聚烯烃日报 | 2026-01-06 供需改善有限，制约反弹空间 市场要闻与重要数据 价格与基差方面，L主力合约收盘价为6449元/吨（-23），PP主力合约收盘价为6330元/吨（-18），LL华北现货为6400 元/吨（+100），LL华东现货为6480元/吨（+30），PP华东现货为6190元/吨（+30），LL华北基差为-49元/吨（+123）， LL华东基差为31元/吨（+103）， PP华东基差为-140元/吨（+48）。 上游供应方面，PE开工率为83.2%（+0.6%），PP开工率为76.7%（-0.1%）。 策略 单边：LLDPE观望；PP观望；短期供需矛盾尚未改善但地缘局势升温或对成本端造成扰动，短期或延续震荡走势， 继续关注上游装置检修兑现情况。 跨期：无 跨品种：L05-PP05价差逢高做缩 生产利润方面，PE油制生产利润为64.5元/吨（+78.3），PP油制生产利润为-415.5元/吨（+78.3），PDH制PP生产利 润为-828.8元/吨（-35.7）。 进出口方面，LL进口利润为99.3元/吨（-2.5），PP进口利润为-351.2元/吨（+7.4），PP出口利润为-22.4 ...

化工日报 | 2025-12-31 EG延续累库，价格低位整理 核心观点 市场分析 期现货方面：昨日EG主力合约收盘价3847元/吨（较前一交易日变动+30元/吨，幅度+0.79%），EG华东市场现货价 3702元/吨（较前一交易日变动+19元/吨，幅度+0.52%），EG华东现货基差-139元/吨（环比-3元/吨）。 生产利润方面：据隆众数据，乙烯制EG生产毛利为-87美元/吨（环比+0美元/吨），煤基合成气制EG生产毛利为-841 元/吨（环比+16元/吨）。 库存方面：根据 CCF 每周一发布的数据，MEG 华东主港库存为84.4万吨（环比+2.5万吨）；根据隆众每周四发布 的数据， MEG 华东主港库存为64.5万吨（环比+2.8万吨）。据CCF数据，上周华东主港计划到港总数10.6万吨，副 港到港量2.5万吨；本周华东主港计划到港总数10.6万吨，副港到港量4.3万吨，整体中性略偏高，预计主港将平衡 略累。 整体基本面供需逻辑：国内供应端，合成气制负荷挤出不明显，国内乙二醇负荷回升至7成以上高位，1~2月高供 应和需求转弱下累库压力仍大；海外供应方面，随着沙特、台湾装置检修，后续2月后进口压力将有所 ...

国泰君安期货·能源化工 聚烯烃周报 国泰君安期货研究所 周富强 投资咨询从业资格号：Z0023304 日期：2025年12月28日 Guotai Junan Futures all rights reserved, please do not reprint CONTENT 观点综述 01 塑料部分 02 聚丙烯部分 03 价格&价差 供应 需求&库存 价格&价差 供应 需求&库存 Special report on Guotai Junan Futures 2 观点综述 1 本周塑料观点：跌价部分标品转产非标，但检修有限供应宽松，压制价格 | | 总有效产能增速16%，上半年利润尚可，国产量增速18%，进口有同比下滑，但宽松的供应压制价格。PE总开工82.6%/-1.2%。新增独山子、齐鲁、天 | | --- | --- | | | 津石化临时检修，裕龙、东明石化重启，供应小幅下滑；下周扬子、中韩、茂名重启，供应再度增加。Q4检修计划同比略低，预计供应维持宽松状 | | | 态，12月中旬以来福建联合、内蒙、宁夏宝丰约130万吨全密度产能转产HD,占比约3.3%，且外盘乙烯裂解利润持续承压，关注后续规模及对 ...

