 61.10% (-3.50%) [1]. - ABS: The production profit is 1001 yuan/ton (+32 yuan/ton), and the operation rate is 67.65% (-0.95%) [1]. Pure Benzene Downstream Production Profit - There is no specific numerical data provided in the text for the production profit of pure benzene downstream products, but it is mentioned that the maintenance of caprolactam and aniline affects the demand for pure benzene, and PA6 and MDI have high inventory pressures [2].