纯苯苯乙烯日报：纯苯去库而苯乙烯再度累库-20250826

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Korean petrochemical companies may cut 270 - 370 million tons of naphtha cracking capacity, potentially affecting EB supply more than BZ as Korean styrene accounts for 16% of overseas styrene capacity while Korean cracked pure benzene only accounts for 3.5% of overseas pure benzene capacity [3]. - For pure benzene, port inventory is slightly decreasing from a high level but still at a high absolute level, and the port basis is waiting to strengthen further. Attention should be paid to the inventory pressure in the CPL - PA6 - nylon industry chain and the MDI inventory pressure in the aniline downstream [3]. - For styrene, port inventory is accumulating due to high current operating rates, but there are concentrated maintenance plans in September, which may lead to destocking. The operating rates of EPS and PS in the downstream continue to rise, but inventory has not continued to decline, indicating slow downstream follow - up, and ABS maintains a state of high inventory and low operating rate [3]. Summary by Directory I. Pure Benzene and EB's Basis Structure and Inter - Period Spreads - Figures include pure benzene's main contract basis, spot - M2 paper cargo spread, and inter - period spreads between contracts, as well as EB's main contract basis and inter - period spreads [9][13][17] II. Pure Benzene and Styrene Production Profits and Domestic - Foreign Spreads - Figures cover naphtha processing fees, pure benzene's FOB spreads in different regions, styrene's non - integrated production profits, and import profits of pure benzene and styrene [20][23][33] III. Pure Benzene and Styrene Inventory and Operating Rates - Figures show pure benzene's East China port inventory and operating rate, and styrene's East China port inventory, commercial inventory, factory inventory, and operating rate [40][42][45] IV. Styrene Downstream Operating Rates and Production Profits - Figures present the operating rates and production profits of EPS, PS, and ABS in the styrene downstream [52][54][57] V. Pure Benzene Downstream Operating Rates and Production Profits - Figures display the operating rates and production profits of caprolactam, phenol - acetone, aniline, adipic acid, and other downstream products of pure benzene [60][67][71]