纯苯苯乙烯日报 | 2026-02-27 下游开工等待进一步恢复 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-9元/吨（+23）。纯苯港口库存30.40万吨（+0.00万吨）；纯苯CFR中国加工费167美元/吨 （-5美元/吨），纯苯FOB韩国加工费164美元/吨（-3美元/吨），纯苯美韩价差121.2美元/吨（-24.1美元/吨）。华东纯 苯现货-M2价差-160元/吨（+5元/吨）。 纯苯下游方面：己内酰胺生产利润-585元/吨（+35），酚酮生产利润-734元/吨（+100），苯胺生产利润1198元/吨（-56）， 己二酸生产利润-277元/吨（+32）。己内酰胺开工率74.46%（+0.36%），苯酚开工率89.50%（+0.50%），苯胺开工率 89.12%（-0.46%），己二酸开工率71.50%（+0.00%）。 苯乙烯方面：苯乙烯主力基差170元/吨（+18元/吨）；苯乙烯非一体化生产利润516元/吨（+44元/吨），预期逐步压 缩。苯乙烯华东港口库存158100吨（+61900吨），苯乙烯华东商业库存87200吨（+33200吨），处于库存回建阶段。 苯乙烯开工率74.7% ...

国际地缘冲突扰动仍存，国际油价偏强，带动丙烷跟涨，丙烯成本端抬升，叠加供需基本面支撑尚可，带动丙烯 价格偏强整理。具体看供应端，辽宁金发、利华益维远 PDH 装置临时停车后重启，中景二期装置重启、三期装置 检修，巨正源二期、金能二期PDH延续检修，供应端小幅缩量提供价格支撑，仍需关注当前PDH利润压力下主要 PDH装置实际回归预期。需求端，节后部分下游开工逐步补库备货，下游刚需支撑仍存，但考虑丙烯价格高位下 游成本承压显著，利润压缩后需求跟进或承压：PP端，伴随丙烯-PP粉价差继续收窄，外采型PP粉工厂高价采买意 愿偏低，部分装置降负荷或停工运行，粉料采购支撑有所回落。PO端利润亦有所压缩，宏信丙烯酸、民祥 PO 等 装置节中停车后尚未复工；丁辛醇利润尚可，节后补库意愿较强，开工负荷略有下降。成本端地缘局势扰动仍存， 国际油价有所小幅回落，原料外盘丙烷延续上涨，短期丙烯成本端支撑抬升明显，关注节后主要下游补库节奏， 后期主要驱动仍在于成本端原油、丙烷走势、主要PDH装置检修动态以及下游需求在成本压力下的开工跟进情况。 策略 丙烯日报 | 2026-02-27 下游刚需支撑，成本端主导波动 市场要闻与重要数据 ...

丙烯日报 | 2026-02-26 成本端提供支撑，关注下游复工补库节奏 市场要闻与重要数据 丙烯方面：丙烯主力合约收盘价6322元/吨（-22），丙烯华东现货价6550元/吨（+0），丙烯华北现货价6525元/吨（+0）， 丙烯华东基差228元/吨（+22），丙烯山东基差203元/吨（+22）。丙烯开工率73%（+0%），中国丙烯CFR-日本石脑 油CFR222美元/吨（+1），丙烯CFR-1.2丙烷CFR90美元/吨（+8），进口利润-345元/吨（+38），厂内库存45170吨（+1840）。 丙烯下游方面：PP粉开工率22%（-3.94%），生产利润-270元/吨（+5）；环氧丙烷开工率80%（+8%），生产利润-2 元/吨（+140）；正丁醇开工率88%（+2%），生产利润393元/吨（+0）；辛醇开工率99%（+4%），生产利润-70元/吨 （+0）；丙烯酸开工率86%（+2%），生产利润300元/吨（+100）；丙烯腈开工率75%（+3%），生产利润-1246元/吨 （+98）；酚酮开工率89%（+0%），生产利润-834元/吨（+0）。 市场分析 国际地缘冲突扰动仍存，国际油价持续上行，带动丙 ...

纯苯苯乙烯日报 | 2026-02-25 原油提升芳烃成本，苯乙烯过节期间库存回建 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-49元/吨（-44）。纯苯港口库存30.40万吨（+0.00万吨）；纯苯CFR中国加工费165美元/吨 （-3美元/吨），纯苯FOB韩国加工费163美元/吨（-3美元/吨），纯苯美韩价差151.3美元/吨（+3.0美元/吨）。华东纯 苯现货-M2价差-135元/吨（-15元/吨）。 纯苯下游方面：己内酰胺生产利润-725元/吨（-145），酚酮生产利润-834元/吨（-118），苯胺生产利润1254元/吨（+19）， 己二酸生产利润-235元/吨（-131）。己内酰胺开工率74.10%（+0.00%），苯酚开工率89.00%（+0.00%），苯胺开工 率89.58%（+0.33%），己二酸开工率69.00%（+0.00%）。 苯乙烯方面：苯乙烯主力基差81元/吨（-80元/吨）；苯乙烯非一体化生产利润478元/吨（+106元/吨），预期逐步压 缩。苯乙烯华东港口库存158100吨（+61900吨），苯乙烯华东商业库存87200吨（+33200吨），处于库存回建阶段。 ...

