纯苯苯乙烯日报：纯苯苯乙烯港口库存同步回落-20250916

Report Industry Investment Rating - Not provided Core Viewpoints - Pure benzene: Domestic new capacity will be concentrated from August to September, domestic existing plants are operating, and the rhythm of imports has slowed down. Downstream pick-up has peaked and declined, and port inventories have also declined. However, the downstream of pure benzene is still weak, with large inventory pressure in the CPL - PA6 - nylon industry chain, and the operating rates of aniline, phenol, and styrene have decreased [1][2]. - Styrene: During the peak season, the downstream pick - up volume remains at a relatively high level, and the port inventory has declined. The plant will be shut down for maintenance in the first and middle of September, and the operating rate will decline, but it will rebound in the second half of September. The operating rates of PS and EPS among the downstream have recovered well, and the operating rate of ABS has also rebounded from a low level but with large inventory pressure [2]. Summary by Relevant Catalog I. Pure Benzene and EB's Basis Structure and Inter - Period Spreads - Figures include pure benzene's main basis, main futures contract price, main contract basis, spot - M2 paper cargo spread, and the spread between the first - and third - consecutive contracts of pure benzene, as well as EB's main contract trend and basis, main contract basis, and the spread between the first - and third - consecutive contracts of styrene [8][15][17] II. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Figures cover naphtha processing fees, the difference between FOB Korea price of pure benzene and CFR Japan price of naphtha, non - integrated production profit of styrene, the difference between FOB US Gulf and FOB Korea prices of pure benzene, the difference between FOB US Gulf and CFR China prices of pure benzene, the difference between FOB Rotterdam and CFR China prices of pure benzene, import profits of pure benzene and styrene, and the differences between FOB US Gulf, FOB Rotterdam and CFR China prices of styrene [20][23][34] III. Inventories and Operating Rates of Pure Benzene and Styrene - Figures show the East China port inventory and operating rate of pure benzene, and the East China port inventory, commercial inventory, factory inventory, and operating rate of styrene [39][41][44] IV. Operating Rates and Production Profits of Styrene's Downstream - Figures present the operating rates and production profits of EPS, PS, and ABS [52][55][57] V. Operating Rates and Production Profits of Pure Benzene's Downstream - Figures display the operating rates and production profits of caprolactam, phenol - ketone, aniline, adipic acid, as well as the production profits of PA6, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [62][69][75] Strategies - Unilateral: None [3] - Basis and Inter - period: Do positive spreads for the EB2510 - EB2511 spread when it is low [3] - Cross - variety: Expand the EB2510 - BZ2603 spread when it is low in the short term [3]