纯苯苯乙烯日报：库存表现差异，EB-BZ价差回升-20251119

Report Industry Investment Rating - Not provided in the documents Core Viewpoints - The recent increase in pure benzene inventory and decrease in styrene inventory are favorable for the short - term expansion of the EB - BZ spread [2] - For pure benzene, the lowest point of US refinery operations has passed, and the low gasoline inventory in the US and strong gasoline crack spreads support Asian aromatics. The arbitrage spread from South Korea to the US has recovered, but the window remains closed. In the short term, there is a concentrated arrival of pure benzene in China, leading to a faster increase in port inventory. Domestic production operations continue to rise, while downstream operations are weak [2] - For styrene, port inventory continues to decline due to export boosts and low domestic operations, but there are expectations of resumption in late November. Downstream demand is still present, but downstream operations are still low [2] Summaries by Directory 1. Pure Benzene and EB's Basis Structure and Inter - Period Spreads - Figures related to pure benzene include the main basis of pure benzene and its main futures contract price, the main contract basis of pure benzene, the spot - M2 paper cargo spread of pure benzene, and the spread between the first - and third - consecutive contracts of pure benzene [7][10] - Figures related to EB include the trend and basis of the EB main contract, the EB main contract basis, and the spread between the first - and third - consecutive contracts of styrene [13][16] 2. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Figures related to production costs and spreads include naphtha processing fees, the difference between FOB South Korea pure benzene and CFR Japan naphtha, the production profit of non - integrated styrene plants, the spread between FOB US Gulf pure benzene and FOB South Korea pure benzene, and the spreads between FOB US Gulf, FOB Rotterdam pure benzene and CFR China pure benzene [18][21][24] - Figures related to import profits include the import profit of pure benzene and styrene, and the spreads between FOB US Gulf, FOB Rotterdam styrene and CFR China styrene [30][36] 3. Inventory and Operating Rates of Pure Benzene and Styrene - Figures related to pure benzene include the East China port inventory of pure benzene and its operating rate [38] - Figures related to styrene include the East China port inventory, commercial inventory, factory inventory of styrene, and its operating rate [40][43] 4. Operating Rates and Production Profits of Styrene Downstream - Figures include the operating rates and production profits of EPS, PS, and ABS [49][51][54] 5. Operating Rates and Production Profits of Pure Benzene Downstream - Figures include the operating rates and production profits of caprolactam, phenol - ketone, aniline, adipic acid, PA6 conventional spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [59][62][71] Strategies - Unilateral: None [3] - Basis and Inter - Period: Conduct long - short inter - period positive spreads for EB2512 - EB2601 at low prices [3] - Cross - Variety: Expand the spread of EB2512 - BZ2603 at low prices [3]