纯苯苯乙烯日报 | 2025-12-24 苯乙烯去库周期结束，基差再度走弱 纯苯与苯乙烯观点 纯苯方面：纯苯主力基差-100元/吨（+34）。纯苯港口库存27.30万吨（+1.30万吨）；纯苯CFR中国加工费126美元/ 吨（-6美元/吨），纯苯FOB韩国加工费119美元/吨（-6美元/吨），纯苯美韩价差181.9美元/吨（-3.0美元/吨）。华东纯 苯现货-M2价差-135元/吨（-10元/吨）。 纯苯下游方面：己内酰胺生产利润-350元/吨（+0），酚酮生产利润-902元/吨（+25），苯胺生产利润789元/吨（+178）， 己二酸生产利润-1018元/吨（+0）。己内酰胺开工率69.20%（-5.37%），苯酚开工率76.00%（-3.50%），苯胺开工率 61.35%（-14.59%），己二酸开工率59.60%（+0.40%）。 苯乙烯方面：苯乙烯主力基差71元/吨（+61元/吨）；苯乙烯非一体化生产利润-190元/吨（+30元/吨），预期逐步压 缩。苯乙烯华东港口库存139300吨（+4600吨），苯乙烯华东商业库存84550吨（+2250吨），处于库存回建阶段。苯 乙烯开工率69.1%（+0.8% ...

Report Industry Investment Rating - Unilateral: Neutral [3] - Inter - period: None [3] - Cross - variety: None [3] Core Viewpoints - The EG basis continued to weaken. The spot price of EG in the East China market was 3668 yuan/ton, with a change of +32 yuan/ton from the previous trading day, an increase of +0.88%. The EG East China spot basis was -25 yuan/ton, a decrease of -5 yuan/ton month - on - month. The production profit of ethylene - based EG was -91 US dollars/ton, an increase of +4 US dollars/ton month - on - month, and that of coal - based syngas EG was -1050 yuan/ton, an increase of +26 yuan/ton month - on - month. The inventory of MEG in the main ports of East China was 84.4 tons (CCF data) or 75.5 tons (Longzhong data), showing an increase [1]. - On the supply side, domestic ethylene glycol load decreased from a high level, and the short - term supply pressure was relieved, but high supply would resume in January. Overseas supply returned to neutral, and the increase in port inventory could be moderately alleviated. On the demand side, polyester load remained firm with low inventory, but orders showed a marginal decline [2]. - For investment strategies, a neutral stance was recommended for unilateral trading. There was large production capacity release pressure, and the inventory accumulation pressure was still large from January to February [3]. Summary by Directory Price and Basis - The closing price of the EG main contract was 3758 yuan/ton, a change of +58 yuan/ton from the previous trading day, an increase of +1.57%. The spot price of EG in the East China market was 3668 yuan/ton, a change of +32 yuan/ton from the previous trading day, an increase of +0.88%. The EG East China spot basis was -25 yuan/ton, a decrease of -5 yuan/ton month - on - month [1]. Production Profit and Operating Rate - The production profit of ethylene - based EG was -91 US dollars/ton, an increase of +4 US dollars/ton month - on - month, and that of coal - based syngas EG was -1050 yuan/ton, an increase of +26 yuan/ton month - on - month [1]. International Spread - The report mentioned the international spread of ethylene glycol: US FOB - China CFR, but no specific data was provided [20]. Downstream Sales, Production and Operating Rate - Polyester load remained firm with low inventory, but orders showed a marginal decline. However, no specific data on downstream sales, production and operating rate was given in the provided text [2]. Inventory Data - According to CCF data, the inventory of MEG in the main ports of East China was 84.4 tons, an increase of +2.5 tons month - on - month; according to Longzhong data, it was 75.5 tons, an increase of +3.6 tons month - on - month. The planned arrival volume at the main ports of East China this week was 11.8 tons, and the arrival volume at secondary ports was 3 tons, which was slightly high overall, and the main ports were expected to have a slight inventory accumulation [1].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - Supply is abundant and production profits are high, but downstream price - pressing is firm, resulting in high pressure on spot market sales. It is expected that the inventories of both production enterprises and trading enterprises will increase slightly in the short term [2]. - The resumption of production by previously - shut - down enterprises drove the week - on - week increase in the capacity utilization rate of domestic tire enterprises last week. Entering the seasonal off - season, the overall shipment rhythm of enterprises is slow, and most enterprises are in a state of flexible production control, limiting the increase in the overall capacity utilization rate. As the finished product inventory continues to rise, some enterprises may conduct maintenance or reduce production in the later stage [2]. - The short - term forecast for the br2602 contract is to fluctuate in the range of 10,600 - 11,300 [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of synthetic rubber is 11,160 yuan/ton, with a week - on - week increase of 230 yuan/ton; the position of the main contract is 105,416, with a week - on - week increase of 4,360 [2]. - The synthetic rubber 2 - 3 spread is - 10 yuan/ton, with a week - on - week increase of 15 yuan/ton; the total warehouse receipt quantity of butadiene rubber is 4,560 tons, with no change [2]. 