纯苯苯乙烯日报：EB港口基差持稳-20250820

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - Pure benzene port inventory continues to decline slightly, and its basis has stabilized and strengthened recently. From August to September, there are maintenance plans for aromatics in South Korea, and the import pressure has not increased further. The overall downstream operating rate remains high, and the demand is at a seasonal high, which drives the de - stocking of pure benzene, but the de - stocking range is expected to be limited. - For styrene, the port inventory did not continue to decline at the beginning of the week, and the port pickup volume did not continue to increase. Among the downstream products, the operating rates of EPS and PS have rebounded, and their inventory pressures have been relieved, while ABS still maintains a state of high inventory and low operating rate [3]. 3. Summary According to the Directory I. Pure Benzene and EB's Basis Structure, Inter - Period Spread - Pure benzene's main basis is - 87 yuan/ton (+4), and the spot - M2 spread is 5 yuan/ton (+0). Styrene's main basis is 54 yuan/ton (+14) [1]. II. Pure Benzene and Styrene Production Profits, Domestic and Foreign Spreads - Pure benzene's CFR China processing fee is 176 dollars/ton (+0), and FOB South Korea processing fee is 161 dollars/ton (+0). The profit of styrene's non - integrated production is - 327 yuan/ton (+10), and it is expected to gradually compress [1]. III. Pure Benzene and Styrene Inventory, Operating Rate - Pure benzene port inventory is 14.40 tons (- 0.20), and styrene's East China port inventory is 161,500 tons (+12,700), in the inventory rebuilding stage. The operating rate of pure benzene downstream such as caprolactam is 93.72% (+5.31), and styrene's operating rate is 78.2% (+0.5) [1]. IV. Styrene Downstream Operating Rate and Production Profit - Among styrene's downstream products, EPS production profit is 93 yuan/ton (- 160), PS production profit is - 107 yuan/ton (- 60), and ABS production profit is - 66 yuan/ton (+2). EPS operating rate is 58.08% (+14.41), PS operating rate is 56.70% (+1.70), and ABS operating rate is 71.10% (+0) [2]. V. Pure Benzene Downstream Operating Rate and Production Profit - For pure benzene's downstream products, caprolactam production profit is - 1795 yuan/ton (+0), phenol - acetone production profit is - 751 yuan/ton (- 62), aniline production profit is - 161 yuan/ton (- 262), and adipic acid production profit is - 1386 yuan/ton (+0) [1]. 4. Strategy - Single - side: Hold a wait - and - see attitude towards pure benzene and styrene. - Basis and Inter - period: Carry out positive arbitrage, buy near - month BZ paper goods and sell BZ2603 futures. - Cross - variety: Expand the BZN processing fee when it is low in the peak season. Hold a wait - and - see attitude towards the EB - BZ spread [4].