纯苯苯乙烯日报：纯苯下游开工回升，苯乙烯下游开工回落-20250926

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For pure benzene, domestic existing plants are operating at a relatively high rate, import arrivals are slowing down, downstream pre - holiday procurement is good, port inventory is decreasing faster, and the basis is strengthening. The downstream开工 rate is rising from the bottom, but overall开工 remains low, and the long - term procurement sustainability of downstream is questionable [3]. - For styrene, the开工 of PS and EPS has declined,提货 has decreased, arrivals are concentrated, port inventory has accumulated again, the basis has weakened further, and the开工 is waiting to rise. Overseas, the开工 of EB in Europe and America is still low, but the price difference between Europe and America and China is narrowing, and the paper - cargo locked import window for EB has opened [3]. 3. Summary According to the Directory I. Pure Benzene and EB's Basis Structure, Inter - period Spread - The pure benzene main contract basis is - 12 yuan/ton (+0), and the styrene main contract basis is - 18 yuan/ton (- 15 yuan/ton). The pure benzene spot - M2 spread is 35 yuan/ton (- 10 yuan/ton) [1]. II. Pure Benzene and Styrene Production Profits, Domestic and Foreign Price Differences - Pure benzene CFR China processing fee is 120 dollars/ton (- 6 dollars/ton), FOB Korea processing fee is 103 dollars/ton (- 5 dollars/ton), and the US - Korea price difference is 38.5 dollars/ton (- 4.0 dollars/ton). Styrene non - integrated production profit is - 542 yuan/ton (- 4 yuan/ton) and is expected to be gradually compressed [1]. III. Pure Benzene and Styrene Inventory, Operating Rate - Pure benzene port inventory is 10.70 million tons (- 2.70 million tons), and the operating rate of downstream pure benzene is rising from the bottom. Styrene East China port inventory is 186,500 tons (+27,500 tons), East China commercial inventory is 98,500 tons (+20,500 tons), and the operating rate is 73.2% (- 0.2%) [1]. IV. Styrene Downstream Operating Rate and Production Profits - EPS production profit is 179 yuan/ton (- 15 yuan/ton), PS production profit is - 91 yuan/ton (- 15 yuan/ton), ABS production profit is - 32 yuan/ton (- 9 yuan/ton). EPS operating rate is 55.25% (- 6.49%), PS operating rate is 59.10% (- 2.10%), ABS operating rate is 70.00% (+0.20%) [2]. V. Pure Benzene Downstream Operating Rate and Production Profits - Caprolactam production profit is - 2005 yuan/ton (- 10), phenolic ketone production profit is - 320 yuan/ton (- 124), aniline production profit is 186 yuan/ton (+124), adipic acid production profit is - 1369 yuan/ton (- 14). Caprolactam operating rate is 93.66% (+4.97%), phenol operating rate is 78.00% (+7.00%), aniline operating rate is 74.92% (+2.97%), adipic acid operating rate is 61.40% (- 1.20%) [1]. 4. Strategies - Unilateral: Wait and see for BZ, short - hedge EB on rallies. - Basis and inter - period: None. - Cross - variety: None [4]