纯苯苯乙烯日报：周中苯乙烯港口库存小幅回升-20251127

Report Industry Investment Rating - Not provided Core Viewpoints - For pure benzene, as the peak of autumn maintenance in European and American refineries has passed and the gasoline shortage may have eased, the rhythmic arrival pressure of pure benzene is high, which suppresses its processing fees. Downstream operations are still at a low level, with phenol operations rising but aniline and adipic acid operations falling, and styrene is in the maintenance period waiting for recovery at the end of the month [2]. - For styrene, overseas, South Korean companies plan to merge and close a cracking unit, and attention should be paid to whether the styrene unit will stop. Domestically, port inventories have risen again, and styrene is in a low - operation maintenance stage with postponed restart plans. The focus now is on downstream operations, which are still at a low level [2]. Summary by Directory 1. Pure Benzene and EB's Basis Structure and Inter - Period Spreads - Pure benzene's main basis is - 143 yuan/ton (- 32), and the spread between East China pure benzene spot and M2 is - 110 yuan/ton (- 10 yuan/ton). Styrene's main basis is 52 yuan/ton (- 12 yuan/ton) [1]. - Suggested strategy: EB2512 - EB2601 for inter - period positive arbitrage at low prices [3]. 2. Pure Benzene and Styrene Production Profits and Internal - External Spreads - Pure benzene's CFR China processing fee is 99 dollars/ton (- 2 dollars/ton), and FOB South Korea processing fee is 85 dollars/ton (- 4 dollars/ton). Styrene's non - integrated production profit is - 159 yuan/ton (+ 64 yuan/ton), expected to gradually compress [1]. - Suggested strategy: Expand the spread of EB2512 - BZ2603 at low prices [3]. 3. Pure Benzene and Styrene Inventories and Operating Rates - Pure benzene port inventory is 16.40 tons (+ 1.70 tons). Styrene's East China port inventory is 164,200 tons (+ 15,900 tons), and East China commercial inventory is 94,200 tons (+ 6,900 tons), in the inventory rebuilding stage [1]. - Pure benzene downstream: Caprolactam operating rate is 88.23% (+ 2.18%), phenol operating rate is 79.00% (+ 12.00%), aniline operating rate is 75.68% (- 4.49%), adipic acid operating rate is 55.50% (- 6.50%) [1]. - Styrene operating rate is 69.0% (- 0.3%) [1]. 4. Styrene Downstream Operating Rates and Production Profits - EPS production profit is 31 yuan/ton (- 74 yuan/ton), PS production profit is - 69 yuan/ton (- 74 yuan/ton), ABS production profit is - 553 yuan/ton (- 60 yuan/ton) [2]. - EPS operating rate is 56.27% (+ 4.64%), PS operating rate is 55.90% (+ 0.50%), ABS operating rate is 72.40% (+ 0.60%) [2]. 5. Pure Benzene Downstream Operating Rates and Production Profits - Caprolactam production profit is - 820 yuan/ton (+ 30), phenol - ketone production profit is - 415 yuan/ton (+ 0), aniline production profit is 499 yuan/ton (+ 3), adipic acid production profit is - 1263 yuan/ton (- 18) [1].