纯苯苯乙烯日报：港口基差小幅反弹-20251105

Report Industry Investment Rating - Not provided Core Viewpoints - For pure benzene, port inventory has rebounded again, indicating weak downstream提货 demand. Styrene is in the maintenance period, and the start - up rates of caprolactam and phenol are still low. On the supply side, the domestic pure benzene start - up rate has bottomed out and rebounded [3]. - For styrene, short - term maintenance continues, but port arrivals are still available. The decline in port inventory is due to a short - term increase in downstream提货, but the start - up of ABS is consolidating at a low level, and the start - up of PS has further decreased. The inventory pressure of the three major hard rubber products is still high, and the continuous performance of downstream提货 remains to be observed. The port basis of styrene has rebounded slightly, and low - level transactions have improved [3]. Summary by Directory I. Pure Benzene and EB's Basis Structure, Inter - period Spread - Figures related to pure benzene basis and futures price, pure benzene main contract basis, pure benzene spot - M2 paper cargo spread, pure benzene continuous first contract - continuous third contract spread, EB main contract trend & basis, EB main contract basis, and styrene continuous first contract - continuous third contract spread are presented [8][13][16] II. Pure Benzene and Styrene Production Profits, Internal and External Spreads - Figures related to 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 are presented [19][22][31] III. Pure Benzene and Styrene Inventory, Start - up Rate - Figures related to pure benzene East China port inventory, pure benzene start - up rate, styrene East China port inventory, styrene start - up rate, styrene East China commercial inventory, and styrene factory inventory are presented [37][39][42] IV. Styrene Downstream Start - up and Production Profits - Figures related to EPS start - up rate, EPS production profit, PS start - up rate, PS production profit, ABS start - up rate, and ABS production profit are presented [48][50][53] V. Pure Benzene Downstream Start - up and Production Profits - Figures related to caprolactam start - up rate, phenol - ketone start - up rate, aniline start - up rate, adipic acid start - up rate, caprolactam production gross profit, phenol - ketone production gross profit, aniline production gross profit, adipic acid production gross profit, PA6 regular spinning bright production gross profit, nylon filament production gross profit, bisphenol A production gross profit, PC production gross profit, epoxy resin E - 51 production gross profit, pure MDI production gross profit, and polymer MDI production gross profit are presented [57][60][69] Market Data Pure Benzene - Main basis: - 33 yuan/ton (+53) [1] - Port inventory: 12.10 million tons (+3.60 million tons) [1] - CFR China processing fee: 99 US dollars/ton (+2 US dollars/ton) [1] - FOB Korea processing fee: 81 US dollars/ton (+1 US dollar/ton) [1] - US - Korea spread: 72.4 US dollars/ton (+0.0 US dollar/ton) [1] - East China pure benzene spot - M2 spread: - 65 yuan/ton (+20 yuan/ton) [1] - Downstream production profits: caprolactam - 1855 yuan/ton (+15), phenol - ketone - 553 yuan/ton (-75), aniline 1098 yuan/ton (+48), adipic acid - 1215 yuan/ton (-37) [1] - Downstream start - up rates: caprolactam 86.05% (-2.84%), phenol 78.00% (+0.00%), aniline 78.57% (+2.09%), adipic acid 58.00% (+2.20%) [1] Styrene - Main basis: 46 yuan/ton (+32 yuan/ton) [1] - Non - integrated production profit: - 444 yuan/ton (-49 yuan/ton), expected to gradually compress [1] - East China port inventory: 179,300 tons (-13,700 tons) [1] - East China commercial inventory: 109,800 tons (-11,200 tons), in the inventory reconstruction stage [1] - Start - up rate: 66.7% (-2.5%) [1] Downstream Hard Rubber - EPS production profit: 314 yuan/ton (+59 yuan/ton) [2] - PS production profit: - 36 yuan/ton (+9 yuan/ton) [2] - ABS production profit: - 38 yuan/ton (+106 yuan/ton) [2] - EPS start - up rate: 62.24% (+0.27%) [2] - PS start - up rate: 52.00% (-1.80%) [2] - ABS start - up rate: 72.10% (-0.70%) [2] Strategy - Unilateral: Cautiously short - sell and hedge BZ and EB at high prices [4] - Basis and inter - period: None [4] - Cross - variety: None [4]