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纯苯苯乙烯周报-20250608
Guo Tai Jun An Qi Huo·2025-06-08 07:57
  1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - Short - term absolute prices of benzene and styrene will mainly fluctuate. High supply remains the core issue. Attention should be paid to the implementation of new pure benzene plants from June to July [3]. 3. Summary by Relevant Catalogs Pure Benzene - Weak reality: Domestic production has recovered rapidly, ports maintain high inventories, and continue to squeeze BZN. Pure benzene imports exceed expectations, and there are also many exports of EB downstream products [5][16]. - Hydro - benzene supply is limited [18]. - The profits of pure benzene downstream products show different trends, with various production margins of products such as caprolactam, phenol, and aniline changing over time [27]. Styrene - Current situation: Neutral inventory, high profits, and neutral production. High profits are gradually stimulating high supply, small - scale plants are gradually restarting, and port inventories are accelerating accumulation. It is expected that port inventories will reach over 100,000 tons by the end of June, and the short - term trend is mainly weak and fluctuating [3][46]. Aromatics - Global price difference: The price difference in logistics between the US and Asia cannot be opened, so pure benzene stays in Asia [50]. - Internal price difference: The internal price difference of aromatics has returned [57]. Second - quarter Contradiction - There is a contradiction between the destocking of chemical products in the second quarter and the weakness of upstream oil products [59]. Downstream Products - ABS: Due to an increase in inventory samples, the inventory has risen significantly. Capacity utilization, production margins, and production have different performance trends [61]. - PS: Factory inventory structure has improved rapidly, capacity utilization has changed, and production margins and prices have also shown corresponding trends [3]. - EPS: Factories have received few 618 orders, which has reduced their willingness to start production during the Dragon Boat Festival. Production, inventory, and production margins also have their own characteristics [3].