纯苯苯乙烯日报：节后纯苯库存再度下降，苯乙烯库存压力仍存-20251010

Report Industry Investment Rating No relevant content provided. Core View of the Report - After the holiday, the inventory of pure benzene decreased again, but the inventory pressure of styrene still exists. For pure benzene, although the port inventory decreased after the holiday and downstream提货 was still active, there are doubts about the long - term procurement sustainability of some downstream products. For styrene, the port inventory continued to accumulate slightly after the holiday, with high inventory pressure, and the downstream提货 performance was average. The supply pressure is expected to increase both domestically and from overseas imports [1][2]. - It is recommended to short - sell BZ and EB on rallies for hedging, do reverse hedging on the spread of EB2511 - EB2512 on rallies, and narrow the spread of EB2512 - BZ2503 on rallies [3]. Summary by Directory 1. Pure Benzene and EB's Basis Structure, Inter - Period Spread - The basis of pure benzene's main contract is - 13 yuan/ton (- 73), and the spread between East China's pure benzene spot and M2 is 35 yuan/ton (+ 10 yuan/ton). The basis of styrene's main contract is - 28 yuan/ton (+ 7 yuan/ton) [1]. 2. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene: CFR China processing fee is 126 dollars/ton (+ 4 dollars/ton), FOB Korea processing fee is 115 dollars/ton (+ 7 dollars/ton), and the US - Korea spread is 69.6 dollars/ton (- 5.0 dollars/ton). Styrene: Non - integrated production profit is - 486 yuan/ton (+ 36 yuan/ton), and it is expected to gradually compress [1]. 3. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene: Port inventory is 9.10 tons (- 1.50 tons). Styrene: East China port inventory is 201,900 tons (+ 4,400 tons), and East China commercial inventory is 116,400 tons (+ 9,600 tons). The operating rate of pure benzene's downstream products such as aniline and adipic acid increased, and the operating rate of styrene is 73.6% (+ 2.4%) [1]. 4. Operating Rates and Production Profits of Styrene's Downstream - EPS production profit is 228 yuan/ton (- 90 yuan/ton), PS production profit is - 72 yuan/ton (- 40 yuan/ton), ABS production profit is - 34 yuan/ton (- 175 yuan/ton). EPS operating rate is 40.74% (- 2.37%), PS operating rate is 54.60% (- 1.70%), ABS operating rate is 72.50% (+ 1.50%) [2]. 5. Operating Rates and Production Profits of Pure Benzene's Downstream - Caprolactam production profit is - 1900 yuan/ton (+ 110), phenol - acetone production profit is - 332 yuan/ton (+ 51), aniline production profit is 478 yuan/ton (+ 140), adipic acid production profit is - 1325 yuan/ton (- 19). Caprolactam operating rate is 96.00% (+ 0.00%), phenol operating rate is 78.00% (- 1.00%), aniline operating rate is 77.16% (+ 1.12%), adipic acid operating rate is 66.90% (+ 4.00%) [1].