周中苯乙烯港口库存微幅下降，关注装置开工变化

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Overseas gasoline crack spreads are weak, reducing the support of overseas gasoline blending for pure benzene. Although the peak of domestic pure benzene arrivals has passed, there is still some arrival pressure. This week, port inventories have further accumulated at a high level, and downstream提货 remains weak. The styrene start - up has bottomed out and rebounded, but the non - styrene start - up is still poor, and the CPL start - up is at a low level this year. The start - up of phenol and aniline has further declined [3]. - During the week, styrene port inventories slightly rebounded. The styrene start - up has bottomed out and rebounded, and it is the end of the previous destocking cycle. However, whether there is further inventory accumulation pressure still requires tracking the dynamics of styrene plants, especially the short - term shutdown of North China plants. Downstream start - up has declined again during the off - season, with EPS and PS start - up falling and ABS start - up consolidating at a low level. There is still inventory pressure on EPS and ABS finished products [3]. Summary by Directory 1. Pure Benzene and EB's Basis Structure, Inter - period Spreads - Pure benzene: The main basis is - 136 yuan/ton (- 36), the spot - M2 spread is - 130 yuan/ton (+ 5 yuan/ton), and the spread between the first - and third - contract is not mentioned in specific data [1]. - Styrene: The main basis is - 8 yuan/ton (- 79 yuan/ton), and the spread between the first - and third - contract is not mentioned in specific data [1]. 2. Pure Benzene and Styrene Production Profits, Domestic and Foreign Spreads - Pure benzene: The CFR China processing fee is 124 dollars/ton (- 2 dollars/ton), the FOB Korea processing fee is 117 dollars/ton (- 2 dollars/ton), and the US - Korea spread is 181.9 dollars/ton (+ 0.0 dollars/ton). The import profit and other data are not analyzed in detail [1]. - Styrene: The non - integrated production profit is - 177 yuan/ton (+ 13 yuan/ton), and the import profit and other data are not analyzed in detail [1]. 3. Pure Benzene and Styrene Inventories, Start - up Rates - Pure benzene: The port inventory is 27.30 tons (+ 1.30 tons), and the start - up rate is not specifically mentioned. The downstream start - up shows that styrene start - up has bottomed out and rebounded, non - styrene start - up is poor, CPL start - up is at a low level this year, and phenol and aniline start - up has further declined [1][3]. - Styrene: The East China port inventory is 139,300 tons (+ 4,600 tons), the East China commercial inventory is 84,550 tons (+ 2,250 tons), and the start - up rate is 69.1% (+ 0.8%) [1]. 4. Styrene Downstream Start - up and Production Profits - EPS: The production profit is 176 yuan/ton (- 10 yuan/ton), and the start - up rate is 51.81% (- 1.96%) [2]. - PS: The production profit is 26 yuan/ton (- 10 yuan/ton), and the start - up rate is 54.50% (- 3.80%) [2]. - ABS: The production profit is - 911 yuan/ton (- 19 yuan/ton), and the start - up rate is 70.10% (- 0.43%) [2]. 5. Pure Benzene Downstream Start - up and Production Profits - Caprolactam: The production profit is - 350 yuan/ton (+ 0), and the start - up rate is 69.20% (- 5.37%) [1]. - Phenol - ketone: The production profit is - 902 yuan/ton (+ 0), and the start - up rate is 76.00% (- 3.50%) [1]. - Aniline: The production profit is 789 yuan/ton (+ 178), and the start - up rate is 61.35% (- 14.59%) [1]. - Adipic acid: The production profit is - 993 yuan/ton (+ 25), and the start - up rate is 59.60% (+ 0.40%) [1]. Strategy - Unilateral: None [4]. - Basis and inter - period: Do reverse spreads for BZ2603 - BZ2605 when the price is high [4]. - Cross - variety: Short BZ2603 and long PX2605 [4].