纯苯苯乙烯日报：苯乙烯港口库存有所回落-20250911

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - In the pure benzene market, new domestic production capacity will be concentrated in August - September, leading to high supply pressure. Downstream, the CPL - PA6 - nylon industry chain has high inventory pressure, which affects CPL operation. Aniline operation is weak, and there is still inventory pressure in its downstream MDI. Phenol operation has declined again due to the impact of bisphenol A. Only styrene operation is strong, but styrene maintenance may reduce pure benzene demand. This week, port inventory has started to decline, and the performance of downstream industries during the peak season should be monitored [3]. - In the styrene market, downstream提货 is good during the peak season, maintenance has increased, operation has gradually peaked and declined, and port inventory has started to decline. Among EB downstream industries, the提货 volume during the peak season has increased, PS operation recovery is good, and ABS maintains a relatively low inventory load during the production cycle [3]. - The market is starting to pay attention to the impact of the "anti - involution" policy on different industries. In the petrochemical industry, further details about the rectification of plants over 20 years old are awaited [3]. Summary by Directory 1. Pure Benzene and EB's Basis Structure and Inter - Period Spreads - The pure benzene main contract basis is - 104 yuan/ton (- 13), and the East China pure benzene spot - M2 spread is - 25 yuan/ton (- 10 yuan/ton) [1]. - The styrene main contract basis is 45 yuan/ton (+ 12 yuan/ton) [1]. 2. Pure Benzene and Styrene Production Profits and Internal - External Spreads - Pure benzene: The CFR China processing fee is 136 dollars/ton (- 4 dollars/ton), the FOB Korea processing fee is 118 dollars/ton (- 5 dollars/ton), and the US - Korea spread is 62.6 dollars/ton (+ 11.0 dollars/ton) [1]. - Styrene: The non - integrated production profit is - 372 yuan/ton (+ 14 yuan/ton), and it is expected to gradually compress [1]. 3. Pure Benzene and Styrene Inventory and Operating Rates - Pure benzene: The port inventory is 14.40 tons (- 0.50 tons), and the operating rate data is not provided [1]. - Styrene: The East China port inventory is 176,500 tons (- 20,000 tons), the East China commercial inventory is 87,000 tons (- 9,500 tons), and the operating rate is 79.7% (+ 1.7%) [1]. 4. Styrene Downstream Operating Rates and Production Profits - EPS: The production profit is 211 yuan/ton (- 15 yuan/ton), and the operating rate is 52.52% (- 5.82%) [2]. - PS: The production profit is - 39 yuan/ton (- 15 yuan/ton), and the operating rate is 61.00% (+ 1.10%) [2]. - ABS: The production profit is - 119 yuan/ton (- 18 yuan/ton), and the operating rate is 69.00% (- 1.80%) [2]. 5. Pure Benzene Downstream Operating Rates and Production Profits - Caprolactam: The production profit is - 1,690 yuan/ton (+ 0), and the operating rate is 90.41% (+ 1.03%) [1]. - Phenol - acetone: The production profit is - 272 yuan/ton (+ 0), and the phenol operating rate is 75.00% (- 1.00%) [1]. - Aniline: The production profit is - 99 yuan/ton (+ 117), and the operating rate is 67.96% (+ 0.41%) [1]. - Adipic acid: The production profit is - 1,274 yuan/ton (- 1), and the operating rate is 60.00% (- 3.20%) [1]. Strategy - 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 in the short term when it is low [4].