纯苯苯乙烯日报：下游PS及ABS开工仍偏低，EB需求仍偏弱-20250801

1. Report Industry Investment Rating - No information provided on the industry investment rating 2. Core Views of the Report - The downstream PS and ABS开工率 remains low, and the demand for EB is still weak. The fundamentals of styrene are weaker than those of pure benzene [1][3] - The proportion of production capacity of plants over 20 years old in the production of pure benzene and styrene is 16% and 6%, respectively. The port inventory of BZ continues to consolidate without further inventory accumulation. The short - term downstream demand for BZ is acceptable, but the further increase in BZ processing fees is limited due to factors such as downstream finished product inventory pressure, port inventory pressure, and the pressure of South Korea's shipments to China [3] - The port inventory of styrene continued to rise during the week, and the domestic EB开工率 remained at a high level. It is necessary to wait for the production profit to be further compressed and production to be reduced for re - balancing [3] 3. Summary According to Relevant Catalogs 3.1 Pure Benzene and EB's Basis Structure and Inter - Period Spread - The pure benzene main contract basis is - 204 yuan/ton (+23), and the styrene main contract basis is 43 yuan/ton (+15 yuan/ton) [1] - The spread between East China pure benzene spot and M2 is - 75 yuan/ton (- 5 yuan/ton) [1] 3.2 Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Pure benzene CFR China processing fee is 159 dollars/ton (- 10 dollars/ton), and pure benzene FOB South Korea processing fee is 146 dollars/ton (- 10 dollars/ton) [1] - The non - integrated production profit of styrene is - 222 yuan/ton (- 56 yuan/ton), and it is expected to be gradually compressed [1] 3.3 Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene port inventory is 170,000 tons (- 100 tons), styrene East China port inventory is 164,000 tons (+13,300 tons), and styrene East China commercial inventory is 67,500 tons (+11,300 tons), which is in the inventory rebuilding stage [1] - The operating rate of pure benzene downstream products: caprolactam operating rate is 90.21% (- 0.69%), phenol operating rate is 73.00% (- 5.00%), aniline operating rate is 73.94% (+0.28%), and adipic acid operating rate is 64.80% (+0.00%) [1] - The operating rate of styrene is 78.9% (+0.1%) [1] 3.4 Operating Rates and Production Profits of Styrene Downstream - EPS production profit is 249 yuan/ton (+40 yuan/ton), PS production profit is - 71 yuan/ton (+20 yuan/ton), and ABS production profit is 320 yuan/ton (+32 yuan/ton) [2] - EPS operating rate is 54.25% (- 0.95%), PS operating rate is 53.30% (+1.70%), and ABS operating rate is 65.90% (- 0.92%), which is at a seasonal low [2] 3.5 Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam production profit is - 1615 yuan/ton (+150), phenol - ketone production profit is - 610 yuan/ton (+0), aniline production profit is - 160 yuan/ton (- 47), and adipic acid production profit is - 1381 yuan/ton (- 9) [1]