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core View of the Report - The cost support for propylene has increased, and attention should be paid to the restocking rhythm of downstream industries after the holiday. The supply of propylene is expected to increase slightly, but the actual return of major PDH plants under the current profit pressure needs to be monitored. The demand may face pressure due to high propylene prices and compressed profits. The cost side is strongly supported by the rising international oil prices and propane prices. The future trends will be mainly driven by the cost of crude oil and propane, the maintenance of major PDH plants, and the downstream demand and production follow - up under cost pressure [1][3]. 3. Summary According to the Directory 3.1 Propylene Basis Structure - The propylene basis structure includes the closing price of the propylene main contract, the East China basis, the Shandong basis, the 03 - 04 contract spread, the PL03 - 05 contract spread, and the market prices in East China, Shandong, and South China [7][9][16]. 3.2 Propylene Production Profit and Capacity Utilization - It involves the difference between propylene CFR in China and naphtha CFR in Japan, propylene capacity utilization, PDH production gross profit, PDH capacity utilization, MTO production gross profit, methanol - to - olefins capacity utilization, naphtha cracking production gross profit, crude oil refinery capacity utilization, the difference between South Korea FOB and China CFR, and propylene import profit [22][27][30]. 3.3 Propylene Downstream Profit and Capacity Utilization - This part covers the production profit and capacity utilization of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [38][39][47]. 3.4 Propylene Inventory - It includes the in - plant inventory of propylene and PP powder [63][64]. 4. Market News and Important Data 4.1 Propylene - The closing price of the propylene main contract is 6344 yuan/ton (+226), the East China spot price is 6550 yuan/ton (+120), the North China spot price is 6525 yuan/ton (+80), the East China basis is 206 yuan/ton (-106), the Shandong basis is 181 yuan/ton (-146), the capacity utilization is 73% (+0%), the difference between propylene CFR in China and naphtha CFR in Japan is 221 US dollars/ton (-10), the difference between propylene CFR and 1.2 propane CFR is 81 US dollars/ton (-3), the import profit is - 383 yuan/ton (+5), and the in - plant inventory is 45170 tons (+1840) [2]. 4.2 Propylene Downstream - The capacity utilization of PP powder is 22% (-3.94%), and the production profit is - 275 yuan/ton (-30); the capacity utilization of propylene oxide is 80% (+8%), and the production profit is - 2 yuan/ton (+140); the capacity utilization of n - butanol is 88% (+2%), and the production profit is 393 yuan/ton (+151); the capacity utilization of octanol is 99% (+4%), and the production profit is - 70 yuan/ton (-58); the capacity utilization of acrylic acid is 86% (+2%), and the production profit is 200 yuan/ton (-35); the capacity utilization of acrylonitrile is 75% (+3%), and the production profit is - 1344 yuan/ton (-92); the capacity utilization of phenol - acetone is 89% (+0%), and the production profit is - 834 yuan/ton (-118) [2]. 5. Strategy - Unilateral: Cautiously go long on hedging at low prices. - Inter - period: None. - Inter - variety: None [4].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The overall downstream start - up of propylene increased month - on - month. The supply of propylene is expected to increase slightly, and downstream demand has a rigid support but may be limited due to cost pressure. The cost side is volatile, and the future trend mainly depends on the cost end and downstream demand [1][2] - For investment strategies, it is recommended to take a wait - and - see approach for single - sided trading, and there are no suggestions for inter - period and inter - variety trading [3] Summary by Relevant Catalogs 1. Propylene Basis Structure - The closing price of the propylene main contract is 6225 yuan/ton (-47), the East China spot price is 6430 yuan/ton (+0), and the North China spot price is 6445 yuan/ton (+0). The East China basis is 205 yuan/ton (+47), and the Shandong basis is 220 yuan/ton (+47) [1] - Figures related to this section include the closing price of the propylene main contract, East China basis, Shandong basis, 03 - 04 contract spread, PL03 - 05 contract spread, and market prices in East China, Shandong, and South China [5][6][15] 2. Propylene Production Profit and Capacity Utilization Rate - The propylene production capacity utilization rate is 73% (+1%), the China CFR - Japan naphtha CFR is 208 US dollars/ton (-5), and the import profit is - 387 yuan/ton (-2) [1] - Figures related to this section include China CFR - Japan naphtha CFR, propylene