纯苯苯乙烯日报：纯苯下游开工仍偏低-20251031

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - Pure benzene port inventory has slightly declined. Low downstream开工率 drags down pure benzene demand. During the styrene maintenance period, caprolactam further reduces its load, and only aniline开工率 slightly rebounds. The port basis of pure benzene continues to be weak. Due to the impact of previous sanctions, some refineries reduced their loads in the short - term, and the domestic开工率 of pure benzene has rebounded from a low level this week [3]. - In the short - term, with ongoing maintenance, styrene port inventory has not been reduced, and there is still inventory pressure at the port. The commissioning of new plants such as Jihua and Guangxi Petrochemical has an impact. Downstream提货 performance is average. The开工率 of ABS is consolidating at a low level, and the开工率 of PS has further decreased. The finished product inventory pressure of the three major hard rubbers is still high, and the inventory pressure at the EB port persists. Further loss - induced production cuts are awaited [3]. 3. Summary According to the Catalog I. Pure Benzene and EB's Basis Structure and Inter - Period Spreads - Figures related to pure benzene basis and inter - period spreads include the pure benzene main contract basis, pure benzene spot - M2 paper cargo spread, and pure benzene continuous first contract - continuous third contract spread [8][11]. - Figures related to EB basis and inter - period spreads include the EB main contract basis and the EB continuous first contract - continuous third contract spread [15][16]. II. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Production profit and spread figures include naphtha processing fee, pure benzene FOB Korea - naphtha CFR Japan, styrene non - integrated plant production profit, pure benzene FOB US Gulf - pure benzene FOB Korea, pure benzene FOB US Gulf - CFR China, pure benzene FOB Rotterdam - CFR China, pure benzene import profit, styrene import profit, styrene FOB US Gulf - CFR China, and styrene FOB Rotterdam - CFR China [19][22][27][30][36]. III. Inventory and Operating Rates of Pure Benzene and Styrene - For pure benzene, figures show the East China port inventory and the operating rate [38]. - For styrene, figures show the East China port inventory, commercial inventory, factory inventory, and the operating rate [40][43]. IV. Operating Rates and Production Profits of Styrene Downstream - Figures include the operating rates and production profits of EPS, PS, and ABS [49][51][54]. V. Operating Rates and Production Profits of Pure Benzene Downstream - Figures cover the operating rates and production profits of caprolactam, phenol - ketone, aniline, adipic acid, PA6 regular spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [60][66][75][76][86][87].