纯苯苯乙烯日报：高开工背景下，港口持续累库-20250731

Report Industry Investment Rating - Not provided Core Viewpoints - Pure benzene and styrene units over 20 years old account for 16% and 6% of the production capacity respectively, with BZ's old - capacity mainly from Sinopec and PetroChina. BZ port inventory was consolidating at the beginning of the week, with no further accumulation. Short - term downstream demand for BZ was okay, but there was still some pressure on finished - product inventory and port inventory, and the pressure of South Korea's shipments to China was high, so the room for further increase in BZ processing fees was limited. For styrene, port inventory continued to rise in the middle of the week, the port basis of EB remained weak, and the inter - period spread continued to weaken. Domestically, EB production was at a relatively high level, while the demand side saw an increase in the operation rate of three major hard plastics, a reduction in PS inventory pressure, and ABS still had inventory pressure. Styrene's fundamentals were weaker than those of pure benzene [3] Summary by Relevant Catalogs 1. Pure Benzene and EB's Basis Structure and Inter - period Spread - Pure benzene's main contract basis was - 227 yuan/ton (+29), and the spread between East China pure benzene spot and M2 was - 70 yuan/ton (+0). The difference between near - month BZ paper goods and far - end BZ2603 futures was recommended to be reverse - arbitraged at high prices. EB's main contract basis was 28 yuan/ton (+47), and the EB2509 - 2510 inter - period spread was recommended for reverse - arbitrage [1][4] 2. Pure Benzene and Styrene's Production Profits and Domestic - Foreign Spreads - Pure benzene's CFR China processing fee was 169 dollars/ton (-4), FOB South Korea processing fee was 156 dollars/ton (-4), and the US - South Korea price difference was 95.9 dollars/ton (-7). Styrene's non - integrated production profit was - 166 yuan/ton (+29), and it was expected to gradually compress. The EB - BZ spread was recommended to be narrowed at high prices [1][4] 3. Pure Benzene and Styrene's Inventory and Operation Rate - Pure benzene's port inventory was 17.00 tons (-0.10), and its operation rate was not provided. Styrene's East China port inventory was 164,000 tons (+13,300), East China commercial inventory was 67,500 tons (+11,300), and the operation rate was 78.8% (+0.5%) [1] 4. Styrene's Downstream Operation and Production Profits - EPS production profit was 209 yuan/ton (-59), PS production profit was - 91 yuan/ton (-59), and ABS production profit was 288 yuan/ton (-21). EPS operation rate was 55.21% (+2.02), PS operation rate was 51.60% (+1.00), and ABS operation rate was 66.82% (+0.92), with downstream operation at a seasonal low [2] 5. Pure Benzene's Downstream Operation and Production Profits - Caprolactam production profit was - 1765 yuan/ton (+0), phenol - acetone production profit was - 610 yuan/ton (+25), aniline production profit was - 113 yuan/ton (-16), and adipic acid production profit was - 1372 yuan/ton (-36). Caprolactam operation rate was 90.90% (-0.83), phenol operation rate was 78.00% (-3.00), aniline operation rate was 73.66% (+0.77), and adipic acid operation rate was 64.80% (+0.00) [1]