纯苯苯乙烯日报：海外汽油带动纯苯及苯乙烯反弹-20251114

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The report analyzes the market conditions of pure benzene and styrene. For pure benzene, due to the low refinery utilization rate in the US, strong gasoline crack spreads, and increased blending demand, the demand for Asian aromatics has risen, leading to an increase in the US pure benzene price. The arbitrage spread from South Korea to the US has been quickly repaired, and the pressure of overseas pure benzene flowing into China may ease. Domestic production utilization continues to rise, but downstream production utilization remains average. For styrene, the prices in Europe and the US have also strengthened, with a small increase in China's exports to Europe. The port inventory has continued to decline slightly, mainly driven by loss - induced production cuts, but there is an expectation of resuming production at the end of November. Attention should be paid to downstream demand performance [3]. 3. Summary According to the Directory I. Pure Benzene and EB's Basis Structure and Inter - period Spread - Figures include pure benzene's main contract basis, spot - M2 paper cargo spread, and EB's main contract basis and inter - period spread, but specific data analysis is not detailed in the provided text [8][15][20] II. Pure Benzene and Styrene Production Profits and Domestic - Foreign Spreads - Figures involve naphtha processing fees, pure benzene's FOB Korea - CFR Japan spread, styrene non - integrated production profits, and domestic - foreign spreads of pure benzene and styrene, but detailed data analysis is not given [22][25][40] III. Pure Benzene and Styrene Inventory and Production Utilization - Pure benzene's port inventory is 11.30 million tons (- 0.80 million tons), and its production utilization continues to rise. Styrene's port inventory is 174,800 tons (- 4,500 tons), and its production utilization is 69.3% (+ 2.3%), with an expectation of resuming production at the end of November [1][21][42] IV. Styrene's Downstream Production Utilization and Production Profits - EPS production profit is 209 yuan/ton (- 99 yuan/ton), with a production utilization of 51.63% (- 2.32%); PS production profit is 9 yuan/ton (- 49 yuan/ton), with a production utilization of 55.40% (+ 1.90%); ABS production profit is - 367 yuan/ton (- 53 yuan/ton), with a production utilization of 71.80% (+ 0.20%). EPS is in the off - season with reduced production, and ABS and PS production utilizations are still low [2][52][53] V. Pure Benzene's Downstream Production Utilization and Production Profits - Caprolactam production profit is - 1,640 yuan/ton (- 70), with a production utilization of 86.05% (+ 0.00%); phenol - acetone production profit is - 390 yuan/ton (+ 0), with a production utilization of 67.00% (- 8.50%); aniline production profit is 496 yuan/ton (- 63), with a production utilization of 80.17% (+ 2.43%); adipic acid production profit is - 1,313 yuan/ton (- 63), with a production utilization of 62.00% (- 3.60%) [1][63][70]