苯乙烯日报：纯苯进一步累库-20250624

Report Industry Investment Rating - The investment rating for the industry is neutral [3] Core Viewpoints - The main driver lies in the price fluctuations of crude oil at the upstream cost end. After the US attacked Iran, oil prices declined, indicating that the market believes the most intense expectations have been fulfilled [2] - For pure benzene, domestic production rates have reached a high level, while the low production rates of downstream CPL and aniline have dragged down demand. There is still significant pressure from South Korea on Chinese imports, leading to a rapid increase in port inventories and a suppression of processing fees [2] - For styrene, port inventories are gradually entering a rising cycle, and domestic production rates have reached a near - three - year high, with factory inventories also in a build - up phase. Downstream PS and ABS still face inventory pressure, leading to poor production performance [2] Summary by Directory EB& Pure Phenyl Difference Structure and Related Spreads - Includes EB main contract trends and basis, EB main contract basis, styrene contract spreads, non - integrated plant production profits, import profits, and pure benzene price spreads [6][9][10] EB& Pure Benzene Production and Inventory - Covers pure benzene port inventories, production rates, styrene port inventories, production rates, commercial inventories, and factory inventories [23][25][28] Downstream Production and Production Profits - Involves the production rates and production profits of EPS, PS, and ABS [36][41][45] Downstream Production Profits of Pure Benzene - Includes the production profits of caprolactam, phenol - acetone, aniline, adipic acid, PA6, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [47][52][57]