纯苯苯乙烯日报2025-09-10：旺季表现不温不火，价格区间盘整-20250910

Report Industry Investment Rating No information provided in the report. Core Viewpoints - Pure benzene: From August to September, new production capacity in China was concentrated, and domestic supply pressure remained high. Downstream of pure benzene, the CPL - PA6 - nylon industry chain had large inventory pressure, which dragged down CPL开工; aniline开工 was weak, and there was still inventory pressure in MDI, the downstream of aniline; phenol开工 declined again, affected by bisphenol A; only styrene开工 was strong, but styrene maintenance was gradually implemented, which might drag down pure benzene demand. This week, port inventory began to peak and decline, and attention should be paid to downstream performance during the peak season [3]. - Styrene: During the peak season, downstream performance was mediocre, and the EB basis fluctuated within a range. Maintenance increased, and the开工 rate gradually reached its peak and declined. Port inventory was expected to peak, but the decline was limited. This week, port inventory also began to peak and decline, and attention should be paid to downstream提货 performance. Downstream of EB, the提货 volume during the peak season increased, the recovery of PS开工 was satisfactory, and ABS maintained a relatively low inventory load during the production cycle [3]. - Policy: The market began to pay attention to the impact of "anti - involution" on different industries. In the petrochemical industry, further details on the rectification of production facilities over 20 years old were still awaited [3]. Summary According to the Catalog 1. Pure Benzene and EB's Basis Structure and Inter - Period Spreads - The report presents figures such as the pure benzene main contract basis, pure benzene spot - M2 paper cargo spread, and EB main contract basis [9][12][18]. 2. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Figures include naphtha processing fees, the difference between pure benzene FOB Korea and naphtha CFR Japan, and the production profit of non - integrated styrene plants [20][23]. 3. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene: The inventory in East China ports was 144,000 tons (- 5,000 tons), and the开工 rate was not mentioned in the summary of this part [1]. - Styrene: The inventory in East China ports was 176,500 tons (- 20,000 tons), the commercial inventory in East China was 87,000 tons (- 9,500 tons), and the开工 rate was 79.7% (+ 1.7%) [1]. 4. Operating Rates and Production Profits of Styrene Downstream - EPS: The production profit was 226 yuan/ton (+ 30 yuan/ton), and the开工 rate was 52.52% (- 5.82%) [2]. - PS: The production profit was - 24 yuan/ton (+ 30 yuan/ton), and the开工 rate was 61.00% (+ 1.10%) [2]. - ABS: The production profit was - 101 yuan/ton (+ 50 yuan/ton), and the开工 rate was 69.00% (- 1.80%) [2]. 5. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam: The production profit was - 1690 yuan/ton (+ 85), and the开工 rate was 90.41% (+ 1.03%) [1]. - Phenol - acetone: The production profit was - 272 yuan/ton (- 25), and the开工 rate was 75.00% (- 1.00%) [1]. - Aniline: The production profit was - 99 yuan/ton (+ 117), and the开工 rate was 67.96% (+ 0.41%) [1]. - Adipic acid: The production profit was - 1274 yuan/ton (+ 9), and the开工 rate was 60.00% (- 3.20%) [1]. Strategies - Unilateral: None [4]. - Basis and Inter - Period: Go long on the spread between EB2510 and EB2511 when it is low [4]. - Cross - Variety: Expand the spread between EB2510 and BZ2603 when it is low in the short term [4].