production capacity utilization rate, PDH production gross profit, PDH production capacity utilization rate, MTO production gross profit, methanol - to - olefins production capacity utilization rate, naphtha cracking production gross profit, crude oil main refinery production capacity utilization rate, South Korea FOB - China CFR, and propylene import profit [5][21][31] 3. Propylene Downstream Profit and Capacity Utilization Rate - PP powder production capacity utilization rate is 26% (-5.74%) with a production profit of - 245 yuan/ton (+0); epoxy propane production capacity utilization rate is 71% (+1%) with a production profit of - 352 yuan/ton (+20); n - butanol production capacity utilization rate is 86% (+1%) with a production profit of 242 yuan/ton (-180); octanol production capacity utilization rate is 95% (+4%) with a production profit of 88 yuan/ton (+0); acrylic acid production capacity utilization rate is 84% (+2%) with a production profit of 235 yuan/ton (+0); acrylonitrile production capacity utilization rate is 72% (+3%) with a production profit of - 1252 yuan/ton (+0); phenol - acetone production capacity utilization rate is 89% (+3%) with a production profit of - 716 yuan/ton (+0) [1] - Figures related to this section include the production profit and capacity utilization rate of PP powder, epoxy propane, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [5][38][53] 4. Propylene Inventory - The propylene in - plant inventory is 43330 tons (+2860) [1] - Figures related to this section include propylene in - plant inventory and PP powder in - plant inventory [5][63]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Keep an eye on the restart progress of subsequent plants. The production profit of styrene has started to peak and decline, and the market is worried about the possibility of supply returning more than expected under the current production profit. The seasonal inventory build - up of styrene at ports before the festival has not been realized as expected. [1][2] 3. Summary According to Relevant Catalogs 3.1 Pure Benzene and EB Basis Structure, Inter - period Spread - Pure benzene: The main basis is - 64 yuan/ton (- 65), and the spread between the spot in East China and M2 is - 135 yuan/ton (- 20 yuan/ton). [1] - Styrene: The main basis is 118 yuan/ton (+ 36 yuan/ton). [1] 3.2 Production Profit and Internal - external Spread of Pure Benzene and Styrene - Pure benzene: The processing fee of CFR China is 154 dollars/ton (- 13 dollars/ton), and the processing fee of FOB South Korea is 152 dollars/ton (- 13 dollars/ton). The profit of adipic acid production is - 154 yuan/ton (+ 78), and the profit of aniline production is 1061 yuan/ton (- 73). [1] - Styrene: The non - integrated production profit is 420 yuan/ton (+ 41 yuan/ton), and it is expected to gradually compress. [1] 3.3 Inventory and Operating Rate of Pure Benzene and Styrene - Pure benzene: The port inventory is 29.70 million tons (- 0.80 million tons), and the operating rate starts to bottom out and rebound. [1][2] - Styrene: The East China port inventory is 96,200 tons (- 12,400 tons), the East China commercial inventory is 54,000 tons (- 6,800 tons). The operating rate is 70.0% (+ 0.7%), and the domestic operating rate has passed the lowest point. [1][2] 3.4 Operating Rate and Production Profit of Styrene Downstream - EPS: The production profit is 311 yuan/ton (- 59 yuan/ton), and the operating rate is 56.24% (+ 2.98%). [2] - PS: The production profit is - 339 yuan/ton (- 59 yuan/ton), and the operating rate is 55.20% (- 0.40%). [2] - ABS: The production profit is - 657 yuan/ton (- 26 yuan/ton), and the operating rate is 64.40% (- 1.70%). [2] 3.5 Operating Rate and Production Profit of Pure Benzene Downstream - Caprolactam: The production profit is - 660 yuan/ton (+ 0), and the operating rate is 73.16% (- 0.41%). [1] - Phenol - acetone: The production profit is - 716 yuan/ton (+ 0), and the phenol operating rate is 86.00% (- 2.00%). [1] - Aniline: The production profit is 1061 yuan/ton (- 73), and the operating rate is 89.04% (+ 0.51%). [1] - Adipic acid: The production profit is - 154 yuan/ton (+ 78), and the operating rate is 69.10% (+ 0.60%). [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The cost side of propylene has strong support, and the market performance is firm. The supply of propylene is expected to have a slight increase, while the demand follow - up may be limited due to high prices. The future trend mainly depends on the cost side and downstream demand. The strategy suggests a wait - and - see approach for the single - side trading, and there are no suggestions for inter - period and inter - variety trading [1][2] 3. Summary According to the Catalog 3.1 Propylene Basis Structure - Propylene main contract closing price is 6272 yuan/ton (+48), propylene East China