纯苯苯乙烯日报：纯苯下游开工再度回落-20250829

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The basis of pure benzene at ports has weakened, and the downstream operations of pure benzene have declined to varying degrees. The inventory pressure in the CPL - PA6 - nylon industry chain and the aniline downstream MDI remains high. The pre - peak season (Golden September and Silver October) stocking is below expectations. - For styrene, the port basis rebounded slightly due to end - of - month paper cargo delivery and some traders covering short positions. However, port inventories are continuously accumulating due to high actual operations. If the September styrene maintenance is implemented, it will drag down the demand for pure benzene, and the single - side price will continue to fluctuate weakly. - Among styrene's downstream products, the operations of EPS and ABS have declined again, while PS operations continue to rise. The inventories of the three major hard - plastic products have increased, and the pre - peak season stocking is also below expectations. Styrene production profits are running weakly again [3]. 3. Summary According to Relevant Catalogs 3.1 Pure Benzene and EB's Basis Structure, Inter - Period Spreads - Pure benzene: The main contract basis is - 135 yuan/ton (- 31), and the spot - M2 paper cargo spread is - 50 yuan/ton (+ 0) [1]. - Styrene: The main contract basis is 21 yuan/ton (- 49 yuan/ton) [1]. 3.2 Pure Benzene and Styrene Production Profits, Internal and External Spreads - Pure benzene: The CFR China processing fee is 148 dollars/ton (- 5 dollars/ton), and the FOB Korea processing fee is 132 dollars/ton (- 5 dollars/ton). The US - Korea spread is 51.6 dollars/ton (- 5.0 dollars/ton) [1]. - Styrene: The non - integrated production profit is - 345 yuan/ton (- 15 yuan/ton), and it is expected to gradually shrink [1]. 3.3 Pure Benzene and Styrene Inventories, Operating Rates - Pure benzene: The port inventory is 13.80 million tons (- 0.60 million tons), and the operating rate of downstream products has declined to varying degrees. For example, the caprolactam operating rate is 89.38% (- 2.48%) [1]. - Styrene: The East China port inventory is 179,000 tons (+ 17,500 tons), the East China commercial inventory is 84,000 tons (+ 7,500 tons), and the operating rate is 78.1% (- 0.5%) [1]. 3.4 Styrene Downstream Operating Rates and Production Profits - EPS: The production profit is 337 yuan/ton (+ 0 yuan/ton), and the operating rate is 58.35% (- 2.63%) [2]. - PS: The production profit is - 43 yuan/ton (+ 24 yuan/ton), and the operating rate is 59.90% (+ 2.40%) [2]. - ABS: The production profit is - 115 yuan/ton (+ 18 yuan/ton), and the operating rate is 70.80% (- 0.30%) [2]. 3.5 Pure Benzene Downstream Operating Rates and Production Profits - Caprolactam: The production profit is - 1,710 yuan/ton (+ 50), and the operating rate is 89.38% (- 2.48%) [1]. - Phenol - acetone: The production profit is - 514 yuan/ton (+ 0), and the phenol operating rate is 76.00% (- 2.00%) [1]. - Aniline: The production profit is - 216 yuan/ton (- 12), and the operating rate is 67.55% (- 2.55%) [1]. - Adipic acid: The production profit is - 1,164 yuan/ton (+ 45), and the operating rate is 63.20% (- 2.30%) [1].