南华苯乙烯产业链数据周报20250420：关注终端负反馈-20250421

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - Pure Benzene: This week, due to the influence of previously shut - down units, the operating rate of petroleum benzene continued to decline, while the operating capacity of hydrogenated benzene was greater than the shut - down capacity, leading to an increase in supply. The demand of major downstream industries showed mixed trends. The demand is expected to increase next week due to the return of some downstream units and pre - holiday stocking before May Day. However, the short - term de - stocking at East China ports does not represent an improvement in the supply - demand pattern of pure benzene. The current hidden inventory is still at a high level, and tariff contradictions are full of uncertainties. The second - quarter fundamentals of pure benzene will remain weak, and its price is more likely to fluctuate with the macro - economy and crude oil [4]. - Styrene: Affected by the shut - down and maintenance units last week, the operating rate of styrene continued to decline. On the demand side, among the three downstream industries (EPS, PS, ABS), the overall load of the EPS industry increased significantly due to the return of previously shut - down and reduced - load units, while the operating rates of ABS and PS fluctuated slightly. The comprehensive demand for styrene from the three industries increased. However, poor terminal demand led to continued inventory accumulation in the three industries. This week, the inventory at styrene ports dropped below 100,000 tons, and it is expected to continue de - stocking next week. The supply of styrene will gradually increase in the future, maintaining the situation of strong current reality and weak future expectations. It is recommended to wait and see [4]. 3. Summary According to Relevant Catalogs 3.1 Upstream (Pure Benzene) 3.1.1 Supply - As of April 17, the operating rate of petroleum benzene was 70.4%, a month - on - month decrease of 2.1%, and the operating rate of hydrogenated benzene was 61.3%, a month - on - month increase of 3.6%. It is estimated that South Korea exported a total of 314,800 tons of pure benzene in March 2025, of which 290,200 tons were exported to China [4]. 3.1.2 Inventory - As of April 14, the port inventory of pure benzene in Jiangsu was 142,000 tons, an increase of 1,500 tons from the previous period, a month - on - month increase of 1.07% [4]. 3.2 Mid - stream (Styrene) 3.2.1 Supply - As of April 17, the operating rate of styrene was 66.8%, a month - on - month decrease of 1.6% [4]. 3.2.2 Inventory - As of April 14, 2025, the port inventory of styrene in Jiangsu was 95,600 tons, a decrease of 23,400 tons from the previous period, a decrease of 19.66%. As of April 17, 2025, the sample inventory of styrene factories in China was 218,400 tons, a decrease of 9,800 tons from the previous period, a month - on - month decrease of 4.30% [4]. 3.2.3 Profit - As of April 17, the integrated profit of styrene was around - 263 yuan/ton, and the non - integrated profit was around - 109 yuan/ton [4]. 3.3 Downstream (EPS, PS, ABS) 3.3.1 Supply - The operating rate of EPS was 59.07%, a month - on - month increase of 11.98%; the operating rate of PS was 60.80%, a month - on - month decrease of 0.30%; the operating rate of ABS was 66.99%, a month - on - month decrease of 0.66% [4]. 3.3.2 Inventory - The inventory of EPS enterprises was about 34,600 tons, a month - on - month increase of 8.46%; the inventory of PS finished products was 123,000 tons, a month - on - month increase of 5.1%; the inventory of ABS finished products was 200,000 tons, a month - on - month increase of 2.6% [4]. 3.3.3 Profit - The comprehensive profit of PS was around 265 yuan/ton, the profit of EPS was around 450 yuan/ton, and the profit of ABS was around 1,265 yuan/ton [4]. 3.4 Price and Spread 3.4.1 Price - The prices of various products in the pure benzene - styrene industry chain showed different degrees of changes. For example, Brent crude oil increased from 63.33 dollars/ton last week to 64.68 dollars/ton this week, and styrene FOB South Korea increased from 903 dollars/ton last week to 912 dollars/ton this week [5]. 3.4.2 Spread - The spreads of pure benzene and styrene paper - goods also changed. For example, the spread of pure benzene paper - goods spot decreased from 6365 yuan/ton on April 11 to 6230 yuan/ton on April 18, a decrease of 135 yuan/ton [6]. 3.5 Production Plan and Maintenance 3.5.1 Production Plan - From 2024 to 2025, there were new device production plans in the pure benzene and styrene industries. For example, in 2025, the new production capacity of pure benzene was 1.66 million tons, and the new production capacity of styrene was 1.57 million tons [96][197]. 3.5.2 Maintenance - There were many domestic and foreign pure benzene and styrene device maintenance situations. For example, Shanghai Petrochemical's small ethylene unit has been under long - term maintenance since September 25, 2023, and Ningbo Keyuan's styrene unit has been under cost - based maintenance since May 7, 2021 [97][198]. 3.6 Terminal Demand - In April, the refrigerator production plan was 8.09 million units, a year - on - year decrease of 6.7%; the production plan of household air - conditioners was 24 million units, a year - on - year increase of 9.1%; the production plan of washing machines was 7.4 million units, a year - on - year increase of 1.4% [251][257][263].