纯苯苯乙烯日报：纯苯去库速率放缓，苯乙烯再度累库-20250930

Report Industry Investment Rating No information provided. Core View of the Report - Pure benzene port inventory destocking rate slows down due to high domestic plant operation and reduced pre - holiday downstream procurement. Although downstream pure benzene开工率 has rebounded from the bottom, the long - term procurement sustainability of some products is questionable. - Styrene port inventory accumulates again because of the decline in PS and EPS开工率 and continued decline in提货. The styrene开工率 remains low in the short term, and the factory inventory decreases. Overseas, the price difference between European and American EB and China is weak, and the spot import window is closed, but the paper - cargo import window is close to opening, limiting the upside space of EB. [1][2] Summary by Directory 1. Pure Benzene and EB's Basis Structure and Inter - Period Spread - Figures show pure benzene's basis, spot - M2 paper - cargo spread, and inter - period spread, as well as EB's basis and inter - period spread. [7][11][14] 2. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Figures display the processing fees of naphtha, the spreads between pure benzene FOB Korea and naphtha CFR Japan, the production profit of non - integrated styrene plants, and various domestic - foreign spreads and import profits of pure benzene and styrene. [17][20][29] 3. Inventory and Operating Rates of Pure Benzene and Styrene - Figures present the inventory in East China ports and operating rates of pure benzene and styrene, as well as the commercial inventory and factory inventory of styrene. [36][38][41] 4. Operating Rates and Production Profits of Styrene's Downstream Products - Figures show the operating rates and production profits of EPS, PS, and ABS. [48][53][54] 5. Operating Rates and Production Profits of Pure Benzene's Downstream Products - Figures illustrate the operating rates and production profits of caprolactam, phenol - acetone, aniline, adipic acid, and other downstream products of pure benzene. [58][61][71] Strategy - Unilateral: Short - hedge BZ and EB on rallies. - Basis and Inter - Period: No strategy. - Cross - Variety: Short the spread of EB2512 - BZ2503 on rallies. [3]