国内炼厂降负，芳烃供应端受影响

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The situation in the Iran war has escalated, spreading to countries around the Strait of Hormuz. Domestic and South Korean refineries may reduce their loads, affecting the supply of aromatics such as PX and pure benzene [3] - The port inventory of pure benzene remains at a high level, and there is an expectation of a decline from the high level. Attention should be paid to whether the load reduction of South Korean refineries will materialize and whether the shipment volume of South Korean pure benzene will decline. The downstream开工率 is performing well [3] - The port inventory of styrene continues to rise seasonally, but there are still some maintenance plans in March in China and concentrated maintenance in Europe and the United States in April, so there is still an expectation of inventory reduction in the future [3] Summary According to the Directory 1. Basis Structure and Inter - period Spread of Pure Benzene and EB - Pure benzene: The basis of the pure benzene main contract is - 86 yuan/ton (+105), and the spread between the East China pure benzene spot and M2 is - 130 yuan/ton (+10 yuan/ton) [1] - Styrene: The basis of the styrene main contract is 74 yuan/ton (+135 yuan/ton) [1] 2. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene: The processing fee of pure benzene CFR China is 120 US dollars/ton (- 21 US dollars/ton), and the processing fee of pure benzene FOB South Korea is 118 US dollars/ton (- 19 US dollars/ton). The price difference between the US and South Korea for pure benzene is 116.4 US dollars/ton (- 26.8 US dollars/ton) [1] - Styrene: The non - integrated production profit of styrene is 340 yuan/ton (- 9 yuan/ton), with an expected gradual compression [1] 3. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene: The port inventory of pure benzene is 30.30 tons (- 0.10 tons), and the operating rate is expected to decline from the high level [1][3] - Styrene: The East China port inventory of styrene is 175,600 tons (+17,500 tons), the East China commercial inventory is 101,000 tons (+13,800 tons), and the operating rate is 74.7% (+1.5%). It is in the inventory rebuilding stage, but there is an expectation of inventory reduction in the future [1][3] 4. Operating Rates and Production Profits of Styrene Downstream - EPS: The production profit is 252 yuan/ton (+78 yuan/ton), and the operating rate is 12.18% (+12.18%) [2] - PS: The production profit is - 373 yuan/ton (+53 yuan/ton), and the operating rate is 49.40% (- 0.30%) [2] - ABS: The production profit is - 869 yuan/ton (+231 yuan/ton), and the operating rate is 70.70% (+1.80%) [2] 5. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam: The production profit is - 775 yuan/ton (+35), and the operating rate is 74.46% (+0.36%) [1] - Phenol - acetone: The production profit is - 258 yuan/ton (+423), and the operating rate of phenol is 88.00% (- 1.00%) [1] - Aniline: The production profit is 1198 yuan/ton (- 56), and the operating rate is 89.12% (- 0.46%) [1] - Adipic acid: The production profit is - 558 yuan/ton (+17), and the operating rate is 71.50% (+0.00%) [1]