3.2 Spot Market - The mainstream price of BR9000 cis - butadiene rubber from Qilu Petrochemical in Shandong is 10,750 yuan/ton, unchanged; that from Daqing Petrochemical in Shandong is 10,700 yuan/ton, unchanged; that from Daqing Petrochemical in Shanghai is 10,750 yuan/ton, unchanged; and that from Maoming Petrochemical in Guangdong is 10,950 yuan/ton, unchanged [2]. - The basis of synthetic rubber is - 130 yuan/ton, with a week - on - week decrease of 35 yuan/ton [2]. 3.3 Upstream Situation - Brent crude oil is at 58.92 US dollars/barrel, down 1.64 US dollars; WTI crude oil is at 55.27 US dollars/barrel, down 1.55 US dollars [2]. - Naphtha CFR Japan is at 535.63 US dollars/ton, down 10.12 US dollars/ton; the Northeast Asian ethylene price is 745 US dollars/ton, unchanged; the CFR China butadiene price is 870 US dollars/ton, unchanged; the mainstream price of butadiene in the Shandong market is 7,850 yuan/ton, down 90 yuan/ton [2]. - The weekly capacity of butadiene is 15.93 tons, unchanged; the weekly capacity utilization rate is 71.17%, up 0.77 percentage points [2]. - The port inventory of butadiene is 35,900 tons, down 5,200 tons; the operating rate of Shandong local refinery atmospheric and vacuum distillation units is 55.9%, down 0.21 percentage points [2]. - The monthly output of cis - butadiene rubber is 13.01 tons, down 0.75 tons; the weekly capacity utilization rate is 70.69%, down 2.84 percentage points; the weekly production profit is 349 yuan/ton, down 135 yuan/ton [2]. - The weekly social inventory of cis - butadiene rubber is 3.2 tons, down 0.03 tons; the weekly manufacturer inventory is 26,500 tons, down 600 tons; the weekly trader inventory is 5,450 tons, up 220 tons [2]. - The weekly operating rate of domestic semi - steel tires is 71.57%, up 0.65 percentage points; the weekly operating rate of domestic all - steel tires is 64.07%, up 0.57 percentage points [2]. 3.4 Downstream Situation - The monthly output of all - steel tires is 1.301 million pieces, up 59,000 pieces; the monthly output of semi - steel tires is 5.831 million pieces, up 663,000 pieces [2]. - The inventory days of all - steel tires in Shandong are 40.58 days, up 1.07 days; the inventory days of semi - steel tires in Shandong are 45.51 days, up 0.56 days [2]. 3.5 Industry News - As of December 11, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 70.14%, up 1.81 percentage points week - on - week and down 8.49 percentage points year - on - year; the capacity utilization rate of Chinese all - steel tire sample enterprises was 64.55%, up 0.55 percentage points week - on - week and up 6.07 percentage points year - on - year. The resumption of production by previously - shut - down enterprises drove the capacity utilization rate [2]. - In November, the domestic cis - butadiene rubber output was 13.01 tons, a month - on - month decrease of 0.75 tons (- 5.44%) and a year - on - year increase of 8.43%. The capacity utilization rate was 68.13%, a month - on - month decrease of 3.27 percentage points and a year - on - year increase of 0.53 percentage points [2]. - As of December 11, the domestic cis - butadiene rubber inventory was 3.20 tons, a decrease of 0.03 tons (- 1.18%) from the previous period. The inventory of some previously - shut - down production enterprises decreased significantly last week, but most production enterprises still faced high shipment pressure, and the overall inventory of production enterprises decreased slightly. Due to the continued price - pressing by downstream terminals, the shipment of traders was slow, and the inventory of trading enterprises increased slightly [2].

