苯乙烯日报：苯乙烯港口去库节奏放缓-20250522

Report Industry Investment Rating - Not provided Core View - The destocking pace of styrene ports has slowed down, with the inventory not further decreasing on Wednesday. The production profits of PS and ABS are waiting to improve due to the previous high styrene prices. There is potential for the demand of CPL and aniline to recover, but the actual increase in production is still slow. Attention should be paid to the further repair of pure benzene processing fees and the subsequent arrival pressure of pure benzene [1][2]. Summary by Directory EB& Pure Phenyl Difference Structure and Related Spreads - EB main contract basis is 256 yuan/ton (-14 yuan/ton); styrene non - integrated production profit is 318 yuan/ton (-2 yuan/ton), expected to gradually compress; East China pure benzene spot - M2 spread is -25 yuan/ton (+0 yuan/ton) [1]. EB& Pure Benzene Start - up and Inventory - Pure benzene port inventory is 12.80 million tons (+0.50 million tons); styrene East China port inventory is 52,100 tons (-4,600 tons), and East China commercial inventory is 36,900 tons (-8,000 tons), in the inventory rebuilding stage. Styrene start - up rate is 71.3% (-0.9%) [1]. Downstream Start - up and Production Profit - EPS production profit is 288 yuan/ton (+10 yuan/ton), PS production profit is -312 yuan/ton (+10 yuan/ton), ABS production profit is 113 yuan/ton (-68 yuan/ton). EPS start - up rate is 62.34% (+14.96%), PS start - up rate is 57.10% (+0.80%), ABS start - up rate is 67.39% (-1.61%), and the downstream start - up is at a seasonal low [1]. Pure Benzene Downstream Production Profit - Not specifically summarized in the text, but mentioned that the inventory pressure of CPL, PA6, and MDI has been relieved, and the nylon inventory is still waiting for further destocking [2]. Strategy - Cautiously go long for hedging [3]