苯乙烯日报：EB港口未延续进一步累库-20250610

Report Industry Investment Rating - Not provided in the documents Core Viewpoints - The peak of styrene maintenance has passed, and the operating rate is gradually recovering. The previous concentrated short - covering of styrene port paper goods led to the flow of styrene factory inventory to ports. However, port inventory did not continue to accumulate this week, and the port basis has rebounded. But there are still concerns about inventory replenishment in the future, and attention should be paid to whether the inventory accumulates in styrene factories or ports. Styrene production profit continues to be compressed. On the downstream side, ABS inventory has rapidly accumulated again, and the operating rates of PS and EPS have declined, dragging down styrene demand. For pure benzene, the operating rates of downstream CPL and aniline have remained low, and MDI inventory has accumulated again, dragging down pure benzene demand. There is still pressure on pure benzene arrivals, and pure benzene port inventory continues to accumulate [2] Summary by Directory EB& Pure Phenyl Difference Structure and Related Spreads - Pure benzene port inventory is 14.90 million tons (+0.40 million tons); pure benzene CFR China processing fee is 159 US dollars/ton (-4 US dollars/ton), pure benzene FOB South Korea processing fee is 141 US dollars/ton (-4 US dollars/ton), and the US - South Korea spread of pure benzene is 64.5 US dollars/ton (+19.1 US dollars/ton). The spread between spot and M2 of East China pure benzene is - 55 yuan/ton (-15 yuan/ton). Styrene main contract basis is 294 yuan/ton (-63 yuan/ton); non - integrated production profit of styrene is 144 yuan/ton (+15 yuan/ton), and it is expected to be gradually compressed [1] EB& Pure Benzene Operating Rate and Inventory - Styrene East China port inventory is 80,000 tons (-9,100 tons), and East China commercial inventory is 58,100 tons (-12,400 tons), in the stage of inventory replenishment. Styrene operating rate is 72.3% (+0.3%) [1] Downstream Operating Rate and Production Profit - EPS production profit is 320 yuan/ton (-69 yuan/ton), PS production profit is - 230 yuan/ton (-19 yuan/ton), ABS production profit is 231 yuan/ton (+29 yuan/ton). EPS operating rate is 46.42% (-12.25%), PS operating rate is 59.20% (-2.60%), ABS operating rate is 64.02% (+1.70%), and the downstream operating rate is at a seasonal low [1] Pure Benzene Downstream Production Profit - Not provided with specific profit data analysis in the current content Strategy - Cautiously short - hedge [3]