纯苯苯乙烯日报：纯苯累库速率放缓，苯乙烯延续去库-20251216

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For pure benzene, the peak of short - term arrivals in China has passed, and the inventory accumulation rate at ports has slowed down, but the absolute inventory level remains high. Overseas gasoline cracking spreads are weak, but the spread between the US and South Korea has been repaired. Domestic production has decreased due to low profits, and downstream提货 is weak with continued low off - season operations [4]. - For styrene, port inventories have continued to decline, and the industry maintains low - level operations. Attention should be paid to the resumption progress of Satellite Petrochemical. The port de - stocking is also due to good downstream提货, but downstream operations are weak in the off - season, and attention should be paid to downstream inventory - holding willingness [4]. 3. Summary by Directory I. Pure Benzene and EB's Basis Structure and Inter - period Spread - The pure benzene main contract basis is - 143 yuan/ton (- 28), and the spread between East China pure benzene spot and M2 is - 160 yuan/ton (- 15 yuan/ton) [2]. - The styrene main contract basis is 173 yuan/ton (- 30 yuan/ton) [2]. II. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Pure benzene CFR China processing fee is 114 dollars/ton (+ 3 dollars/ton), and FOB South Korea processing fee is 107 dollars/ton (+ 1 dollar/ton). The price difference between the US and South Korea is 196.9 dollars/ton (+ 5.0 dollars/ton) [2]. - Styrene non - integrated production profit is - 99 yuan/ton (+ 14 yuan/ton), and it is expected to gradually compress [2]. III. Inventories and Operating Rates of Pure Benzene and Styrene - Pure benzene port inventory is 26.00 million tons (+ 0.00 million tons), and the operating rate has decreased [2][4]. - Styrene East China port inventory is 134,700 tons (- 12,100 tons), East China commercial inventory is 82,300 tons (- 5,500 tons), and the operating rate is 68.3% (- 0.6%) [2]. IV. Operating Rates and Production Profits of Styrene Downstream - EPS production profit is 157 yuan/ton (- 15 yuan/ton), operating rate is 53.77% (- 2.59%) [3]. - PS production profit is - 43 yuan/ton (- 15 yuan/ton), operating rate is 58.30% (- 0.70%) [3]. - ABS production profit is - 898 yuan/ton (- 48 yuan/ton), operating rate is 70.53% (+ 2.23%) [3]. V. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam production profit is - 330 yuan/ton (+ 0), operating rate is 74.57% (- 4.58%) [2]. - Phenol - acetone production profit is - 952 yuan/ton (+ 0), operating rate is 79.50% (- 2.50%) [2]. - Aniline production profit is 611 yuan/ton (- 237), operating rate is 75.94% (- 1.29%) [2]. - Adipic acid production profit is - 1075 yuan/ton (+ 0), operating rate is 59.20% (- 0.80%) [2].