纯苯苯乙烯日报：苯乙烯港口库存见顶小幅回落-20250904

Report Industry Investment Rating No relevant content provided. Core View of the Report The performance of pure benzene remains weak due to concentrated arrivals and a decline in downstream开工率. The inventory pressure in the CPL - PA6 - nylon and aniline - MDI industrial chains is still significant. For styrene, although the port inventory slightly declined after reaching a peak, the absolute inventory level is still high. With more maintenance in September, the port inventory is expected to peak. The开工率 of EPS and ABS among styrene's downstream products declined again, while that of PS continued to rise, and the production profits of styrene weakened again [3]. Summary by Directory I. Basis Structure and Inter - Temporal Spreads of Pure Benzene and EB - The pure benzene主力基差 is - 110 yuan/ton (- 24), and the styrene主力基差 is 20 yuan/ton (- 46 yuan/ton). The pure benzene spot - M2 spread is - 45 yuan/ton (- 5 yuan/ton) [1]. II. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene CFR China processing fee is 128 dollars/ton (- 9 dollars/ton), and FOB Korea processing fee is 112 dollars/ton (- 8 dollars/ton). The non - integrated production profit of styrene is - 411 yuan/ton (+ 23 yuan/ton) and is expected to gradually compress [1]. III. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene port inventory is 14.90 million tons (+ 1.10 million tons), and its operating rate is not mentioned. Styrene East China port inventory is 196,500 tons (+ 17,500 tons), commercial inventory is 96,500 tons (+ 12,500 tons), and the operating rate is 78.1% (- 0.5%) [1]. IV. Operating Rates and Production Profits of Styrene's Downstream Products - EPS production profit is 261 yuan/ton (- 59 yuan/ton), PS production profit is 11 yuan/ton (- 9 yuan/ton), and ABS production profit is - 56 yuan/ton (- 52 yuan/ton). EPS operating rate is 58.35% (- 2.63%), PS operating rate is 59.90% (+ 2.40%), and ABS operating rate is 70.80% (- 0.30%) [2]. V. Operating Rates and Production Profits of Pure Benzene's Downstream Products - Caprolactam production profit is - 1700 yuan/ton (+ 0), phenol - ketone production profit is - 539 yuan/ton (+ 0), aniline production profit is - 216 yuan/ton (- 12), and adipic acid production profit is - 1106 yuan/ton (- 41). Caprolactam operating rate is 89.38% (- 2.48%), phenol operating rate is 76.00% (- 2.00%), aniline operating rate is 67.55% (- 2.55%), and adipic acid operating rate is 63.20% (- 2.30%) [1]. Strategy - Unilateral: Cautiously short - hedge pure benzene and styrene at high prices. - Basis and inter - temporal: Wait and see. - Cross - variety: Wait and see [4].