纯苯-苯乙烯日报-20251117

1. Report Industry Investment Rating - No relevant content 2. Core Viewpoints of the Report - The supply of pure benzene is expected to be relatively loose with limited cost - side support, restricting its rebound space. However, due to its low current valuation, subsequent attention should be paid to device changes. The short - term rebound space of BZ2603 is limited, and it is advisable to wait and see [2]. - The supply - demand situation of styrene has improved in November, with a decline in port inventory, and short - term rebound and repair are the main trends. But the rebound space is expected to be limited due to factors such as possible delay of some factory overhauls, new device trials, and weakening downstream EPS demand. The short - term price of EB12 may be strong, and attention should be paid to the pressure around 6600 - 6700 [2]. 3. Summary According to Related Catalogs 3.1 Upstream Prices and Spreads - On November 14th, Brent crude oil (December) was at $64.39 per barrel, up $1.38 (2.2%) from the previous day; WTI crude oil (December) was at $60.09 per barrel, up $1.40 (2.4%); CFR Japan naphtha was at $577 per ton, up $8 (1.4%); CFR Northeast Asia ethylene remained unchanged at $735 per ton; CFR China pure benzene was at $678 per ton, up $2 (0.3%) [2]. - The spread between pure benzene and naphtha was $101 per ton, down $6 (-5.6%); the spread between ethylene and naphtha was $158 per ton, down $8 (-4.8%) [2]. - The listed price of pure benzene by Sinopec East China remained unchanged at 5300 yuan per ton, while the East China spot price was 5400 yuan per ton, up 50 yuan (0.9%); BZ futures 2603 was at 5526 yuan per ton, down 13 yuan (-0.2%) [2]. - The basis of BZ (03) was - 126 yuan per ton, up 63 yuan (33.3%); the import profit of pure benzene was - 139 yuan per ton, up 37 yuan (21.0%); the exchange rate (RMB central parity rate) was 7.0825, down 0.0040 (-0.1%) [2]. 3.2 Styrene - Related Prices and Spreads - On November 14th, the East China spot price of styrene was 6480 yuan per ton, up 10 yuan (0.2%); EB futures 2512 was at 6450 yuan per ton, up 13 yuan (0.2%); EB futures 2601 remained unchanged at 6469 yuan per ton [2]. - The basis of EB (12) was 30 yuan per ton, down 3 yuan (-9.1%); the spread between EB12 and EB01 was - 19 yuan per ton, up 13 yuan (40.6%) [2]. - The non - integrated cash flow of EB was - 109 yuan per ton, down 29 yuan (-35.5%); the integrated cash flow of EB was - 707 yuan per ton, down 64 yuan (-9.9%) [2]. - The spot spread between EB and BZ was 1080 yuan per ton, down 40 yuan (-3.6%); the spread between EBO3 and BZO3 was 1094 yuan per ton, up 23 yuan (2.1%); the spread between EB12 and BZ03 was 924 yuan per ton, up 26 yuan (2.9%) [2]. - CFR China styrene was at $806 per ton, up $3 (0.4%); the import profit of EB was - 180 yuan per ton, down 11 yuan (-6.4%) [2]. 3.3 Cash Flows of Pure Benzene and Styrene Downstream - On November 14th, the cash flow of phenol was - 486 yuan per ton, down 43 yuan (-9.7%); the cash flow of caprolactam (single product) was - 1575 yuan per ton, down 25 yuan (-1.6%); the cash flow of aniline was 488 yuan per ton, up 57 yuan (13.1%) [2]. - The cash flow of EPS was 70 yuan per ton, down 10 yuan (-12.5%); the cash flow of PS was - 100 yuan per ton, up 20 yuan (16.7%); the cash flow of ABS was - 358 yuan per ton, down 11 yuan (-3.2%) [2]. 3.4 Inventories of Pure Benzene and Styrene - As of November 10th, the inventory of pure benzene at Jiangsu ports was 11.30 million tons, down 0.80 million tons (-6.6%) from November 3rd; the inventory of styrene at Jiangsu ports was 17.48 million tons, down 0.45 million tons (-2.5%) [2]. 3.5 Changes in Operating Rates of the Pure Benzene and Styrene Industry Chain - As of November 13th, the operating rate of Asian pure benzene (Huarui) was 76.3%, down 2.5% (-3.2%) from November 7th; the domestic operating rate of pure benzene was 78.0%, up 2.8% (3.8%); the domestic operating rate of hydro - benzene remained unchanged at 53.8% [2]. - The operating rate of phenol was 67.6%, down 7.7% (-10.3%); the operating rate of caprolactam remained unchanged at 86.1%; the operating rate of aniline was 80.2%, up 2.4% (3.1%) [2]. - The operating rate of styrene was 69.3%, up 2.3% (3.5%); the operating rate of downstream PS was 55.4%, up 1.9% (3.6%); the operating rate of downstream EPS was 51.6%, down 2.3% (-4.3%); the operating rate of downstream ABS was 71.8%, up 0.2% (0.3%) [2].