纯苯苯乙烯日报 | 2025-08-26 纯苯去库而苯乙烯再度累库 纯苯与苯乙烯观点 市场要闻与重要数据 纯苯方面：纯苯主力基差-121元/吨（-3）。纯苯港口库存13.80万吨（-0.60万吨）；纯苯CFR中国加工费164美元/吨 （-3美元/吨），纯苯FOB韩国加工费147美元/吨（-5美元/吨），纯苯美韩价差58.7美元/吨（-4.0美元/吨）。华东纯苯 现货-M2价差-20元/吨（-10元/吨）。 纯苯下游方面：己内酰胺生产利润-1835元/吨（+5），酚酮生产利润-727元/吨（+0），苯胺生产利润-204元/吨（-43）， 己二酸生产利润-1277元/吨（+55）。己内酰胺开工率91.86%（-1.86%），苯酚开工率78.00%（+1.00%），苯胺开工 率70.10%（-1.47%），己二酸开工率65.50%（+3.80%）。 苯乙烯方面：苯乙烯主力基差25元/吨（+28元/吨）；苯乙烯非一体化生产利润-251元/吨（-13元/吨），预期逐步压缩。 苯乙烯华东港口库存179000吨（+17500吨），苯乙烯华东商业库存84000吨（+7500吨），处于库存回建阶段。苯乙 烯开工率78.5%（+ ...

纯苯苯乙烯日报 | 2025-08-22 EB下游开工再度回升 纯苯与苯乙烯观点 市场要闻与重要数据 纯苯方面：纯苯主力基差-110元/吨（+0）。纯苯港口库存14.40万吨（-0.20万吨）；纯苯CFR中国加工费173美元/吨 （+0美元/吨），纯苯FOB韩国加工费157美元/吨（-1美元/吨），纯苯美韩价差51.6美元/吨（-3.0美元/吨）。华东纯苯 现货-M2价差0元/吨（-10元/吨）。 纯苯下游方面：己内酰胺生产利润-1845元/吨（-25），酚酮生产利润-701元/吨（+50），苯胺生产利润-204元/吨（-43）， 己二酸生产利润-1331元/吨（+5）。己内酰胺开工率91.86%（-1.86%），苯酚开工率78.00%（+1.00%），苯胺开工率 70.10%（-1.47%），己二酸开工率65.50%（+3.80%）。 苯乙烯方面：苯乙烯主力基差26元/吨（+31元/吨）；苯乙烯非一体化生产利润-298元/吨（+45元/吨），预期逐步压 缩。苯乙烯华东港口库存161500吨（+12700吨），苯乙烯华东商业库存76500吨（+7000吨），处于库存回建阶段。 苯乙烯开工率78.5%（+0.4 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The supply - demand situation of pure benzene has marginally improved, but there are still contradictions between high - level hidden inventory and weak terminal consumption. The demand during the traditional peak season of "Golden September and Silver October" remains a key variable [3]. - The styrene market is generally loose, with new production capacity being continuously released. Although there are signs of marginal improvement, new production capacity and the weakening basis point to the problems of oversupply and difficulty in destocking [4]. 3. Summary by Related Catalogs 3.1 Daily Market Summary 3.1.1 Fundamentals - **Price**: On August 20, the styrene main contract closed up 0.82% at 7,285 yuan/ton, with a basis of - 10 (+54 yuan/ton); the pure benzene main contract closed up 0.37% at 6,205 yuan/ton [2]. - **Cost**: On August 20, Brent crude oil closed at 61.8 (-1.7 dollars/barrel), WTI crude oil closed at 65.8 (-0.8 dollars/barrel), and the spot price of pure benzene in East China was 6,070 yuan/ton (-35 yuan/ton) [2]. - **Inventory**: Styrene sample factory inventory was 20.9 tons (-0.3 tons), a 1.3% month - on - month destocking; Jiangsu port inventory was 14.9 tons (-1.0 tons), a 6.42% month - on - month destocking. Pure benzene port inventory was 14.6 tons (-1.7 tons), a 10.43% month - on - month destocking [2]. - **Supply**: A new styrene plant in Shandong was put into operation, and the overall supply remained stable. The weekly styrene output was 36.9 tons (+1.0 tons), and the factory capacity utilization rate was 78.2% (+0.5%) [2]. - **Demand**: The capacity utilization rates of downstream 3S varied. The EPS capacity utilization rate was 58.1% (+14.4%), the ABS capacity utilization rate was 71.1% (+0%), and the PS capacity utilization rate was 56.7% (+1.7%). The EPS operating rate recovered, and the ABS and PS operating rates continued to increase [2]. 3.1.2 Views - **Pure Benzene**: The supply side has been running strongly recently. The supply has increased, and the demand shows structural differentiation. Although the supply - demand balance has marginally improved, there are still problems such as high - level hidden inventory and weak terminal consumption [3]. - **Styrene**: The market is generally loose, with new production capacity continuously released. The demand improvement is limited, and the basis weakening reflects the intensification of supply - demand mismatch and weakening market sentiment [4]. 3.2 Industrial Chain Data Monitoring - **Styrene and Pure Benzene Prices**: The styrene futures main contract increased by 0.82%, the pure benzene futures main contract increased by 0.37%, and the styrene basis decreased by 118.52% [6]. - **Styrene and Pure Benzene Output and Inventory**: Styrene output increased by 2.76%, pure benzene output decreased by 0.18%. Styrene and pure benzene inventories decreased to varying degrees [7]. - **Operating Rate**: The capacity utilization rates of some downstream products of pure benzene and styrene increased, such as the EPS capacity utilization rate increased by 14.41% [8]. 3.3 Industry News - China's shale cracking raw material supply is affected by trade and production capacity, pushing up naphtha costs. China is expected to increase naphtha imports to a record high in 2025 [9]. - The global diesel shortage supports refinery profits, having a structural impact on the crude oil and chemical chains [9]. - India is accelerating petrochemical expansion to counter China's dominant position [9].

