纯苯苯乙烯日报：特朗普决策多变，关注美国地面部队动向-20260401

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The situation between the US and Iran remains tense as the shipping volume through the Strait of Hormuz is still low, and the follow - up actions of US ground forces are yet to be observed [3]. - For pure benzene, Chinese port inventories are gradually decreasing, and domestic refineries are operating at a low level. The subsequent rate of port inventory reduction is related to the rate of decline in imports. South Korea may adjust its delivery plans and consider restricting the export of petrochemical products [3]. - For styrene, although the current inventory reduction is slow, there are expectations of faster inventory reduction in the future. The supply side may see a delay in the maintenance of Zhejiang Petrochemical, and the downstream start - up shows differentiation [3]. 3. Summary According to the Directory I. Pure Benzene and EB's Basis Structure and Inter - period Spreads - Figures related to pure benzene include the basis of the pure benzene main contract, the spread between pure benzene spot and M2 paper goods, and the spread between the first - and third - consecutive contracts of pure benzene [8][15]. - Figures related to styrene include the basis of the styrene main contract and the spread between the first - and third - consecutive contracts of styrene [16][19]. II. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Figures related to production profits and spreads include naphtha processing fees, the spread between pure benzene FOB South Korea and naphtha CFR Japan, the production profit of non - integrated styrene plants, and various spreads between different regions of pure benzene and styrene [22][25][33]. III. Inventories and Operating Rates of Pure Benzene and Styrene - For pure benzene, it includes the inventory in East China ports and the operating rate [42]. - For styrene, it includes the inventory in East China ports, commercial inventory, factory inventory, and the operating rate [45][47]. IV. Operating Rates and Production Profits of Styrene Downstream - It includes the operating rates and production profits of EPS, PS, and ABS [55][60][62]. V. Operating Rates and Production Profits of Pure Benzene Downstream - It includes the operating rates and production profits of caprolactam, phenol - ketone, aniline, adipic acid, and other downstream products [65][69][75].