Report Industry Investment Rating - Not provided Core Viewpoints - The Central Financial and Economic Work Conference determined the economic direction. With the improvement of market sentiment boosted by macro - policies, the polyolefin market stopped falling and rebounded. However, the current weak supply - demand fundamentals provide insufficient support for prices [3]. - For PE, the supply is expected to be loose and the demand is weak, with high inventory pressure and limited oil - based cost support. The short - term fundamentals are difficult to be substantially boosted, and the rebound space is limited [3]. - For PP, the supply is expected to remain high, the demand follow - up is insufficient, the inventory level is high, and the cost support is weakened. The short - term rebound drive is limited, and attention should be paid to cost and supply changes [4]. Summary by Directory Market News and Important Data - **Price and Basis**: L主力合约收盘价为6557元/吨（+71），PP主力合约收盘价为6254元/吨（+125）；LL华北现货为6500元/吨（+0），LL华东现货为6580元/吨（+0），PP华东现货为6200元/吨（+0）；LL华北基差为 - 57元/吨（-71），LL华东基差为23元/吨（-71），PP华东基差为 - 54元/吨（-125） [1]. - **Upstream Supply**: PE开工率为84.1%（+0.1%），PP开工率为78.3%（+0.7%） [1]. - **Production Profit**: PE油制生产利润为183.5元/吨（-105.5），PP油制生产利润为 - 436.5元/吨（-105.5），PDH制PP生产利润为 - 817.3元/吨（+75.2） [1]. - **Import and Export**: LL进口利润为 - 112.2元/吨（-116.8），PP进口利润为 - 322.4元/吨（-26.9），PP出口利润为 - 10.6美元/吨（+3.4） [1]. - **Downstream Demand**: PE下游农膜开工率为46.4%（-1.7%），PE下游包装膜开工率为49.6%（-0.6%），PP下游塑编开工率为44.1%（+0.0%），PP下游BOPP膜开工率为62.9%（+0.3%） [2]. Market Analysis - **PE**: Supply side, in December, the overall PE maintenance volume is not high, and the planned maintenance volume in the future is also relatively limited. The PE start - up is expected to continue to rise, and a new 500,000 - ton FDPE device of BASF is expected to be put into operation at the end of the year, so the supply pressure is continuous. Demand side, the overall downstream start - up of PE continues to decline, with the agricultural film start - up entering the off - season, and the demand for packaging film also weakening. Inventory side, although the PE social inventory is decreasing, the absolute inventory levels of LL and LD are still high, and the inventory pressure is expected to be large. Cost side, the oil price trend is weak, and the oil - based cost support is relatively limited [3]. - **PP**: Supply side, the previously shut - down enterprises are gradually restarting, the planned maintenance volume is relatively small, and the supply is expected to remain high. Demand side, the downstream demand start - up of BOPP, plastic weaving, etc. is okay, but the downstream replenishment is cautious. Inventory side, the overall inventory level is still high. Cost side, the international oil price is weak, and the cost support of PDH is weakened. The short - term rebound drive is limited, and attention should be paid to cost and supply changes [4]. Strategy - **Unilateral**: Wait and see [5]. - **Inter - period Spread**: Go long on the L05 - 09 inter - period spread when it is low; go long on the PP05 - 09 inter - period spread when it is low [5]. - **Inter - variety Spread**: Short the L05 - PP05 spread when it is high [5].