苯乙烯开工逐步见底，下游再度降负

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - For pure benzene, the peak of short - term arrivals in China has passed, the inventory accumulation rate has slowed but the absolute inventory level is still high. The price difference between the US and South Korea has been repaired to a relatively high level, but the overseas gasoline cracking spread has been continuously weakening, reducing the support of overseas oil blending for pure benzene. Domestic production has decreased due to low profits. In the downstream, attention should be paid to the resumption rhythm of styrene, while non - styrene production remains weak, with CPL production at a low level this year and phenol and aniline production further declining [3] - For styrene, the decline rate of port inventory slowed down during the week, and the port basis continued to decline after reaching the peak. On one hand, it is related to the trading of styrene resumption, and attention should be paid to the resumption progress of Satellite Petrochemical. On the other hand, downstream pick - up has decreased. Downstream production has decreased again during the off - season, with EPS and PS production declining and ABS production fluctuating at a low level. There is still inventory pressure on EPS and ABS finished products [3] 3. Summary According to the Directory I. Pure Benzene and EB's Basis Structure and Inter - Period Spreads - Figures related to pure benzene include the relationship between the pure benzene main contract basis and the futures price, the main contract basis, the spot - M2 paper cargo spread, and the spread between the first - and third - month contracts [8][11] - Figures related to styrene include the relationship between the styrene main contract basis and the main contract, the EB main contract basis, and the spread between the first - and third - month contracts [16][17] II. Pure Benzene and Styrene Production Profits and Domestic - Foreign Price Differences - Figures related to production costs and spreads include naphtha processing fees, the difference between pure benzene FOB South Korea and naphtha CFR Japan [21] - Figures related to production profits include the production profit of non - integrated styrene plants, the production profit of pure benzene imports, and the production profit of styrene imports [25][32] - Figures related to price differences between regions include the price differences between pure benzene FOB US Gulf, FOB South Korea, CFR China, and FOB Rotterdam; and the price differences between styrene FOB US Gulf, FOB Rotterdam, and CFR China [25][26][37] III. Pure Benzene and Styrene Inventory and Production Rates - For pure benzene, figures show the inventory in East China ports and the production rate [38] - For styrene, figures show the inventory in East China ports, commercial inventory in East China, factory inventory, and the production rate [41][43] IV. Styrene Downstream Production Rates and Production Profits - Figures show the production rates and production profits of EPS, PS, and ABS [51][53][56] V. Pure Benzene Downstream Production Rates and Production Profits - Figures show the production rates and production profits of caprolactam, phenol - ketone, aniline, adipic acid, PA6 conventional spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [62][66][72]