Report Industry Investment Rating - No information provided Core Viewpoints - South Korean petrochemical companies may cut 2.7 - 3.7 million tons of naphtha cracking capacity, which has significantly boosted the downstream prices of domestic olefin derivatives. South Korean cracked pure benzene accounts for 3.5% of the total overseas pure benzene capacity, and the impact is limited. South Korean styrene accounts for 16% of overseas styrene capacity, which may support overseas styrene prices. However, both products still face significant inventory pressure, and the potential impact on EB supply is greater than that on BZ in terms of price spreads. [3] - The high - level pure benzene port inventory has slightly declined, and the pure benzene basis has recently shown signs of stabilization and a slight increase. There are scheduled maintenance works for South Korean aromatics in August - September, and the import pressure has not further increased. The overall downstream operating rate remains relatively high, and the demand is at a seasonal peak, driving the de - stocking of pure benzene, but the de - stocking amplitude is expected to be limited. For styrene, the port inventory has accumulated again, and the downstream still faces inventory pressure. [3] Summary by Directory 1. Pure Benzene and EB Basis Structure, Inter - period Spreads - No specific data analysis provided, only mentions figures such as the pure benzene main contract basis, pure benzene spot - M2 paper cargo spread, and EB main contract basis [9][13][19] 2. Pure Benzene and Styrene Production Profits, Domestic and Foreign Spreads - Pure benzene main contract basis is - 110 yuan/ton (- 23), and the styrene main contract basis is - 10 yuan/ton (- 64 yuan/ton). The non - integrated production profit of styrene is - 331 yuan/ton (- 5 yuan/ton) and is expected to gradually compress. [1] - Pure benzene CFR China processing fee is 173 US dollars/ton (- 4 US dollars/ton), and pure benzene FOB South Korea processing fee is 158 US dollars/ton (- 4 US dollars/ton). The price difference between the US and South Korea for pure benzene is 54.6 US dollars/ton (- 15.1 US dollars/ton). [1] 3. Pure Benzene and Styrene Inventory, Operating Rate - Pure benzene port inventory is 144,000 tons (- 2000 tons), and the operating rate of its downstream products such as caprolactam is 93.72% (+ 5.31%), phenol is 77.00% (+ 0.00%), aniline is 71.57% (- 1.89%), and adipic acid is 61.70% (+ 7.30%). [1] - Styrene East China port inventory is 161,500 tons (+ 12,700 tons), East China commercial inventory is 76,500 tons (+ 7000 tons), and the operating rate is 78.2% (+ 0.5%). [1] 4. Styrene Downstream Operating Rate and Production Profits - EPS production profit is 98 yuan/ton (+ 5 yuan/ton), PS production profit is - 102 yuan/ton (+ 5 yuan/ton), and ABS production profit is - 46 yuan/ton (+ 20 yuan/ton). [2] - EPS operating rate is 58.08% (+ 14.41%), PS operating rate is 56.70% (+ 1.70%), and ABS operating rate is 71.10% (+ 0.00%). [2] 5. Pure Benzene Downstream Operating Rate and Production Profits - Caprolactam production profit is - 1820 yuan/ton (- 25), phenol - acetone production profit is - 751 yuan/ton (+ 0), aniline production profit is - 161 yuan/ton (- 262), and adipic acid production profit is - 1336 yuan/ton (+ 50). [1]

