纯苯苯乙烯日报：纯苯下游需求偏弱拖累-20260107

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The demand from the downstream of pure benzene is weak, dragging down the market. The fundamentals of pure benzene are still weak, with high port inventories and low downstream demand. The recovery of styrene's maintenance is slow, and the downstream demand in the off - season is also facing challenges [1][2] - The styrene port inventory has been consolidating, and the inventory replenishment expectation has not been fulfilled. The downstream industries of styrene, such as EPS, PS, and ABS, have different operating conditions, with EPS facing a decline in operating rate and ABS having high inventory pressure [2] Summary by Relevant Catalogs 1. Pure Benzene and EB's Basis Structure, Inter - Period Spread - Pure benzene's main contract basis is - 138 yuan/ton (- 22), and the spread between East China pure benzene spot and M2 is - 180 yuan/ton (+ 20 yuan/ton). For styrene, the main contract basis is 64 yuan/ton (- 57 yuan/ton) [1] 2. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - In pure benzene downstream, caprolactam production profit is - 445 yuan/ton (- 80), phenol - acetone production profit is - 902 yuan/ton (- 25), aniline production profit is 845 yuan/ton (- 12), and adipic acid production profit is - 666 yuan/ton (- 5). Styrene's non - integrated production profit is 141 yuan/ton (+ 8 yuan/ton), but it is expected to gradually compress [1] 3. Inventories and Operating Rates of Pure Benzene and Styrene - Pure benzene port inventory is 31.80 million tons (+ 1.80 million tons), and its operating rate remains low. Styrene's East China port inventory is 132,300 tons (- 6,500 tons), East China commercial inventory is 77,300 tons (- 6,000 tons), and the operating rate is 70.2% (- 0.5%) [1] 4. Operating Rates and Production Profits of Styrene's Downstream - EPS production profit is 44 yuan/ton (- 15 yuan/ton), PS production profit is - 306 yuan/ton (- 65 yuan/ton), ABS production profit is - 1,011 yuan/ton (- 42 yuan/ton). EPS operating rate is 43.64% (- 8.92%), PS operating rate is 60.40% (+ 1.80%), ABS operating rate is 69.90% (+ 0.50%) [1][2] 5. Operating Rates and Production Profits of Pure Benzene's Downstream - Caprolactam operating rate is 75.52% (+ 1.47%), phenol operating rate is 81.00% (+ 2.50%), aniline operating rate is 59.81% (- 3.17%), adipic acid operating rate is 68.20% (+ 4.60%) [1] Strategy - Unilateral: No strategy - Basis and inter - period: Do reverse arbitrage on BZ2603 - BZ2605 when the price is high - Cross - variety: Short BZ2603 and long EB2602 [3]