纯苯苯乙烯日报：纯苯盘面再度走强，期货升水扩大-20250710

1. Report Industry Investment Rating No information provided. 2. Core Views of the Report - The pure benzene futures price has strengthened, with the futures premium expanding, and the basis structure shows a negative basis. The fundamentals indicate that there is still pressure from South Korea's exports to China, domestic production is high, downstream demand is mixed, and the processing fee is weak [3]. - For styrene, port inventories are accumulating, the discount on the futures has narrowed, production profits are under pressure to compress, and downstream demand is weak [3]. 3. Summary by Directory 3.1 Pure Benzene and EB's Basis Structure, Inter - Period Spread - The pure benzene futures premium has widened significantly, with the 2603BZ futures contract having a premium of about 170 yuan/ton over the spot [3]. - Figures related to the basis and inter - period spread are presented, including the pure benzene spot - M2 paper cargo spread, EB main contract basis, and the spread between the first and third styrene contracts [8][12][14]. 3.2 Pure Benzene and Styrene Production Profits, Internal and External Spreads - Pure benzene processing fees are weak, with the CFR China processing fee at 145 dollars/ton (-7 dollars/ton) and the FOB South Korea processing fee at 131 dollars/ton (-5 dollars/ton) [1]. - Styrene non - integrated production profit is 192 yuan/ton (+6 yuan/ton), but it is expected to gradually compress [1]. - Various spreads and production profit figures are shown in the corresponding figures, such as the naphtha processing fee, the difference between pure benzene FOB South Korea and naphtha CFR Japan, etc. [18][20][27]. 3.3 Pure Benzene and Styrene Inventories, Operating Rates - Pure benzene port inventory is 17.40 million tons (-0.30 million tons), and styrene East China port inventory is 111,500 tons (+12,700 tons), with East China commercial inventory at 39,000 tons (+7,700 tons) [1]. - The pure benzene operating rate situation is not clearly described in quantity, and the styrene operating rate is 80.0% (-0.1%) [1]. 3.4 Styrene Downstream Operating Rates and Production Profits - EPS production profit is 41 yuan/ton (-30 yuan/ton), PS production profit is - 259 yuan/ton (-30 yuan/ton), and ABS production profit is 391 yuan/ton (-27 yuan/ton) [2]. - EPS operating rate is 55.88% (-3.84%), PS operating rate is 51.10% (-1.30%), and ABS operating rate is 65.04% (-0.96%), at a seasonal low [2]. 3.5 Pure Benzene Downstream Operating Rates and Production Profits - Among pure benzene downstream products, the caprolactam production profit is - 1560 yuan/ton (+0), the phenol - ketone production profit is - 564 yuan/ton (+0), the aniline production profit is 134 yuan/ton (-389), and the adipic acid production profit is - 1415 yuan/ton (-27) [1]. - The caprolactam operating rate is 95.72% (+6.41%), the phenol operating rate is 78.50% (-0.50%), the aniline operating rate is 69.24% (-0.10%), and the adipic acid operating rate is 64.30% (+2.00%) [1]. 4. Strategies - Unilateral: Cautiously short - sell pure benzene and styrene on rallies for hedging [4]. - Cross - product: Narrow the EB - BZ spread on rallies [4].