Group 1: Report Summary - The short - term supply of pure benzene in China is expected to exceed demand, putting pressure on prices; in the medium - to - long - term, the supply - demand contradiction may improve as new downstream capacity in August is higher than that of pure benzene [2] - The supply of crude oil exceeds demand, and international oil prices are expected to fluctuate weakly due to positive signals from Russia - Ukraine peace talks [2] - Technically, for BZ2603, attention should be paid to the support around 6100 and the pressure around 6300 [2] Group 2: Market Data Futures Market - The closing price of the main pure benzene contract is 6205 yuan/ton, up 23 yuan; the settlement price is 6177 yuan/ton, down 13 yuan [2] - The trading volume of the main pure benzene contract is 11282 lots, up 7924 lots; the open interest is 13106 lots, down 877 lots [2] Spot Market - The mainstream price of pure benzene in the East China market is 6250 yuan/ton, unchanged; in the South China market, it is 6095 yuan/ton, down 5 yuan [2] - The FOB mid - price of pure benzene in South Korea is 732 US dollars/ton, unchanged; the CFR mid - price of pure benzene in China is 746.5 US dollars/ton, unchanged [2] Upstream Situation - The spot price of Brent DTD crude oil is 67.6 US dollars/barrel, unchanged; the CFR mid - price of naphtha in Japan is 574.5 US dollars/ton, up 3.75 US dollars [2] Industry Situation - The capacity utilization rate of pure benzene is 78.14%, up 0.13%; the weekly output is 44.52 tons, down 0.08 tons [2] - The port inventory of pure benzene is 14.6 tons, down 1.7 tons; the production cost is 5327.8 yuan/ton, down 118.2 yuan [2] - The production profit of pure benzene is 737 yuan/ton, up 76 yuan [2] Downstream Situation - The开工率 of styrene is 78.18%, up 0.45%; the capacity utilization rate of caprolactam is 95.72%, up 6.41% [2] - The capacity utilization rate of phenol is 78.54%, down 0.46%; the capacity utilization rate of aniline is 69.24%, down 0.1% [2] - The capacity utilization rate of adipic acid is 64.3%, up 2% [2] Group 3: Industry News - China will comprehensively rectify the petrochemical and refining industries, phasing out small facilities and upgrading backward capacity while directing investment towards advanced materials [2] - From August 8 - 14, the profit of petroleum benzene in China was 689 yuan/ton, up 113 yuan/ton; the BZ2603 fluctuated widely and closed at 6205 yuan/ton [2] - As of August 18, the commercial inventory of pure benzene in Jiangsu ports was 14.4 tons, down 1.37% [2]

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - Pure benzene port inventory continues to decline slightly, and its basis has stabilized and strengthened recently. From August to September, there are maintenance plans for aromatics in South Korea, and the import pressure has not increased further. The overall downstream operating rate remains high, and the demand is at a seasonal high, which drives the de - stocking of pure benzene, but the de - stocking range is expected to be limited. - For styrene, the port inventory did not continue to decline at the beginning of the week, and the port pickup volume did not continue to increase. Among the downstream products, the operating rates of EPS and PS have rebounded, and their inventory pressures have been relieved, while ABS still maintains a state of high inventory and low operating rate [3]. 3. Summary According to the Directory I. Pure Benzene and EB's Basis Structure, Inter - Period Spread - Pure benzene's main basis is - 87 yuan/ton (+4), and the spot - M2 spread is 5 yuan/ton (+0). Styrene's main basis is 54 yuan/ton (+14) [1]. II. Pure Benzene and Styrene Production Profits, Domestic and Foreign Spreads - Pure benzene's CFR China processing fee is 176 dollars/ton (+0), and FOB South Korea processing fee is 161 dollars/ton (+0). The profit of styrene's non - integrated production is - 327 yuan/ton (+10), and it is expected to gradually compress [1]. III. Pure Benzene and Styrene Inventory, Operating Rate - Pure benzene port inventory is 14.40 tons (- 0.20), and styrene's East China port inventory is 161,500 tons (+12,700), in the inventory rebuilding stage. The operating rate of pure benzene downstream such as caprolactam is 93.72% (+5.31), and