化工日报：纯苯下游开工再度回落-20251017

1. Report Industry Investment Rating - No information provided about the industry investment rating in the given content 2. Core Viewpoints of the Report - For pure benzene, the port destocking rate has slowed down, domestic production capacity utilization has declined, and downstream capacity utilization has decreased with inventory pressure in some products [2] - For styrene, the absolute level of port inventory remains high, downstream capacity utilization has a mixed performance with high finished - product inventory pressure, and there are both maintenance and new - device commissioning situations, along with increasing import pressure [2] - The recommended strategies are to short - hedge BZ and EB on rallies, and to do reverse spreads on the EB2511 - EB2512 spread on rallies [3] 3. Summary Based on Relevant Catalogs I. Pure Benzene and EB's Basis Structure and Inter - Period Spreads - Pure benzene: The main contract basis is - 29 yuan/ton (- 75), and the spot - M2 spread is 50 yuan/ton (+ 0) [1] - Styrene: The main contract basis is - 65 yuan/ton (- 65 yuan/ton) [1] II. Pure Benzene and Styrene Production Profits and Internal - External Spreads - Pure benzene: The CFR China processing fee is 139 dollars/ton (+ 4 dollars/ton), and the FOB Korea processing fee is 124 dollars/ton (+ 4 dollars/ton) [1] - Styrene: The non - integrated production profit is - 582 yuan/ton (+ 6 yuan/ton) and is expected to gradually compress [1] III. Pure Benzene and Styrene Inventories and Capacity Utilization Rates - Pure benzene: The port inventory is 9.00 million tons (- 0.10 million tons), and the domestic capacity utilization rate has declined [1][2] - 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 capacity utilization rate is 71.9% (- 1.7%) [1] IV. Styrene Downstream Capacity Utilization and Production Profits - EPS: The production profit is 280 yuan/ton (+ 5 yuan/ton), and the capacity utilization rate is 62.52% (+ 21.78%) [2] - PS: The production profit is - 170 yuan/ton (- 45 yuan/ton), and the capacity utilization rate is 53.80% (- 0.80%) [2] - ABS: The production profit is - 251 yuan/ton (- 64 yuan/ton), and the capacity utilization rate is 73.10% (+ 0.60%) [2] V. Pure Benzene Downstream Capacity Utilization and Production Profits - Caprolactam: The production profit is - 1,865 yuan/ton (- 35), and the capacity utilization rate is 92.41% (- 3.59%) [1] - Phenol - acetone: The production profit is - 526 yuan/ton (+ 0), and the phenol capacity utilization rate is 78.00% (+ 0.00%) [1] - Aniline: The production profit is 826 yuan/ton (+ 348), and the capacity utilization rate is 75.73% (- 1.43%) [1] - Adipic acid: The production profit is - 1,279 yuan/ton (+ 9), and the capacity utilization rate is 59.10% (- 7.80%) [1]