纯苯苯乙烯日报：纯苯苯乙烯库存压力仍存，下游表现一般-20250903

Report Industry Investment Rating - No relevant information provided Core View of the Report - At the beginning of the week, the inventories of pure benzene and styrene both increased. Styrene continued to face high inventory pressure, and pure benzene ended its previous small de - stocking cycle. The arrival of pure benzene at ports was concentrated, while the downstream开工率 of pure benzene decreased to varying degrees. The inventory pressure in the CPL - PA6 - nylon industry chain remained high, and there was also inventory pressure in the MDI of the aniline downstream. In the phenol industry chain, both bisphenol A and PC reduced their loads. For styrene, the actual开工率 was high, and the pressure of arrivals at ports was still large. Attention should be paid to the implementation progress of EB maintenance plans in early September. The port inventory was expected to peak, but if the styrene maintenance in September was implemented, it would also drag down the demand for pure benzene. Therefore, the single - sided price would still fluctuate weakly. Among the downstream of EB, the开工率 of EPS and ABS decreased again, while the开工率 of PS continued to rise. The finished product inventories of the three major hard rubbers all increased to varying degrees, and the styrene production profit weakened again [3] Summary by Relevant Catalogs I. Pure Benzene and EB's Basis Structure, Inter - Period Spread - Pure benzene's main basis was - 86 yuan/ton (- 6), and the spot - M2 spread was - 40 yuan/ton (+ 5 yuan/ton) [1] - Styrene's main basis was 101 yuan/ton (+ 79 yuan/ton) [1] II. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene's CFR China processing fee was 137 dollars/ton (- 6 dollars/ton), and FOB Korea processing fee was 120 dollars/ton (- 7 dollars/ton), with a US - Korea spread of 52.6 dollars/ton (+ 8.0 dollars/ton) [1] - Styrene's non - integrated production profit was - 433 yuan/ton (- 22 yuan/ton), expected to gradually compress [1] III. Inventories and Operating Rates of Pure Benzene and Styrene - Pure benzene's port inventory was 14.90 million tons (+ 1.10 million tons), and its开工率 was not mentioned in the inventory and开工率 section [1] - Styrene's East China port inventory was 196,500 tons (+ 17,500 tons), East China commercial inventory was 96,500 tons (+ 12,500 tons), and its开工率 was 78.1% (- 0.5%) [1] IV. Operating Rates and Production Profits of Styrene's Downstream - EPS production profit was 285 yuan/ton (+ 0 yuan/ton), and its开工率 was 58.35% (- 2.63%) [2] - PS production profit was - 15 yuan/ton (- 70 yuan/ton), and its开工率 was 59.90% (+ 2.40%) [2] - ABS production profit was - 26 yuan/ton (- 14 yuan/ton), and its开工率 was 70.80% (- 0.30%) [2] V. Operating Rates and Production Profits of Pure Benzene's Downstream - Caprolactam production profit was - 1700 yuan/ton (- 80), and its开工率 was 89.38% (- 2.48%) [1] - Phenol - acetone production profit was - 539 yuan/ton (+ 0), and its开工率 was 76.00% (- 2.00%) [1] - Aniline production profit was - 216 yuan/ton (- 12), and its开工率 was 67.55% (- 2.55%) [1] - Adipic acid production profit was - 1065 yuan/ton (+ 18), and its开工率 was 63.20% (- 2.30%) [1] Strategies - Single - sided: Cautiously short - sell and hedge pure benzene and styrene at high prices [4] - Basis and inter - period: Wait and see [4] - Cross - variety: Wait and see [4]