styrene's operating rate is 78.2% (+0.5) [1]. IV. Styrene Downstream Operating Rate and Production Profit - Among styrene's downstream products, EPS production profit is 93 yuan/ton (- 160), PS production profit is - 107 yuan/ton (- 60), and ABS production profit is - 66 yuan/ton (+2). EPS operating rate is 58.08% (+14.41), PS operating rate is 56.70% (+1.70), and ABS operating rate is 71.10% (+0) [2]. V. Pure Benzene Downstream Operating Rate and Production Profit - For pure benzene's downstream products, caprolactam production profit is - 1795 yuan/ton (+0), phenol - acetone production profit is - 751 yuan/ton (- 62), aniline production profit is - 161 yuan/ton (- 262), and adipic acid production profit is - 1386 yuan/ton (+0) [1]. 4. Strategy - **Single - side**: Hold a wait - and - see attitude towards pure benzene and styrene. - **Basis and Inter - period**: Carry out positive arbitrage, buy near - month BZ paper goods and sell BZ2603 futures. - **Cross - variety**: Expand the BZN processing fee when it is low in the peak season. Hold a wait - and - see attitude towards the EB - BZ spread [4].

Report Industry Investment Rating - Not provided in the document Core Viewpoints - Pure benzene port inventory continued a slight decline, the pure benzene basis stabilized, there were maintenance plans for Korean aromatics in August - September, import pressure did not increase further, downstream comprehensive operation rate remained relatively high, demand was at a seasonal high, and inventory removal was driven, but the removal amplitude was expected to be limited [3] - For styrene, port inventory did not continue to decline at the beginning of the week, EB port pick - up volume did not continue to rise, EPS and PS operation rates rebounded, their inventory pressure was relieved, while ABS maintained a state of high inventory and low operation rate [3] Summary by Directory 1. Pure benzene and EB's basis structure, inter - period spread - Analyzed pure benzene's basis, inter - period spread, and styrene's basis and inter - period spread through multiple figures, but no specific analysis content was provided in the text [9][16][20] 2. Pure benzene and styrene production profit, internal - external spread - Multiple figures showed the production profit and internal - external spread of pure benzene and styrene, such as naphtha processing fee, pure benzene FOB Korea - naphtha CFR Japan spread, etc., but no specific analysis content was provided in the text [22][25][34] 3. Pure benzene and styrene inventory, operation rate - Pure benzene port inventory continued to decline slightly, downstream demand was at a seasonal high, driving pure benzene inventory removal, but the removal amplitude was expected to be limited; styrene port inventory did not continue to decline at the beginning of the week, and it was in the inventory rebuilding stage [1][3] 4. Styrene downstream operation and production profit - EPS and PS operation rates rebounded, EPS production profit was 253 yuan/ton (+10 yuan/ton), PS production profit was - 47 yuan/ton (+10 yuan/ton), ABS operation rate remained unchanged, and its production profit was - 68 yuan/ton (-211 yuan/ton) [2] 5. Pure benzene downstream operation and production profit - Caprolactam operation rate was 93.72% (+5.31%), production profit was - 1795 yuan/ton (+5); phenol - acetone operation rate was 77.00% (+0.00%), production profit was - 689 yuan/ton (+0); aniline operation rate was 71.57% (-1.89%), production profit was - 161 yuan/ton (-262); adipic acid operation rate was 61.70% (+7.30%), production profit was - 1386 yuan/ton (+55) [1] Strategies - Unilateral: Wait and see for pure benzene and styrene [4] - Basis and inter - period: Long BZ near - month paper cargo and short BZ2603 futures for positive spread [4] - Cross - variety: Expand the BZN processing fee on dips during the peak season. Wait and see for the EB - BZ spread [4]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The downstream start - up of EB has rebounded. The port inventory of pure benzene