纯苯苯乙烯日报：下游开工仍偏弱-20251107

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The port inventory of pure benzene has increased again, indicating weak downstream提货 demand. Although the domestic pure benzene operating rate is rising from the bottom, the operating rates of downstream products such as styrene, phenol, and CPL are not ideal, except for the rebound in adipic acid operating rate [1][3] - Styrene is in the maintenance period, with factory inventory decreasing and port inventory starting to decline this week. However, downstream operating rates are poor, and the inventory pressure of the three major hard rubber products persists. As the port inventory of styrene decreases, the basis rebounds slightly, and low - level transactions improve [3] Summary by Directory I. Pure Benzene and EB's Basis Structure, Inter - Period Spreads - Figures related to the basis of pure benzene and EB, including the basis of pure benzene futures contracts, the spread between pure benzene spot and M2 paper goods, and the inter - period spreads of pure benzene and EB are presented [8][12][14] II. Pure Benzene and Styrene Production Profits, Internal and External Spreads - Information on the production profits of pure benzene and styrene, such as the processing fees of naphtha, the spreads between pure benzene FOB Korea and naphtha CFR Japan, and the production profit of non - integrated styrene plants, as well as internal and external spreads are provided [17][20][30] III. Pure Benzene and Styrene Inventory, Operating Rates - Data on the inventory and operating rates of pure benzene and styrene are given, including the port inventory, commercial inventory, factory inventory, and operating rates of pure benzene and styrene [1][38][40] IV. Styrene Downstream Operating Rates and Production Profits - The operating rates and production profits of styrene downstream products such as EPS, PS, and ABS are shown, with EPS operating rate dropping rapidly while PS operating rate rising slightly and ABS operating rate slightly decreasing [2][49][54] V. Pure Benzene Downstream Operating Rates and Production Profits - Information on the operating rates and production profits of pure benzene downstream products like caprolactam, phenolic ketone, aniline, and adipic acid is provided, with different trends in their operating rates and production profits [1][58][81] Strategy - Unilateral: No strategy - Basis and Inter - Period: Go long on the spread of EB2512 - EB2601 at low levels - Cross - Product: No strategy [4]