EB下游开工韧性尚可，纯苯下游开工偏弱

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The downstream startup resilience of EB is acceptable, while the downstream startup of pure benzene is weak. The inventory of the CPL - PA6 - nylon industry chain still has significant pressure, and the startup of CPL, aniline, and phenol has decreased again. The startup of styrene has gradually decreased, and the demand for pure benzene提货 may be affected. The downstream performance is below expectations. For styrene, the downstream提货 volume remains at a relatively high level during the peak season, and the port inventory has reached its peak and started to decline. The startup will gradually decrease in the first and middle of September and then increase again in the second half of September. The startups of PS and EPS among the downstream of EB have recovered well, and the startup of ABS has also increased from a low level but has large inventory pressure [2][3] Summary by Directory 1. Pure Benzene and EB's Basis Structure and Inter - Period Spreads - Pure benzene: The main basis of pure benzene is - 83 yuan/ton (+19), and the spread between East China pure benzene spot and M2 is - 25 yuan/ton (+0). The spread between the first - and third - month contracts of pure benzene is not specifically mentioned in numerical terms in the summary part [2] - Styrene: The main basis of styrene is 57 yuan/ton (+29 yuan/ton). The EB2510 - EB2511 spread is recommended to be positively arbitraged when it is low [2][4] 2. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene: The CFR China processing fee of pure benzene is 131 dollars/ton (- 4 dollars/ton), and the FOB South Korea processing fee is 110 dollars/ton (- 6 dollars/ton). The price difference between the US and South Korea is 59.6 dollars/ton (- 13.0 dollars/ton). The import profit of pure benzene is not specifically mentioned in numerical terms in the summary part [2] - Styrene: The non - integrated production profit of styrene is - 369 yuan/ton (+34 yuan/ton), and it is expected to gradually compress. The EB2510 - BZ2603 spread is recommended to be widened when it is low in the short term [2][4] 3. Inventory and Startup Rates of Pure Benzene and Styrene - Pure benzene: The port inventory of pure benzene is 13.40 tons (- 1.00 tons). The startup rate of domestic pure benzene is affected by the commissioning progress of Yulong Cracking 2. The import arrival rhythm has slowed down, and the port inventory has reached its peak and declined [2][3] - Styrene: The East China port inventory of styrene is 159,000 tons (- 17,500 tons), and the East China commercial inventory is 78,000 tons (- 9,000 tons). The startup rate is 75.0% (- 4.8%). It will be shut down for maintenance in the first and middle of September, and the startup rate will gradually decline and then increase again in the second half of September [2][3] 4. Startup and Production Profits of Styrene's Downstream - EPS: The production profit is 107 yuan/ton (- 99 yuan/ton), and the startup rate is 61.02% (+8.49%) - PS: The production profit is - 143 yuan/ton (- 59 yuan/ton), and the startup rate is 61.90% (+0.90%) - ABS: The production profit is - 256 yuan/ton (- 71 yuan/ton), and the startup rate is 70.00% (+1.00%), but the inventory pressure is large [3] 5. Startup and Production Profits of Pure Benzene's Downstream - Caprolactam: The production profit is - 1840 yuan/ton (- 135), and the startup rate is 86.21% (- 4.21%) - Phenol - acetone: The production profit is - 272 yuan/ton (+25), and the startup rate is 69.00% (- 6.00%) - Aniline: The production profit is - 29 yuan/ton (+70), and the startup rate is 65.21% (- 2.75%) - Adipic acid: The production profit is - 1391 yuan/ton (- 104), and the startup rate is 64.20% (+4.20%) [2]