化学原料和化学制品制造业 - filings, earnings calls, financial reports, news

化学原料和化学制品制造业

Search documents

Hua Tai Qi Huo· 2025-08-13 07:27

Report Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - The market for pure benzene and styrene is in a range - bound oscillation, waiting for further increase in downstream procurement. For pure benzene, although the port inventory has decreased again, the downstream demand has declined from its peak, and the subsequent de - stocking amplitude is small with inventory pressure remaining. For styrene, the port inventory has entered the seasonal decline cycle, but the downstream开工 rate has limited improvement, and the downstream has not further increased procurement volume [1][3]. Summary by Directory 1. Pure Benzene and EB's Basis Structure and Inter - period Spread - The report mentions figures related to the basis of pure benzene (such as the main contract basis, the spot - M2 paper cargo spread, the spread between the first - month contract and the third - month contract) and styrene (such as the main contract basis, the spread between the first - month contract and the third - month contract), but no specific analysis of these data is provided [8][12][19]. 2. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Figures related to the production profits and domestic - foreign spreads of pure benzene and styrene are presented, including naphtha processing fees, the difference between FOB Korea pure benzene and CFR Japan naphtha, non - integrated styrene production profits, and various spreads between different regions' prices. However, no in - depth analysis of these data is given [21][24][32]. 3. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene port inventory has decreased, with the futures premium narrowing. The operating rate of downstream products has declined, and the subsequent de - stocking amplitude of pure benzene is small with inventory pressure remaining. Styrene port inventory has entered the seasonal decline cycle, but the downstream operating rate has limited improvement [1][3][37]. 4. Operating Rates and Production Profits of Styrene's Downstream Products - The production profits of EPS, PS, and ABS have decreased to varying degrees. The operating rate of EPS has decreased significantly, while the operating rates of PS and ABS have increased from the bottom. The inventory pressure of PS has eased, but the inventory pressure of ABS still persists [2][3]. 5. Operating Rates and Production Profits of Pure Benzene's Downstream Products - The production profits of caprolactam, phenol - acetone, and adipic acid have decreased, while the production profit of aniline has increased. The operating rates of caprolactam, aniline, and adipic acid have decreased, and the operating rate of phenol has increased [1]. Strategy - For unilateral trading, it is recommended to take a wait - and - see approach for both pure benzene and styrene. For basis and inter - period trading, it is advisable to conduct reverse arbitrage when the spread between near - month BZ paper cargo and far - end BZ2603, and the spread between BZ2603 - BZ2605 are high; also, conduct reverse arbitrage when the spread between EB2509 - 2510 is high. For cross - variety trading, it is recommended to narrow the spread between EB and BZ when it is high [4].