纯苯苯乙烯日报：纯苯基差再度走弱-20251120

Report Industry Investment Rating - Not provided in the content Core Viewpoints - In the short term, the concentrated arrival of pure benzene in China has led to a rapid increase in port inventories and a weakening of the basis. The domestic production start - up continues to rise, while the downstream start - up is weak. For styrene, port inventories continue to decline due to export boosts and low domestic start - up, but there is a resumption expectation at the end of November. Recently, the increase in pure benzene inventory and the decrease in styrene inventory are conducive to the short - term expansion of the EB - BZ spread [3] Summary by Directory 1. Pure Benzene and EB's Basis Structure and Inter - period Spreads - Figures include pure benzene's main basis, main futures contract price, main contract basis, spot - M2 paper cargo spread, and the spread between the first and third contracts. Also, EB's main contract trend and basis, main contract basis, and the spread between the first and third contracts are presented [7][10][15] 2. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Figures cover naphtha processing fees, the difference between pure benzene FOB Korea and naphtha CFR Japan, styrene non - integrated device production profits, the difference between pure benzene FOB US Gulf and FOB Korea, the difference between pure benzene FOB US Gulf and CFR China, the difference between pure benzene FOB Rotterdam and CFR China, pure benzene import profits, styrene import profits, the difference between styrene FOB US Gulf and CFR China, and the difference between styrene FOB Rotterdam and CFR China [18][21][36] 3. Inventories and Start - up Rates of Pure Benzene and Styrene - Figures show pure benzene's East China port inventory, start - up rate, styrene's East China port inventory, start - up rate, East China commercial inventory, and factory inventory [38][40][43] 4. Start - up and Production Profits of Styrene's Downstream - Figures present the start - up rates and production profits of EPS, PS, and ABS [49][51][52] 5. Start - up and Production Profits of Pure Benzene's Downstream - Figures include the start - up rates and production profits of caprolactam, phenol - ketone, aniline, adipic acid, PA6 regular spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [58][64][82]