纯苯苯乙烯日报：苯乙烯开工逐步见顶，但下游负荷未进一步上升-20250905

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - Pure benzene arrivals are concentrated, while downstream CPL (Caprolactam) has fluctuating operations, and the CPL - PA6 - nylon industrial chain still faces significant inventory pressure. Aniline operations are weak, and there is still inventory pressure in its downstream MDI. Phenol operations have declined again, dragged down by bisphenol A. Only styrene operations remain strong, but subsequent styrene maintenance is expected to impact pure benzene demand [3]. - For styrene, port inventory slightly peaked and declined during the week, but the absolute inventory level remains high. Styrene operations remained at a high level this week, but with the gradual start of maintenance at Xinpu and Guangdong Petrochemical, operations are expected to peak and decline, and port inventory is expected to peak. Among styrene downstream products, EPS and ABS operations declined again, while PS operations continued to rise. Attention should be paid to downstream提货 performance during the peak season [3]. 3. Summary According to Relevant Catalogs 3.1 Pure Benzene and EB's Basis Structure, Inter - Period Spreads - The pure benzene main contract basis is - 105 yuan/ton (+5), and the pure benzene spot - M2 spread is - 25 yuan/ton (+20 yuan/ton). The styrene main contract basis is 50 yuan/ton (+30 yuan/ton) [1]. 3.2 Pure Benzene and Styrene Production Profits, Internal and External Spreads - Pure benzene CFR China processing fee is 129 dollars/ton (+2 dollars/ton), and FOB Korea processing fee is 113 dollars/ton (+2 dollars/ton). The pure benzene US - Korea spread is 38.5 dollars/ton (- 14.1 dollars/ton). Styrene non - integrated production profit is - 412 yuan/ton (- 2 yuan/ton), and it is expected to gradually compress [1]. 3.3 Pure Benzene and Styrene Inventory, Operating Rates - Pure benzene port inventory is 14.90 million tons (+1.10 million tons). Styrene East China port inventory is 196,500 tons (+17,500 tons), and East China commercial inventory is 96,500 tons (+12,500 tons), in the inventory rebuilding stage. Pure benzene downstream: caprolactam operating rate is 90.41% (+1.03%), phenol operating rate is 75.00% (- 1.00%), aniline operating rate is 67.96% (+0.41%), and adipic acid operating rate is 60.00% (- 3.20%). Styrene operating rate is 79.7% (+1.7%) [1]. 3.4 Styrene Downstream Operating Rates and Production Profits - EPS production profit is 285 yuan/ton (+25 yuan/ton), PS production profit is 15 yuan/ton (+5 yuan/ton), and ABS production profit is - 52 yuan/ton (+4 yuan/ton). EPS operating rate is 52.52% (- 5.82%), PS operating rate is 61.00% (+1.10%), and ABS operating rate is 69.00% (- 1.80%) [2]. 3.5 Pure Benzene Downstream Operating Rates and Production Profits - Caprolactam production profit is - 1715 yuan/ton (- 15), phenol - acetone production profit is - 447 yuan/ton (+92), aniline production profit is - 99 yuan/ton (+117), and adipic acid production profit is - 1129 yuan/ton (- 23) [1]. 4. Strategies - Unilateral: Cautiously short - hedge pure benzene and styrene at high prices. - Basis and inter - period: Observe. - Cross - variety: Observe [4].