continues to decline slightly, the futures premium narrows, the import pressure does not increase further, but the downstream demand drops from its peak, and the subsequent inventory removal amplitude of pure benzene is small with a still high absolute inventory value. For styrene, the port inventory enters the seasonal decline cycle, the downstream start - up rises rapidly, and attention should be paid to the sustainability of downstream procurement before the peak season [1][3] Summary Based on Related Catalogs 1. Pure Benzene and EB's Basis Structure and Inter - period Spread - Pure benzene: The main basis of pure benzene is - 49 yuan/ton (+18), the spread between East China pure benzene spot and M2 is 10 yuan/ton (-15 yuan/ton), and the spread between BZ2603 - BZ2605 inter - period should be reverse - arbitraged when it is high [1][4] - Styrene: The main basis of styrene is 67 yuan/ton (+19 yuan/ton), and the spread between EB2509 - 2510 inter - period should be reverse - arbitraged when it is high [1][4] 2. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene: The CFR China processing fee of pure benzene is 188 dollars/ton (+3 dollars/ton), the FOB South Korea processing fee is 171 dollars/ton (+1 dollar/ton), and the US - South Korea spread is 76.8 dollars/ton (+3.0 dollars/ton). The production profits of downstream products vary, with the production profit of caprolactam at - 1830 yuan/ton (+15), that of phenol - acetone at - 689 yuan/ton (+0), that of aniline at - 161 yuan/ton (-262), and that of adipic acid at - 1517 yuan/ton (+36) [1] - Styrene: The non - integrated production profit of styrene is - 328 yuan/ton (-8 yuan/ton), and the EB - BZ spread should be narrowed when it is high [1][4] 3. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene: The port inventory of pure benzene is 14.60 tons (-1.70 tons), and the operating rate of downstream products shows different trends, with the caprolactam operating rate at 93.72% (+5.31%), the phenol operating rate at 77.00% (+0.00%), the aniline operating rate at 71.57% (-1.89%), and the adipic acid operating rate at 61.70% (+7.30%) [1] - Styrene: The East China port inventory of styrene is 148,800 tons (-10,200 tons), the East China commercial inventory is 69,500 tons (+3,000 tons), and the operating rate is 78.2% (+0.5%) [1] 4. Operating Rates and Production Profits of Styrene Downstream - EPS: The production profit is 218 yuan/ton (+40 yuan/ton), and the operating rate is 58.08% (+14.41%) [2] - PS: The production profit is - 82 yuan/ton (-10 yuan/ton), and the operating rate is 56.70% (+1.70%) [2] - ABS: The production profit is 127 yuan/ton (+42 yuan/ton), and the operating rate is 71.10% (+0.00%) [2] 5. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam: The production profit is - 1830 yuan/ton (+15), and the operating rate is 93.72% (+5.31%) [1] - Phenol - acetone: The production profit is - 689 yuan/ton (+0), and the operating rate of phenol is 77.00% (+0.00%) [1] - Aniline: The production profit is - 161 yuan/ton (-262), and the operating rate is 71.57% (-1.89%) [1] - Adipic acid: The production profit is - 1517 yuan/ton (+36), and the operating rate is 61.70% (+7.30%) [1]

Investment Rating - The report maintains an investment rating of "in line with the market" for the basic chemical industry [7][5]. Core Viewpoints - The basic chemical industry index rose by 4.51% in July 2025, outperforming the Shanghai Composite Index and the CSI 300 Index by 0.77 and 0.96 percentage points, respectively [10][7]. - The report suggests continued focus on the pesticide, organic silicon, and polyester filament sectors, which are expected to benefit from the anti-involution policies [5][7]. Summary by Sections Market Review - The basic chemical industry index has increased by 41.50% over the past year, ranking 14th among 30 major industries [10][7]. - In July 2025, 26 out of 33 sub-industries saw an increase, with modified plastics, polyurethane, and civil explosives leading the gains at 16.69%, 14.01%, and 12.09%, respectively [11][10]. Product