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The supply of synthetic rubber is sufficient and the production profit is high, but the downstream is firm in pressing prices, resulting in high pressure on the spot market. It is expected that the inventories of production enterprises and trading enterprises will both increase slightly in the short term. The resumption of production scheduling of previously overhauled enterprises has driven the capacity utilization rate of domestic tire enterprises to increase month - on - month, but it is in the seasonal off - season, with a slow overall shipment rhythm and limited capacity utilization rate increase. As the finished product inventory continues to rise, some enterprises may overhaul or reduce production in the future. The short - term price of the br2602 contract is expected to fluctuate between 10,300 and 11,000 [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of synthetic rubber is 10,845 yuan/ton, with a month - on - month increase of 125 yuan/ton; the main contract position is 98,043, with a month - on - month increase of 8,209. The 1 - 2 spread of synthetic rubber is - 40 yuan/ton, with a month - on - month decrease of 10 yuan/ton [2] 3.2 Spot Market - The mainstream price of BR9000 from Qilu Petrochemical in Shandong is 10,650 yuan/ton; that from Daqing Petrochemical in Shandong is 10,600 yuan/ton; that from Daqing Petrochemical in Shanghai is 10,700 yuan/ton; and that from Maoming Petrochemical in Guangdong is 10,900 yuan/ton, all with no month - on - month change. The basis of synthetic rubber is - 95 yuan/ton, with a month - on - month decrease of 25 yuan/ton [2] 3.3 Upstream Situation - The price of Brent crude oil is 61.12 US dollars/barrel, with a month - on - month decrease of 0.16 US dollars/barrel; the price of WTI crude oil is 57.44 US dollars/barrel, with a month - on - month decrease of 0.16 US dollars/barrel. The price of naphtha CFR Japan is 548.75 US dollars/ton, with a month - on - month decrease of 5.5 US dollars/ton; the price of Northeast Asian ethylene is 745 US dollars/ton, with no month - on - month change; the intermediate price of butadiene CFR China is 870 US dollars/ton, with a month - on - month increase of 10 US dollars/ton; the market price of butadiene in Shandong is 7,500 yuan/ton, with a month - on - month decrease of 25 yuan/ton. The weekly production capacity of butadiene is 159,300 tons, with no month - on - month change; the weekly capacity utilization rate is 71.17%, with a month - on - month increase of 0.77 percentage points. The port inventory of butadiene is 35,900 tons, with a month - on - month decrease of 5,200 tons; the daily operating rate of Shandong local refineries' atmospheric and vacuum distillation units is 55.9%, with a month - on - month decrease of 0.21 percentage points [2] 3.4 Downstream Situation - The monthly output of butadiene rubber is 130,100 tons, with a month - on - month decrease of 7,500 tons, a month - on - month decrease of 5.44%, and a year - on - year increase of 8.43%. The weekly capacity utilization rate of butadiene rubber is 70.69%, with a month - on - month decrease of 2.84 percentage points. The weekly production profit of butadiene rubber is 349 yuan/ton, with a month - on - month decrease of 135 yuan/ton. The weekly social inventory of butadiene rubber is 32,000 tons, with a month - on - month decrease of 300 tons; the weekly manufacturer inventory is 26,500 tons, with a month - on - month decrease of 600 tons; the weekly trader inventory is 5,450 tons, with a month - on - month increase of 220 tons. The weekly operating rate of domestic semi - steel tires is 71.57%, with a month - on - month increase of 0.65 percentage points; the weekly operating rate of domestic all - steel tires is 64.07%, with a month - on - month increase of 0.57 percentage points. The monthly output of all - steel tires is 1.301 million pieces, with a month - on - month increase of 59,000 pieces; the monthly output of semi - steel tires is 5.831 million pieces, with a month - on - month increase of 663,000 pieces. The inventory days of all - steel tires in Shandong are 40.58 days, with a month - on - month increase of 1.07 days; the inventory days of semi - steel