原油提升芳烃成本，苯乙烯过节期间库存回建

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The geopolitical tension in the Middle - East has pushed up oil prices, driving up the costs of pure benzene and styrene. However, Trump's inclination towards negotiation should be closely monitored [2]. - After the holiday, the port inventory of pure benzene has slightly accumulated and remains at a historical high. The domestic production rate of pure benzene has rebounded from the previous low, and there is still pressure from imported arrivals. The downstream performance is fair, with the styrene production rate expected to further increase, while the caprolactam production rate remains low, and the production rates of phenol, aniline, and adipic acid are at relatively high levels [2]. - The domestic styrene production rate has gradually bottomed out and rebounded. Attention should be paid to the restart plans of Zhenhai Liande, Shandong Yuhuang, and Jingbo. The styrene port inventory has normally increased after the holiday, but the absolute inventory level is lower than the same period. It is the seasonal off - season for the downstream, with EPS at a low - load stage before and after the holiday, PS at a low load, and ABS production rate rebounding from the bottom [2]. 3. Summary According to the Directory 3.1 Pure Benzene and EB's Basis Structure and Inter - Period Spread - Pure benzene: The main basis is - 49 yuan/ton (- 44), the spot - M2 spread is - 135 yuan/ton (- 15 yuan/ton), and the spread between the first - and third - month contracts is not given in the text [1]. - Styrene: The main basis is 81 yuan/ton (- 80 yuan/ton), and the spread between the first - and third - month contracts is not given in the text [1]. 3.2 Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Pure benzene: The CFR China processing fee is 165 dollars/ton (- 3 dollars/ton), the FOB South Korea processing fee is 163 dollars/ton (- 3 dollars/ton), and the US - South Korea spread is 151.3 dollars/ton (+ 3.0 dollars/ton) [1]. - Styrene: The non - integrated production profit is 478 yuan/ton (+ 106 yuan/ton), and it is expected to gradually compress [1]. 3.3 Inventories and Production Rates of Pure Benzene and Styrene - Pure benzene: The port inventory is 30.40 tons (+ 0.00 tons), and the production rate has significantly rebounded from the previous low [1][2]. - Styrene: The East China port inventory is 158,100 tons (+ 61,900 tons), the East China commercial inventory is 87,200 tons (+ 33,200 tons), and the production rate is 73.2% (+ 2.1%) [1]. 3.4 Production Rates and Production Profits of Styrene Downstream - EPS: The production profit is 178 yuan/ton (- 228 yuan/ton), and the production rate is 0.00% (- 48.02%) [2]. - PS: The production profit is - 423 yuan/ton (- 178 yuan/ton), and the production rate is 49.40% (- 0.30%) [2]. - ABS: The production profit is - 1042 yuan/ton (- 453 yuan/ton), and the production rate is 68.90% (+ 0.00%) [2]. 3.5 Production Rates and Production Profits of Pure Benzene Downstream - Caprolactam: The production profit is - 725 yuan/ton (- 145), and the production rate is 74.10% (+ 0.00%) [1]. - Phenol - acetone: The production profit is - 834 yuan/ton (- 118), and the production rate is 89.00% (+ 0.00%) [1]. - Aniline: The production profit is 1254 yuan/ton (+ 19), and the production rate is 89.58% (+ 0.33%) [1]. - Adipic acid: The production profit is - 235 yuan/ton (- 131), and the production rate is 69.00% (+ 0.00%) [1].