苯乙烯日报：港口库存延续下滑，关注关税政策动向-20250424

Report Industry Investment Rating - Not provided Core Viewpoints - The downstream demand for pure benzene remains weak, with high inventory pressure in PA6 and MDI, dragging down the low operation rates of caprolactam and aniline, and styrene is also undergoing centralized maintenance. The domestic pure benzene operation rate has further declined, and port inventory has decreased again, but there is still pressure from South Korea's shipments to China, and the pure benzene processing fee remains under pressure [2]. - Styrene maintenance has increased, the operation rate has significantly declined, and port inventory has continued to fall, but the port basis has weakened, reflecting downstream pressure. The operation rates of PS and ABS remain weak, and the finished - product inventory pressure of the three major hard plastics persists, with a generally weak fundamental situation [2]. - The market is concerned about the possible subsequent shutdown of US ethane - cracked ethylene - to - styrene plants, and attention should be paid to China's tariff policy on US ethane. The signal of the easing of the China - US tariff war on April 22 may support the market [2]. Summary by Directory EB& Pure Phenyl Difference Structure and Related Spreads - Analyzes EB's main contract trend and basis, EB main contract basis, the difference between the first - and third - month styrene contracts, the production profit of non - integrated styrene plants, styrene's spot import profit, the price difference between FOB US Gulf and FOB South Korea for pure benzene, and China's pure benzene spot import profit [6][9][10] EB& Pure Benzene Operation and Inventory - Covers the inventory of pure benzene in East China ports, the pure benzene operation rate, the inventory of styrene in East China ports, the styrene operation rate, the commercial inventory of styrene in East China, and the styrene factory inventory [22][24][27] Downstream Operation and Production Profit - Examines the operation rates and production profits of EPS, PS, and ABS [35][42][43] Pure Benzene Downstream Production Profit - Analyzes the production profits of caprolactam, phenol - ketone, aniline, adipic acid, PA6 conventional spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [45][50][52]