纯苯苯乙烯日报：纯苯及苯乙烯港口库存未延续去库-20260127

1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - The chemical sector has a general upward trend, with funds flowing into the undervalued chemical sector due to inflation expectations. The port inventory of pure benzene did not continue to decline and slightly rebounded at the beginning of the week. Although the arrival pressure eased, downstream提货 decreased. The overall downstream start - up is okay, with the start - up of non - styrene pure benzene downstream increasing. The domestic pure benzene start - up further decreased, reducing domestic supply. For styrene, with low domestic start - up, the inventory was low initially, but the port inventory rebounded slightly due to increased arrivals. The downstream start - up of styrene is still okay, and the inventory pressure has further eased [2]. 3. Summary According to Relevant Catalogs 3.1 Pure Benzene and EB's Basis Structure, Inter - Period Spread - Pure benzene: The main basis is - 53 yuan/ton (+63), and the spread between East China pure benzene spot and M2 is - 115 yuan/ton (+45 yuan/ton) [1]. - Styrene: The main basis is 203 yuan/ton (+91 yuan/ton) [1]. 3.2 Pure Benzene and Styrene Production Profit, Internal - External Spread - Pure benzene: The CFR China processing fee is 195 dollars/ton (+10 dollars/ton), and the FOB South Korea processing fee is 199 dollars/ton (+12 dollars/ton). The US - South Korea spread is 95.0 dollars/ton (-1.0 dollars/ton) [1]. - Styrene: The non - integrated production profit is 682 yuan/ton (-3 yuan/ton), and it is expected to gradually compress [1]. 3.3 Pure Benzene and Styrene Inventory, Start - up Rate - Pure benzene: The port inventory is 30.50 tons (+0.80 tons), and the start - up rate further decreased [1][2]. - Styrene: The East China port inventory is 100,600 tons (+7,100 tons), the East China commercial inventory is 62,300 tons (+3,400 tons), and the start - up rate is 69.6% (-1.2%) [1]. 3.4 Styrene Downstream Start - up and Production Profit - EPS: The production profit is - 26 yuan/ton (-84 yuan/ton), and the start - up rate is 58.71% (+4.65%) [2]. - PS: The production profit is - 446 yuan/ton (-54 yuan/ton), and the start - up rate is 57.30% (-0.10%) [2]. - ABS: The production profit is - 1353 yuan/ton (+82 yuan/ton), and the start - up rate is 66.80% (-3.00%) [2]. 3.5 Pure Benzene Downstream Start - up and Production Profit - Caprolactam: The production profit is - 1130 yuan/ton (-115), and the start - up rate is 76.17% (-1.00%) [1]. - Phenol - acetone: The production profit is - 803 yuan/ton (+249), and the phenol start - up rate is 85.50% (-3.50%) [1]. - Aniline: The production profit is 1241 yuan/ton (+70), and the start - up rate is 87.61% (+10.51%) [1]. - Adipic acid: The production profit is - 950 yuan/ton (+97), and the start - up rate is 69.10% (+3.80%) [1].