苯乙烯基差走强

Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Overseas gasoline supply is gradually recovering, leading to significant short-term arrival pressure on pure benzene, with an accelerated accumulation rate of port inventory. Downstream operations remain at a low level during the off - season. Styrene is under maintenance with low - load operations, CPL operations decline from a low level, and the operations of phenol, aniline, and adipic acid increase slightly, but terminal demand is still weak [3] - The port basis of styrene has strengthened again. Although the port inventory did not continue to decrease, there is still arrival pressure. However, downstream enterprises have made speculative purchases, and their persistence needs attention. Styrene is still in a low - operation stage during maintenance, and the resumption plan has been postponed. During the off - season, downstream operations remain at a low level. The operations of EPS, which is seasonally obvious, continue to decline, the operations of PS rebound but there is still inventory pressure, and the finished - product inventory pressure of ABS remains high while the operations are maintained at a low level [3] 3. Summary According to the Directory I. Basis Structure and Inter - period Spreads of Pure Benzene and EB - Pure benzene: The main basis is - 119 yuan/ton (+16), the spot - M2 spread is - 140 yuan/ton (+10), and the spread between the first - and third - consecutive contracts is not given in specific data. Relevant figures include the main basis and futures price, main contract basis, spot - M2 paper cargo spread, and the spread between the first - and third - consecutive contracts [1][8][13] - Styrene: The main basis is 51 yuan/ton (+0), and the spread between the first - and third - consecutive contracts is not given in specific data. Relevant figures include the main contract trend and basis, main contract basis, and the spread between the first - and third - consecutive contracts [1][16][17] II. Production Profits and Domestic - foreign Spreads of Pure Benzene and Styrene - Pure benzene: The CFR China processing fee is 102 dollars/ton (+4), the FOB Korea processing fee is 92 dollars/ton (+6), the US - Korea spread is 169.8 dollars/ton (-1), and there are also data on import profits. Relevant figures include naphtha processing fee, FOB Korea - CFR Japan spread, FOB US Gulf - FOB Korea spread, FOB US Gulf - CFR China spread, FOB Rotterdam - CFR China spread, and import profit [1][20][23] - Styrene: The non - integrated production profit is - 161 yuan/ton (+2), and the expected profit is gradually shrinking. There are also data on import profits. Relevant figures include non - integrated device production profit, FOB US Gulf - CFR China spread, FOB Rotterdam - CFR China spread, and import profit [1][23][33] III. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene: The port inventory is 22.40 tons (+6.00 tons), and the operating rate is not given in specific change data. Relevant figures include East China port inventory and operating rate [1][37] - Styrene: The East China port inventory is 160,600 tons (-3,600 tons), the East China commercial inventory is 96,400 tons (+2,200 tons), and the operating rate is 67.3% (-1.7%). Relevant figures include East China port inventory, operating rate, East China commercial inventory, and factory inventory [1][39][42] IV. Operating Rates and Production Profits of Styrene Downstream - EPS: The production profit is 1 yuan/ton (-15), and the operating rate is 54.75% (-1.52%) [2][48] - PS: The production profit is - 99 yuan/ton (-15), and the operating rate is 57.60% (+1.70%) [2][50] - ABS: The production profit is - 600 yuan/ton (-48), and the operating rate is 71.20% (-1.20%) [2][54] V. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam: The production profit is - 635 yuan/ton (-15), and the operating rate is 86.68% (-1.54%) [1][57] - Phenol - ketone: The production profit is - 602 yuan/ton (+0), and relevant figures show the operating rate and production profit [1][57] - Aniline: The production profit is 753 yuan/ton (+254), and the operating rate is 77.19% (+1.51%) [1][64] - Adipic acid: The production profit is - 1252 yuan/ton (+12), and the operating rate is 59.40% (+3.90%) [1][64]