纯苯苯乙烯日报：纯苯库存快速累积-20251202

Report Industry Investment Rating - Not provided Core View - Overseas gasoline supply is gradually recovering, leading to high short - term arrival pressure of pure benzene, and the accumulation rate of port inventory is accelerating. Downstream开工 remains at a low level in the off - season, with styrene in maintenance and low - load operation, CPL开工 further declining from a low level, and the开工 of phenol, aniline, and adipic acid slightly increasing, but terminal demand is still weak. Styrene port inventory has slightly declined, and styrene is still in the low -开工 maintenance stage, with the resumption plan postponed. Off - season downstream开工 is still low, EPS开工 with obvious seasonality continues to decline, PS开工 rebounds but inventory pressure still exists, and ABS finished product inventory pressure remains and开工 stays at a low level [3] Summary by Directory I. Pure Benzene and EB's Basis Structure, Inter - Period Spread - Figures include the basis of the pure benzene main contract, the spread between pure benzene spot and M2 paper goods, the spread between the first and third contracts of pure benzene, the trend and basis of the EB main contract, the basis of the EB main contract, and the spread between the first and third contracts of styrene [8][12][18] II. Production Profits, Domestic and Foreign Spreads of Pure Benzene and Styrene - Figures cover naphtha processing fees, the difference between FOB Korea pure benzene and CFR Japan naphtha, non - integrated styrene plant production profits, the difference between FOB US Gulf pure benzene and FOB Korea pure benzene, the difference between FOB US Gulf pure benzene and CFR China pure benzene, the difference between FOB Rotterdam pure benzene and CFR China pure benzene, pure benzene import profits, and styrene import profits [21][23][27][33] III. Inventory and Operating Rates of Pure Benzene and Styrene - Figures show the inventory of pure benzene in East China ports, pure benzene operating rate, the inventory of styrene in East China ports, styrene operating rate, styrene's East China commercial inventory, and styrene factory inventory [39][44][45] IV. Operating Rates and Production Profits of Styrene Downstream - Figures include EPS operating rate and production profit, PS operating rate and production profit, and ABS operating rate and production profit [49][52][53] V. Operating Rates and Production Profits of Pure Benzene Downstream - Figures involve the operating 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][65][73][75][85] Strategy - Unilateral: None - Basis and Inter - Period: Go long on the inter - period positive spread of EB2512 - EB2601 at low prices - Cross - Variety: Expand the spread of EB2512 - BZ2603 at low prices [4]