纯苯苯乙烯日报：下游淡季表现偏弱-20251112

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The downstream off - season shows weak performance. Pure benzene port inventory slightly declined, but its basis and processing fee continued to be weak. The domestic production start - up rate of pure benzene has bottomed out and rebounded, while downstream demand remains weak. Benzene styrene ports continued to reduce inventory slightly, with short - term low start - up but a resumption of work expected at the end of November. Attention should be paid to downstream demand, as the start - up of EPS has dropped rapidly, and the start - up of ABS and PS remains low. It is recommended to cautiously short - sell and hedge pure benzene and benzene styrene at high prices, and conduct reverse arbitrage for BZ2603 - BZ2605 at high prices [1][2][3] 3. Summary by Relevant Catalogs I. Pure Benzene and EB's Basis Structure, Inter - period Spread - The pure benzene main contract basis is - 94 yuan/ton (+43), the pure benzene spot - M2 spread is - 65 yuan/ton (+25 yuan/ton), and the EB main contract basis is 64 yuan/ton (+74 yuan/ton) [1] II. Pure Benzene and Benzene Styrene Production Profits, Domestic and Foreign Spreads - Pure benzene CFR China processing fee is 84 dollars/ton (+1 dollar/ton), FOB Korea processing fee is 66 dollars/ton (+1 dollar/ton), and the US - Korea spread is 102.5 dollars/ton (+5.0 dollars/ton). Benzene styrene non - integrated production profit is - 434 yuan/ton (+10 yuan/ton) [1] III. Pure Benzene and Benzene Styrene Inventory, Start - up Rate - Pure benzene port inventory is 11.30 tons (- 0.80 tons), and the start - up rate is not clearly stated but shows a bottom - up trend. Benzene styrene East China port inventory is 174,800 tons (- 4,500 tons), commercial inventory is 101,800 tons (- 8,000 tons), and the start - up rate is 66.9% (+0.2%) [1] IV. Benzene Styrene Downstream Start - up and Production Profits - EPS production profit is 318 yuan/ton (+10 yuan/ton), start - up rate is 53.95% (- 8.30%); PS production profit is 48 yuan/ton (+40 yuan/ton), start - up rate is 53.50% (+1.50%); ABS production profit is - 280 yuan/ton (- 44 yuan/ton), start - up rate is 71.60% (- 0.50%) [2] V. Pure Benzene Downstream Start - up and Production Profits - Caprolactam production profit is - 1,575 yuan/ton (+100), start - up rate is 86.05% (+0.00%); phenol - ketone production profit is - 390 yuan/ton (- 25), start - up rate is 75.50% (- 2.50%); aniline production profit is 559 yuan/ton (- 539), start - up rate is 77.74% (- 0.83%); adipic acid production profit is - 1,159 yuan/ton (- 3), start - up rate is 65.60% (+7.60%) [1]