苯乙烯基差见顶回落

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For pure benzene, the peak of short - term arrivals in China has passed, the inventory accumulation rate has slowed but the absolute inventory level remains high. Overseas gasoline cracking spreads are weak, and the price difference between the US and South Korea has been repaired. Domestic production has decreased due to low profits, and downstream demand remains weak. For styrene, port inventory has been falling, but the port basis has started to decline. Downstream demand is weak during the off - season [2]. Summary by Directory 1. Pure Benzene and EB's Basis Structure, Inter - period Spreads - Pure benzene's main basis is - 130 yuan/ton (+13), and the spot - M2 spread is - 140 yuan/ton (+20 yuan/ton). Styrene's main basis is 122 yuan/ton (-51 yuan/ton) [1]. 2. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Pure benzene's CFR China processing fee is 119 dollars/ton (+5 dollars/ton), and FOB South Korea processing fee is 113 dollars/ton (+6 dollars/ton). The US - South Korea price difference is 187.9 dollars/ton (-9.0 dollars/ton). Styrene's non - integrated production profit is - 146 yuan/ton (-46 yuan/ton) and is expected to gradually compress [1]. 3. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene's port inventory is 26.00 million tons (+0.00 million tons), and the operating rate is not mentioned. Styrene's 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%) [1]. 4. Operating Rates and Production Profits of Styrene's Downstream - EPS production profit is 201 yuan/ton (+45 yuan/ton), PS production profit is 1 yuan/ton (+45 yuan/ton), ABS production profit is - 874 yuan/ton (+24 yuan/ton). EPS operating rate is 53.77% (-2.59%), PS operating rate is 58.30% (-0.70%), ABS operating rate is 70.53% (+2.23%) [2]. 5. Operating Rates and Production Profits of Pure Benzene's Downstream - Caprolactam production profit is - 360 yuan/ton (-30), phenol - acetone production profit is - 952 yuan/ton (+0), aniline production profit is 611 yuan/ton (-237), adipic acid production profit is - 1029 yuan/ton (+46). Caprolactam operating rate is 74.57% (-4.58%), phenol operating rate is 79.50% (-2.50%), aniline operating rate is 75.94% (-1.29%), adipic acid operating rate is 59.20% (-0.80%) [1]. Strategy - Unilateral: None - Basis and Inter - period: Do reverse spreads for BZ2603 - BZ2605 when the price is high - Cross - variety: None [3]