EB港口库存继续累积

Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - For pure benzene, the domestic focus is on the commissioning progress of Yulong Cracking 2. The operation of domestic existing plants has slightly declined, the import arrival rhythm has slowed down, and downstream pre - holiday提货 procurement and stocking are fair. The destocking rate of port inventory has increased, and the pure benzene basis has continued to strengthen. The downstream operation of pure benzene has rebounded from the bottom, but the overall operation is still low, and the long - term procurement sustainability of the downstream is questionable [3]. - For styrene, the downstream提货 volume has declined during the peak season, EB arrivals are concentrated, and port inventory has accumulated again. The absolute level of port inventory is still high, and the EB basis is weak. The operation of EB gradually rebounds in late September. Among the EB downstream, the operation of ABS and PS has slightly declined, the operation of EPS before the National Day is fair, and the ABS inventory pressure is large. Overseas, the operation of EB in Europe and the United States is still low, but the price difference of EB in Europe and the United States to China has continued to weaken, and the paper - cargo locked import window of EB has opened [3]. 3. Summary by Directory I. Pure Benzene and EB's Basis Structure and Inter - period Spread - The data of pure benzene's basis and inter - period spread, including the main basis of pure benzene, the basis of the main contract of pure benzene, the spot - M2 paper - cargo spread of pure benzene, and the spread between the first - and third - month contracts of pure benzene are presented [8][12]. - The data of EB's basis and inter - period spread, including the trend and basis of the EB main contract, the basis of the EB main contract, and the spread between the first - and third - month contracts of styrene are presented [15][16]. II. Production Profits and Domestic - Foreign Price Differences of Pure Benzene and Styrene - The production profit and price difference data of pure benzene and styrene are provided, such as naphtha processing fee, the difference between FOB Korea price of pure benzene and CFR Japan price of naphtha, the production profit of non - integrated styrene plants, and the price differences between different regions of pure benzene and styrene [19][22][26]. III. Inventory and Operating Rates of Pure Benzene and Styrene - The inventory and operating rate data of pure benzene and styrene are given. Pure benzene's East China port inventory is 10.70 tons (- 2.70 tons), and its operating rate has relevant changes. Styrene's East China port inventory is 186,500 tons (+ 27,500 tons), its East China commercial inventory is 98,500 tons (+ 20,500 tons), and its operating rate is 73.4% (- 1.5%) [1][35][38]. IV. Operating Rates and Production Profits of Styrene's Downstream - The operating rates and production profits of styrene's downstream products are shown. EPS production profit is 194 yuan/ton (- 54 yuan/ton), PS production profit is - 76 yuan/ton (- 74 yuan/ton), ABS production profit is - 23 yuan/ton (- 39 yuan/ton). EPS operating rate is 61.74% (+ 0.72%), PS operating rate is 61.20% (- 0.70%), and ABS operating rate is 69.80% (- 0.20%) [2][45]. V. Operating Rates and Production Profits of Pure Benzene's Downstream - The operating rates and production profits of pure benzene's downstream products are presented. For example, the production profit of caprolactam is - 1995 yuan/ton (- 105), the production profit of phenol - acetone is - 196 yuan/ton (+ 0), the production profit of aniline is 62 yuan/ton (+ 91), and the production profit of adipic acid is - 1356 yuan/ton (- 50). The operating rates of caprolactam, phenol, aniline, and adipic acid also have corresponding changes [1][53][60]. 4. Strategy - Unilateral: Short - hedge BZ and EB at high prices [4]. - Basis and inter - period: No relevant strategies [4]. - Cross - variety: No relevant strategies [4].