纯苯苯乙烯日报：纯苯短期到港压力仍存，苯乙烯港口维持去库-20251118

Report Industry Investment Rating No information provided. Core Viewpoints - In the pure benzene market, the lowest point of US refinery operations has passed, but US gasoline inventories are at a low level, and gasoline cracks continue to strengthen, which supports Asian aromatics for blending. The arbitrage spread from South Korea to the US has recovered but not opened up. The future arrival pressure in China may slow down, but in the short term, there is a concentrated arrival of pure benzene in China, and port inventories are rising faster. Domestic production operations continue to increase, while downstream operations are weak. Styrene maintenance is concentrated, waiting for recovery at the end of the month; phenol operations are dragged down by low operations of bisphenol A and PC; CPL operations remain at a low level, waiting for inventory reduction; aniline and adipic acid operations are fair [2]. - In the styrene market, port inventories continue to decline, partly due to increased exports and partly due to low domestic operations. However, there are expectations of resumption in late November. Attention should be paid to whether the maintenance period will be further extended. Downstream demand for pick-up remains stable, but downstream operations are still low. EPS continues to reduce operations during the off-season, while ABS and PS operations are at a low level. Inventories of EPS and PS have decreased, but ABS still faces inventory pressure [2]. Summary by Directory 1. Pure Benzene and EB Basis Structure, Inter - Period Spreads - Figures related to pure benzene basis and spreads include the pure benzene main contract basis, pure benzene spot - M2 paper cargo spread, and pure benzene continuous first - continuous third contract spread. Figures related to EB include the EB main contract trend & basis, EB main contract basis, and EB continuous first - continuous third contract spread [7][12][16]. 2. Pure Benzene and Styrene Production Profits, Domestic - Foreign Spreads - Figures cover various aspects such as naphtha processing fees, the difference between pure benzene FOB South Korea and naphtha CFR Japan, styrene non - integrated plant production profits, and differences between pure benzene FOB US Gulf and other regions, as well as import profits of pure benzene and styrene [18][21][30]. 3. Pure Benzene and Styrene Inventories, Operating Rates - For pure benzene, figures show the East China port inventory and operating rate. For styrene, figures display the East China port inventory, commercial inventory, factory inventory, and operating rate [36][38][41]. 4. Styrene Downstream Operating Rates and Production Profits - Figures present the operating rates and production profits of EPS, PS, and ABS [46][48][53]. 5. Pure Benzene Downstream Operating Rates and Production Profits - Figures include the operating rates and production profits of caprolactam, phenol - ketone, aniline, adipic acid, as well as the production profits of related products such as PA6 regular spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [57][62][71].