Price Tracking - The report indicates a continued downward trend in chemical product prices, with 177 products showing a decrease in July 2025 [7][11]. - Notable price increases were observed in TDI, trichloromethane, and coking coal, with respective rises of 43.29%, 32.79%, and 32.56% [7][11]. Industry and Company News - The report highlights the launch of a three-year action plan by the China Pesticide Industry Association to combat issues like hidden additives and illegal production in the pesticide sector [29][30]. - A significant investment of 2.32 billion yuan by Shandong Haihua in Inner Mongolia's largest natural soda ash mine is noted, aimed at optimizing product structure and expanding development space [34][35].

1. Report Industry Investment Rating - No information provided regarding the industry investment rating 2. Core Viewpoints of the Report - Market expected a possible reduction in Shandong pure benzene production before the military parade, but no significant reduction has occurred yet. Pure benzene port inventory continues to decline slightly, with a narrowing futures premium. The import pressure is not increasing due to a slower arrival rhythm in China and planned maintenance of Korean aromatics in August - September. However, the overall downstream production has declined, leading to a smaller future de - stocking amplitude for pure benzene and a still relatively high absolute inventory level. For styrene, port inventory has entered a seasonal decline cycle. The pre - peak - season stocking before the "Golden September and Silver October" and a slower arrival rhythm have led to this round of de - stocking. But the cumulative year - on - year growth rate of white - goods production has declined, and the boost to styrene downstream production is limited. The styrene basis has been stable recently, indicating no further large - scale downstream procurement [3] 3. Summary by Relevant Catalogs 3.1 Pure Benzene and EB's Basis Structure, Inter - period Spreads - Related figures include the pure benzene main contract basis and futures price, pure benzene main contract basis, pure benzene spot - M2 paper cargo spread, pure benzene continuous first - contract to continuous third - contract spread, EB main contract trend and basis, EB main contract basis, and styrene continuous first - contract to continuous third - contract spread [8][12][16] 3.2 Pure Benzene and Styrene Production Profits, Domestic and Foreign Spreads - Figures cover naphtha processing fees, the difference between pure benzene FOB Korea and naphtha CFR Japan, styrene non - integrated plant production profits, the difference between pure benzene FOB US Gulf and FOB Korea, the difference between pure benzene FOB US Gulf and CFR China, the difference between pure benzene FOB Rotterdam and CFR China, pure benzene import profits, styrene import profits, the difference between styrene FOB US Gulf and CFR China, and the difference between styrene FOB Rotterdam and CFR China [19][22][31][37] 3.3 Pure Benzene and Styrene Inventory, Operating Rates - Figures show pure benzene inventory at East China ports, pure benzene operating rate, styrene inventory at East China ports, styrene operating rate, styrene commercial inventory in East China, and styrene factory inventory [39][41][44] 3.4 Styrene Downstream Operating Rates and Production Profits - Figures include EPS operating rate and production profit, PS operating rate and production profit, ABS operating rate and production profit [51][53][54] 3.5 Pure Benzene Downstream Operating Rates and Production Profits - Figures cover caprolactam operating rate and production profit, phenol - acetone operating rate and production profit, aniline operating rate and production profit, adipic acid operating rate and production profit, PA6 regular spinning bright production profit, nylon filament production profit, bisphenol A production profit, PC production profit, epoxy resin E - 51 production profit, pure MDI production profit, and polymer MDI production profit [60][64][71][73][85]