纯苯苯乙烯日报：苯乙烯港口库存压力持续-20251014

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The Sino-US trade conflict has a drag on the chemical industry as a whole [3] - The de-stocking rate of pure benzene at ports has slowed down, and downstream demand is weak. The resumption rate of CPL and aniline production may be limited, and there is still inventory pressure in PA6, nylon filament, and MDI. The concentrated maintenance of styrene in late October will drag down the demand for pure benzene [3] - The inventory pressure of styrene at ports persists. The提货 performance of downstream products is average. EPS is waiting to recover from its seasonal low in production, PS production continues to decline and its post-festival inventory pressure increases, ABS production recovers from a low level but its inventory pressure further rises. There are both maintenance and new production capacity impacts on the supply side. Overseas demand is still weak, and the import pressure from overseas to China will rise [3] 3. Summary by Relevant Catalogs I. Basis Structure and Inter - Period Spreads of Pure Benzene and EB - Pure benzene: The main basis is 38 yuan/ton (+32), and the spread between East China pure benzene spot and M2 is 70 yuan/ton (+20 yuan/ton) [1] - Styrene: The main basis is 15 yuan/ton (-17 yuan/ton) [1] II. Production Profits and Domestic - Overseas Spreads of Pure Benzene and Styrene - Pure benzene: The CFR China processing fee is 129 dollars/ton (+4 dollars/ton), the FOB Korea processing fee is 116 dollars/ton (+3 dollars/ton), and the US - Korea spread is 72.5 dollars/ton (-4.0 dollars/ton). The import profit and various regional spreads are also involved in the data [1] - Styrene: The non - integrated production profit is - 499 yuan/ton (-15 yuan/ton) and is expected to gradually compress. Import profit and various regional spreads are also included in the data [1] III. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene: The port inventory is 9.00 million tons (-0.10 million tons), and the operating rate is not mentioned in the text. The relevant figure shows the operating rate [1] - Styrene: The East China port inventory is 196,500 tons (-5,400 tons), the East China commercial inventory is 121,500 tons (+5,100 tons), and the operating rate is 73.6% (+2.4%) [1] IV. Operating Rates and Production Profits of Styrene Downstream - EPS: The production profit is 212 yuan/ton (-130 yuan/ton), and the operating rate is 40.74% (-2.37%) [2] - PS: The production profit is - 188 yuan/ton (-110 yuan/ton), and the operating rate is 54.60% (-1.70%) [2] - ABS: The production profit is 9 yuan/ton (+8 yuan/ton), and the operating rate is 72.50% (+1.50%) [2] V. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam: The production profit is - 1920 yuan/ton (-65), and the operating rate is 96.00% (+0.00%) [1] - Phenol - acetone: The production profit is - 618 yuan/ton (-312), and the operating rate of phenol is 78.00% (-1.00%) [1] - Aniline: The production profit is 478 yuan/ton (+140), and the operating rate is 77.16% (+1.12%) [1] - Adipic acid: The production profit is - 1373 yuan/ton (-50), and the operating rate is 66.90% (+4.00%) [1]