纯苯苯乙烯日报：纯苯及下游负荷回落-20251024

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Pure benzene: Port inventory pressure persists, BZN processing fees remain low, and the decline in its operation has accelerated, showing a pattern of increasing losses and a faster decline in operation. Meanwhile, the operation of downstream products has also weakened, with varying degrees of decline in the operation of styrene, CPL, and adipic acid [1][3]. - Styrene: In terms of supply, short - term maintenance still exists, and Hengli has a maintenance plan in November, starting to cut production due to losses. However, new facilities such as Jihua and Guangxi Petrochemical have been put into operation, causing an impact. The downstream operation has not changed much, but the提货 performance is average. The finished product inventory pressure of the three major hard plastics remains high, and the EB port inventory pressure persists, awaiting further production cuts due to losses [3]. Summary by Relevant Catalogs 1. Pure Benzene and EB's Basis Structure and Inter - Period Spread - Pure benzene: The main basis is - 49 yuan/ton (+44), and the spread between East China pure benzene spot and M2 is - 30 yuan/ton (-10 yuan/ton) [1]. - Styrene: The main basis of styrene is 40 yuan/ton (+68 yuan/ton), and the strategy suggests doing a reverse spread when the spread between EB2512 - EB2601 is high [1][4]. 2. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Pure benzene: The CFR China processing fee is 131 US dollars/ton (-4 US dollars/ton), the FOB South Korea processing fee is 115 US dollars/ton (-5 US dollars/ton), and the US - South Korea spread is 75.4 US dollars/ton (-13.0 US dollars/ton) [1]. - Styrene: The non - integrated production profit is - 472 yuan/ton (+8 yuan/ton), and it is expected to gradually compress [1]. 3. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene: The port inventory is 9.90 million tons (+0.90 million tons), and the operating rate shows a downward trend [1][3]. - Styrene: The East China port inventory is 202,500 tons (+6,000 tons), the East China commercial inventory is 122,500 tons (+1,000 tons), and the operating rate is 69.3% (-2.6%) [1]. 4. Operating Rates and Production Profits of Styrene's Downstream - EPS: The production profit is 231 yuan/ton (-74 yuan/ton), and the operating rate is 61.98% (-0.54%) [2]. - PS: The production profit is - 169 yuan/ton (+26 yuan/ton), and the operating rate is 53.80% (+0.00%) [2]. - ABS: The production profit is - 395 yuan/ton (-39 yuan/ton), and the operating rate is 72.80% (-0.30%) [2]. 5. Operating Rates and Production Profits of Pure Benzene's Downstream - Caprolactam: The production profit is - 2005 yuan/ton (-70), and the operating rate is 88.89% (-3.52%) [1]. - Phenol - acetone: The production profit is - 416 yuan/ton (+0), and the phenol operating rate is 78.00% (+0.00%) [1]. - Aniline: The production profit is 1050 yuan/ton (+224), and the operating rate is 76.48% (+0.75%) [1]. - Adipic acid: The production profit is - 1225 yuan/ton (-77), and the operating rate is 55.80% (-3.30%) [1].