下游开工支撑，纯苯苯乙烯继续冲高

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The fundamentals of pure benzene have improved, with port inventories declining from a high level in the first week and downstream提货 demand being boosted. Although the styrene production is still at a low level, the production of non - styrene pure benzene downstream has increased, especially the aniline production which has rebounded significantly. Attention should be paid to the sustainability of the improvement in downstream production. Regarding overseas markets, attention should be paid to the implementation progress of the expected reduction of the US tariff on Korean pure benzene, which currently only affects the processing with supplied materials, and whether the general trade will be included later. Meanwhile, the domestic pure benzene production has further decreased. For styrene, due to plant malfunctions and shutdowns, along with the support of export orders in the first quarter, the actual port inventory is still slightly decreasing, and the basis is strong. The downstream production of EB is still acceptable, with the EPS production continuing to rebound beyond the seasonal level, the PS production slightly declining, and the ABS production further decreasing, but the inventory pressure has been further relieved [1][2] Summary According to the Directory I. Pure Benzene and EB's Basis Structure and Inter - Period Spreads - The report presents figures related to the basis of pure benzene and styrene, including the pure benzene main contract basis, the spread between pure benzene spot and M2 paper goods, the spread between the first and third pure benzene contracts, the styrene main contract basis, and the spread between the first and third styrene contracts [14][18] II. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Figures show the naphtha processing fee, the spread between pure benzene FOB Korea and naphtha CFR Japan, the production profit of non - integrated styrene plants, and various spreads and import profits of pure benzene and styrene in different regions [20][23] III. Inventories and Production Rates of Pure Benzene and Styrene - Information on the inventories and production rates of pure benzene and styrene is provided, including the pure benzene inventory at East China ports, the pure benzene production rate, the styrene inventory at East China ports, the styrene production rate, the styrene commercial inventory in East China, and the styrene factory inventory [38][41] IV. Production Rates and Production Profits of Styrene Downstream - Figures display the production rates and production profits of EPS, PS, and ABS, which are the downstream products of styrene [51][53] V. Production Rates and Production Profits of Pure Benzene Downstream - Information about the production rates and production profits of downstream products of pure benzene such as caprolactam, phenol - acetone, aniline, and adipic acid is presented [61][68]