tires in Shandong are 45.51 days, with a month - on - month increase of 0.56 days [2] 3.5 Industry News - As of December 11, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 70.14%, with a month - on - month increase of 1.81 percentage points and a year - on - year decrease of 8.49 percentage points; the capacity utilization rate of Chinese all - steel tire sample enterprises was 64.55%, with a month - on - month increase of 0.55 percentage points and a year - on - year increase of 6.07 percentage points. The resumption of production scheduling of previously overhauled enterprises has driven the capacity utilization rate. In November, the domestic butadiene rubber output was 130,100 tons, with a month - on - month decrease of 7,500 tons, a month - on - month decrease of 5.44%, and a year - on - year increase of 8.43%. The capacity utilization rate of butadiene rubber in November was 68.13%, with a month - on - month decrease of 3.27 percentage points and a year - on - year increase of 0.53 percentage points. As of December 11, the domestic butadiene rubber inventory was 32,000 tons, with a month - on - month decrease of 300 tons, a month - on - month decrease of 1.18% [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In the short - term, the domestic pure benzene has a large real - time arrival pressure, with port inventory accelerating accumulation. The overseas gasoline shortage has passed, but the price difference between the US and South Korea in the pure benzene market is still being repaired. Downstream提货 is weak, and downstream开工 is further decreasing in the off - season. Styrene maintains low - load maintenance, CPL开工 drops to the lowest level of the year, phenol开工 rebounds, and aniline and adipic acid开工 fluctuate within a range [3]. - For styrene, port inventory further declines, and the port basis remains strong. Styrene maintains low - level operation, port inventory continues to decrease, and downstream提货 is acceptable. The downstream开工 shows differentiation. EPS开工 rebounds slightly in the off - season but still has inventory pressure; ABS开工 decreases due to continuous finished - product inventory pressure; PS开工 continues to rise at the end of the year as the finished - product inventory pressure eases [3]. Summary by Directory 1. Pure Benzene and EB's Basis Structure, Inter - period Spread - The pure benzene main contract basis is - 130 yuan/ton (+12), and the spot - M2 paper cargo spread is - 150 yuan/ton (+35 yuan/ton). The EB main contract basis is 156 yuan/ton (- 48 yuan/ton) [1]. 2. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Pure benzene CFR China processing fee is 116 US dollars/ton (+2 US dollars/ton), and FOB South Korea processing fee is 113 US dollars/ton (+1 US dollar/ton). The pure benzene US - South Korea price difference is 195.0 US dollars/ton (+14.0 US dollars/ton). Styrene non - integrated production profit is - 140 yuan/ton (- 121 yuan/ton), and it is expected to gradually compress [1]. 3. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene port inventory is 26.00 million tons (+3.60 million tons), and styrene East China port inventory is 146,800 tons (- 13,800 tons), and the East China commercial inventory is 87,800 tons (- 8,600 tons). Pure benzene开工 rate data is not provided, and styrene开工 rate is 68.9% (+1.6%) [1]. 4. Operating Rates and Production Profits of Styrene Downstream - EPS production profit is 191 yuan/ton (+153 yuan/ton), PS production profit is - 9 yuan/ton (+153 yuan/ton), and ABS production profit is - 776 yuan/ton (+89 yuan/ton). EPS开工 rate is 56.36% (+1.61%), PS开工 rate is 59.00% (+1.40%), and ABS开工 rate is 68.30% (- 2.90%) [2]. 5. