纯苯苯乙烯日报：EB港口库存未延续下降-20250819

Report Industry Investment Rating - Not provided in the document Core Viewpoints - Pure benzene port inventory continued a slight decline, the pure benzene basis stabilized, there were maintenance plans for Korean aromatics in August - September, import pressure did not increase further, downstream comprehensive operation rate remained relatively high, demand was at a seasonal high, and inventory removal was driven, but the removal amplitude was expected to be limited [3] - For styrene, port inventory did not continue to decline at the beginning of the week, EB port pick - up volume did not continue to rise, EPS and PS operation rates rebounded, their inventory pressure was relieved, while ABS maintained a state of high inventory and low operation rate [3] Summary by Directory 1. Pure benzene and EB's basis structure, inter - period spread - Analyzed pure benzene's basis, inter - period spread, and styrene's basis and inter - period spread through multiple figures, but no specific analysis content was provided in the text [9][16][20] 2. Pure benzene and styrene production profit, internal - external spread - Multiple figures showed the production profit and internal - external spread of pure benzene and styrene, such as naphtha processing fee, pure benzene FOB Korea - naphtha CFR Japan spread, etc., but no specific analysis content was provided in the text [22][25][34] 3. Pure benzene and styrene inventory, operation rate - Pure benzene port inventory continued to decline slightly, downstream demand was at a seasonal high, driving pure benzene inventory removal, but the removal amplitude was expected to be limited; styrene port inventory did not continue to decline at the beginning of the week, and it was in the inventory rebuilding stage [1][3] 4. Styrene downstream operation and production profit - EPS and PS operation rates rebounded, EPS production profit was 253 yuan/ton (+10 yuan/ton), PS production profit was - 47 yuan/ton (+10 yuan/ton), ABS operation rate remained unchanged, and its production profit was - 68 yuan/ton (-211 yuan/ton) [2] 5. Pure benzene downstream operation and production profit - Caprolactam operation rate was 93.72% (+5.31%), production profit was - 1795 yuan/ton (+5); phenol - acetone operation rate was 77.00% (+0.00%), production profit was - 689 yuan/ton (+0); aniline operation rate was 71.57% (-1.89%), production profit was - 161 yuan/ton (-262); adipic acid operation rate was 61.70% (+7.30%), production profit was - 1386 yuan/ton (+55) [1] Strategies - Unilateral: Wait and see for pure benzene and styrene [4] - Basis and inter - period: Long BZ near - month paper cargo and short BZ2603 futures for positive spread [4] - Cross - variety: Expand the BZN processing fee on dips during the peak season. Wait and see for the EB - BZ spread [4]