纯苯苯乙烯日报：EB下游开工有所回升-20250815

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The downstream start - up of EB has rebounded. The port inventory of pure benzene continues to decline slightly, the futures premium narrows, the import pressure does not increase further, but the downstream demand drops from its peak, and the subsequent inventory removal amplitude of pure benzene is small with a still high absolute inventory value. For styrene, the port inventory enters the seasonal decline cycle, the downstream start - up rises rapidly, and attention should be paid to the sustainability of downstream procurement before the peak season [1][3] Summary Based on Related Catalogs 1. Pure Benzene and EB's Basis Structure and Inter - period Spread - Pure benzene: The main basis of pure benzene is - 49 yuan/ton (+18), the spread between East China pure benzene spot and M2 is 10 yuan/ton (-15 yuan/ton), and the spread between BZ2603 - BZ2605 inter - period should be reverse - arbitraged when it is high [1][4] - Styrene: The main basis of styrene is 67 yuan/ton (+19 yuan/ton), and the spread between EB2509 - 2510 inter - period should be reverse - arbitraged when it is high [1][4] 2. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene: The CFR China processing fee of pure benzene is 188 dollars/ton (+3 dollars/ton), the FOB South Korea processing fee is 171 dollars/ton (+1 dollar/ton), and the US - South Korea spread is 76.8 dollars/ton (+3.0 dollars/ton). The production profits of downstream products vary, with the production profit of caprolactam at - 1830 yuan/ton (+15), that of phenol - acetone at - 689 yuan/ton (+0), that of aniline at - 161 yuan/ton (-262), and that of adipic acid at - 1517 yuan/ton (+36) [1] - Styrene: The non - integrated production profit of styrene is - 328 yuan/ton (-8 yuan/ton), and the EB - BZ spread should be narrowed when it is high [1][4] 3. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene: The port inventory of pure benzene is 14.60 tons (-1.70 tons), and the operating rate of downstream products shows different trends, with the caprolactam operating rate at 93.72% (+5.31%), the phenol operating rate at 77.00% (+0.00%), the aniline operating rate at 71.57% (-1.89%), and the adipic acid operating rate at 61.70% (+7.30%) [1] - Styrene: The East China port inventory of styrene is 148,800 tons (-10,200 tons), the East China commercial inventory is 69,500 tons (+3,000 tons), and the operating rate is 78.2% (+0.5%) [1] 4. Operating Rates and Production Profits of Styrene Downstream - EPS: The production profit is 218 yuan/ton (+40 yuan/ton), and the operating rate is 58.08% (+14.41%) [2] - PS: The production profit is - 82 yuan/ton (-10 yuan/ton), and the operating rate is 56.70% (+1.70%) [2] - ABS: The production profit is 127 yuan/ton (+42 yuan/ton), and the operating rate is 71.10% (+0.00%) [2] 5. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam: The production profit is - 1830 yuan/ton (+15), and the operating rate is 93.72% (+5.31%) [1] - Phenol - acetone: The production profit is - 689 yuan/ton (+0), and the operating rate of phenol is 77.00% (+0.00%) [1] - Aniline: The production profit is - 161 yuan/ton (-262), and the operating rate is 71.57% (-1.89%) [1] - Adipic acid: The production profit is - 1517 yuan/ton (+36), and the operating rate is 61.70% (+7.30%) [1]