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam production profit is - 360 yuan/ton (+90), phenol - ketone production profit is - 952 yuan/ton (+25), aniline production profit is 848 yuan/ton (+95), and adipic acid production profit is - 1,129 yuan/ton (+59). Caprolactam开工 rate is 79.15% (- 7.53%), phenol开工 rate is 82.00% (+1.00%), aniline开工 rate is 77.23% (+0.04%), and adipic acid开工 rate is 60.00% (+0.60%) [1]. Strategy - Unilateral: None - Basis and Inter - period: Conduct inter - period positive arbitrage for EB2601 - EB2602 at low prices. - Cross - variety: Expand the spread of EB2601 - BZ2603 at low prices [4].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In the pure benzene market, there is significant short - term arrival pressure in China, leading to accelerated accumulation of port inventories. The most critical period for overseas gasoline has passed, but the price difference between the US and South Korea in the pure benzene market is still being repaired. Downstream提货 remains weak, and downstream operating rates are at a low level during the off - season. - In the styrene market, the port basis continues to be strong. Styrene maintains low - level operation, and port inventories continue to decline. Downstream operating rates show differentiation, with EPS operating rate rebounding slightly, ABS operating rate decreasing due to inventory pressure, and PS operating rate continuing to rise at the end of the year [3]. Summary by Relevant Catalogs 1. Pure Benzene and EB's Basis Structure, Inter - period Spread - Pure benzene: The main basis is - 142 yuan/ton (+48), and the spot - M2 spread is - 185 yuan/ton (+5 yuan/ton) [1]. - Styrene: The main basis is 204 yuan/ton (+73 yuan/ton) [1]. 2. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Pure benzene: CFR China processing fee is 115 dollars/ton (+0 dollars/ton), FOB South Korea processing fee is 113 dollars/ton (+3 dollars/ton), and the US - South Korea spread is 181.0 dollars/ton (+1.1 dollars/ton) [1]. - Styrene: Non - integrated production profit is - 19 yuan/ton (-4 yuan/ton), and it is expected to gradually compress [1]. 3. Inventories and Operating Rates of Pure Benzene and Styrene - Pure benzene: Port inventory is 26.00 million tons (+3.60 million tons), and the operating rate of downstream products shows different trends, with CPL operating rate dropping to the lowest level of the year, phenol operating rate rising, and aniline and adipic acid operating rates fluctuating within a range [1][3]. - Styrene: East China port inventory is 146,800 tons (-13,800 tons), East China commercial inventory is 87,800 tons (-8,600 tons), and the operating rate is 68.9% (+1.6%) [1]. 4. Operating Rates and Production Profits of Styrene's Downstream Products - EPS: Production profit is 38 yuan/ton (+20 yuan/ton), and the operating rate is 56.36% (+1.61%) [2]. - PS: Production profit is - 162 yuan/ton (+20 yuan/ton), and the operating rate is 59.00% (+1.40%) [2]. - ABS: Production profit is - 865 yuan/ton (-69 yuan/ton), and the operating rate is 68.30% (-2.90%) [2]. 5. Operating Rates and Production Profits of Pure Benzene's Downstream Products - Caprolactam: Production profit is - 450 yuan/ton (+20), and the operating rate is 79.15% (-7.53%) [1]. - Phenol - acetone: Production profit is - 977 yuan/ton (+0), and the operating rate is 82.00% (+1.00%) [1]. - Aniline: Production profit is 848 yuan/ton (+95), and the operating rate is 77.23% (+0.04%) [1]. - Adipic acid: Production profit is - 1188 yuan/ton (+45), and the operating rate is 60.00% (+0.60%) [1]. Strategies - Unilateral: None. - Basis and Inter - period: Go for long - short spread trading on EB2601 - EB2602 when the price is low. - Cross - variety: Expand the spread of EB2601 - BZ2603 when the price is low [4].