纯苯港口库存进一步累积，关注EB出口韧性

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - Overseas gasoline crack spreads are weakening due to the Russia - Ukraine peace talks and the recovery of refinery operations in Europe and the US, reducing the support for pure benzene from overseas gasoline blending. Although the peak of pure benzene arrivals in China has passed, there is still some arrival pressure, and port inventories have further accumulated this week while downstream提货 remains weak. - For benzene ethylene, port inventories have risen again, the previous destocking cycle has ended, and it is gradually entering the pre - festival inventory accumulation cycle. Downstream production is in the off - season, with a decline in EPS and PS production starts and low - level consolidation in ABS production starts, and there is still pressure on the finished product inventories of EPS and ABS [1][2][3]. 3. Summary According to Relevant Catalogs I. Basis Structure and Inter - Period Spreads of Pure Benzene and EB - Pure benzene: The main basis is - 134 yuan/ton (down 25), and the spread between East China pure benzene spot and M2 is - 125 yuan/ton (unchanged). - Benzene ethylene: The main basis is 10 yuan/ton (down 88 yuan/ton) [1]. II. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Benzene Ethylene - Pure benzene: CFR China processing fee is 132 dollars/ton (up 3 dollars/ton), FOB South Korea processing fee is 125 dollars/ton (up 3 dollars/ton), and the US - South Korea spread is 184.9 dollars/ton (up 1.0 dollars/ton). - Benzene ethylene: Non - integrated production profit is - 220 yuan/ton (up 18 yuan/ton), and it is expected to gradually compress [1]. III. Inventories and Operating Rates of Pure Benzene and Benzene Ethylene - Pure benzene: Port inventory is 27.30 million tons (up 1.30 million tons). - Benzene ethylene: East China port inventory is 139,300 tons (up 4,600 tons), East China commercial inventory is 84,550 tons (up 2,250 tons), and the operating rate is 69.1% (up 0.8%) [1]. IV. Operating Rates and Production Profits of Benzene Ethylene Downstream - EPS: Production profit is 116 yuan/ton (down 50 yuan/ton), and the operating rate is 51.81% (down 1.96%). - PS: Production profit is 66 yuan/ton (down 50 yuan/ton), and the operating rate is 54.50% (down 3.80%). - ABS: Production profit is - 948 yuan/ton (down 35 yuan/ton), and the operating rate is 70.10% (down 0.43%) [2]. V. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam: Production profit is - 350 yuan/ton (down 40), and the operating rate is 69.20% (down 5.37%). - Phenol - acetone: Production profit is - 927 yuan/ton (unchanged), and the phenol operating rate is 76.00% (down 3.50%). - Aniline: Production profit is 789 yuan/ton (up 178), and the operating rate is 61.35% (down 14.59%). - Adipic acid: Production profit is - 1,018 yuan/ton (down 11), and the operating rate is 59.60% (up 0.40%) [1].