纯苯苯乙烯日报：山东纯苯开工未见明显回落-20250814

1. Report Industry Investment Rating - No information provided regarding the industry investment rating 2. Core Viewpoints of the Report - Market expected a possible reduction in Shandong pure benzene production before the military parade, but no significant reduction has occurred yet. Pure benzene port inventory continues to decline slightly, with a narrowing futures premium. The import pressure is not increasing due to a slower arrival rhythm in China and planned maintenance of Korean aromatics in August - September. However, the overall downstream production has declined, leading to a smaller future de - stocking amplitude for pure benzene and a still relatively high absolute inventory level. For styrene, port inventory has entered a seasonal decline cycle. The pre - peak - season stocking before the "Golden September and Silver October" and a slower arrival rhythm have led to this round of de - stocking. But the cumulative year - on - year growth rate of white - goods production has declined, and the boost to styrene downstream production is limited. The styrene basis has been stable recently, indicating no further large - scale downstream procurement [3] 3. Summary by Relevant Catalogs 3.1 Pure Benzene and EB's Basis Structure, Inter - period Spreads - Related figures include the pure benzene main contract basis and futures price, pure benzene main contract basis, pure benzene spot - M2 paper cargo spread, pure benzene continuous first - contract to continuous third - contract spread, EB main contract trend and basis, EB main contract basis, and styrene continuous first - contract to continuous third - contract spread [8][12][16] 3.2 Pure Benzene and Styrene Production Profits, Domestic and Foreign Spreads - Figures cover naphtha processing fees, the difference between pure benzene FOB Korea and naphtha CFR Japan, styrene non - integrated plant production profits, the difference between pure benzene FOB US Gulf and FOB Korea, the difference between pure benzene FOB US Gulf and CFR China, the difference between pure benzene FOB Rotterdam and CFR China, pure benzene import profits, styrene import profits, the difference between styrene FOB US Gulf and CFR China, and the difference between styrene FOB Rotterdam and CFR China [19][22][31][37] 3.3 Pure Benzene and Styrene Inventory, Operating Rates - Figures show pure benzene inventory at East China ports, pure benzene operating rate, styrene inventory at East China ports, styrene operating rate, styrene commercial inventory in East China, and styrene factory inventory [39][41][44] 3.4 Styrene Downstream Operating Rates and Production Profits - Figures include EPS operating rate and production profit, PS operating rate and production profit, ABS operating rate and production profit [51][53][54] 3.5 Pure Benzene Downstream Operating Rates and Production Profits - Figures cover caprolactam operating rate and production profit, phenol - acetone operating rate and production profit, aniline operating rate and production profit, adipic acid operating rate and production profit, PA6 regular spinning bright production profit, nylon filament production profit, bisphenol A production profit, PC production profit, epoxy resin E - 51 production profit, pure MDI production profit, and polymer MDI production profit [60][64][71][73][85]