纯苯苯乙烯日报：纯苯港口库存高位回落，苯乙烯港口库存仍低-20260120

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The fundamentals of pure benzene continue to improve, with port inventories falling from a high in the first week, and downstream提货 demand being boosted. Although styrene production remains low, the production of non - styrene pure benzene downstream has rebounded. Overseas, attention should be paid to the progress of the expected reduction of the US tariff policy on South Korean pure benzene. Domestic pure benzene production remains low. For styrene, port inventories are still slightly decreasing at the beginning of the week, the recovery rate of styrene production is slow, and downstream production has increased, with the inventory pressure of ABS gradually easing [3] 3. Summary According to Relevant Catalogs 3.1 Pure Benzene and EB's Basis Structure and Inter - Period Spreads - Pure benzene: The main basis is - 182 yuan/ton (- 56), and the spread between East China pure benzene spot and M2 is - 190 yuan/ton (- 15 yuan/ton) [1] - Styrene: The main basis is 95 yuan/ton (- 17 yuan/ton) [1] 3.2 Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene: The CFR China processing fee is 158 dollars/ton (+ 13 dollars/ton), the FOB South Korea processing fee is 157 dollars/ton (+ 14 dollars/ton), and the US - South Korea spread is 154.0 dollars/ton (- 6.0 dollars/ton) [1] - Styrene: The non - integrated production profit is 464 yuan/ton (+ 8 yuan/ton), and it is expected to gradually compress [1] 3.3 Inventories and Production Rates of Pure Benzene and Styrene - Pure benzene: Port inventory is 29.70 tons (- 2.70 tons), and the production rate is not mentioned in the inventory - related data [1] - Styrene: East China port inventory is 93,500 tons (- 7,100 tons), East China commercial inventory is 58,900 tons (- 1,000 tons), and the production rate is 70.9% (- 0.1%) [1] 3.4 Production Rates and Production Profits of Styrene Downstream - EPS: Production profit is - 66 yuan/ton (- 49 yuan/ton), and the production rate is 54.05% (+ 7.34%) [2] - PS: Production profit is - 366 yuan/ton (- 99 yuan/ton), and the production rate is 57.40% (- 1.50%) [2] - ABS: Production profit is - 924 yuan/ton (- 138 yuan/ton), and the production rate is 69.80% (+ 0.00%) [2] 3.5 Production Rates and Production Profits of Pure Benzene Downstream - Caprolactam: Production profit is - 945 yuan/ton (- 40), and the production rate is 77.17% (+ 2.95%) [1] - Phenol - acetone: Production profit is - 919 yuan/ton (- 90), and the production rate of phenol is 89.00% (+ 3.50%) [1] - Aniline: Production profit is 1,171 yuan/ton (+ 262), and the production rate is 73.26% (+ 11.95%) [1] - Adipic acid: Production profit is - 881 yuan/ton (- 104), and the production rate is 65.30% (- 2.30%) [1] 3.6 Strategy - Unilateral: Consider cautious bottom - fishing and hedging for EB2602 and BZ2603 [4] - Basis and inter - period: None [4] - Cross - variety: None [4]