spot price is 6430 yuan/ton (+0), propylene North China spot price is 6445 yuan/ton (+5), propylene East China basis is 158 yuan/ton (-48), and propylene Shandong basis is 173 yuan/ton (-43) [1] 3.2 Propylene Production Profit and Capacity Utilization - Propylene capacity utilization is 72% (+1%), China propylene CFR - Japan naphtha CFR is 213 US dollars/ton (-15), propylene CFR - 1.2 propane CFR is 76 US dollars/ton (-8), and import profit is - 385 yuan/ton (-49) [1] 3.3 Propylene Downstream Profit and Capacity Utilization - PP powder capacity utilization is 31% (-0.61%), production profit is - 245 yuan/ton (-5); epoxy propane capacity utilization is 70% (-3%), production profit is - 783 yuan/ton (-328); n - butanol capacity utilization is 85% (-2%), production profit is 422 yuan/ton (-53); octanol capacity utilization is 91% (+0%), production profit is 88 yuan/ton (-203); acrylic acid capacity utilization is 82% (-2%), production profit is 235 yuan/ton (+0); acrylonitrile capacity utilization is 69% (+0%), production profit is - 1252 yuan/ton (-55); phenol - acetone capacity utilization is 86% (-2%), production profit is - 716 yuan/ton (+0) [1] 3.4 Propylene Inventory - Propylene plant inventory is 40470 tons (-2320) [1]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Pure benzene: At the beginning of the week, port inventories remained high. China's pure benzene operating rate started to bottom out and rebound, and the willingness of reforming units to produce three benzenes increased. In terms of imports, the bottom of arrivals rebounded, and there was still pressure for shipments to China in the future. In the downstream, pick - up also rebounded from a low level, with the styrene operating rate bottoming out and rebounding, the caprolactam operating rate remaining at a low level, the phenol operating rate slightly falling from a high level, and the adipic acid and aniline operating rates performing well, with attention to sustainability [2]. - Styrene: The domestic operating rate is about to pass the lowest point. Sinochem Quanzhou is restarting, and Tianjin Bohua also has a restart expectation. Shandong Yuhuang may restart, and Jingbo also has a restart plan in March. Styrene production profit has started to peak and decline, and the market is worried that the supply may return more than expected under the current production profit. At the beginning of the week, styrene port inventories declined, and the seasonal inventory build - up that was long overdue before the Spring Festival did not materialize. In the downstream, the ABS operating rate further decreased, but the inventory pressure has been significantly alleviated; the PS continued the seasonal production cut cycle, and the inventory pressure was at a low level in the same period; the EPS operating rate performed well, and the finished product inventory was significantly reduced [2]. 3. Summaries According to Relevant Catalogs 3.1 Pure Benzene and EB's Basis Structure and Inter - period Spread - The report presents figures on pure benzene's basis and inter - period spread, including the pure benzene main contract basis, the spread between pure benzene spot and M2 paper goods, and the spread between the first - and third - month contracts of pure benzene. It also shows similar data for styrene, such as the styrene main contract basis and the spread between the first - and third - month contracts of styrene [7][14][16] 3.2 Production Profits and Internal - External Spreads of Pure Benzene and Styrene - It provides data on the processing fees of naphtha, the spreads between pure benzene FOB South Korea and naphtha CFR Japan, the production profit of non - integrated styrene plants, and the spreads between different regions' pure benzene and styrene prices (e.g., FOB US Gulf - FOB South Korea, FOB US Gulf - CFR China, etc.), as well as the import profits of pure benzene and styrene [20][22][34] 3.3 Inventories and Operating Rates of Pure Benzene and Styrene - Pure benzene: The port inventory in East China is 29.70 million tons (- 0.80 million tons), and the operating rate has started to bottom out and rebound. Styrene: The port inventory in East China is 96,200 tons (- 12,400 tons), the commercial inventory in East China is 54,000 tons (- 6,800 tons), and the operating rate is 70.0% (+ 0.7%) [1][2][37] 3.4 Operating Rates and Production Profits of Styrene's Downstream - EPS: The production profit is 371 yuan/ton (+ 188 yuan/ton), and the operating rate is 56.24% (+ 2.98%). PS: The production profit is - 279 yuan/ton (+ 158 yuan/ton), and the operating rate is 55.20% (- 0.40%). ABS: The production profit is - 631 yuan/ton (+ 171 yuan/ton), and the operating rate is 64.40% (- 1.70%) [2] 3.5 Operating Rates and Production Profits of Pure Benzene's Downstream - Caprolactam: The production profit is - 660 yuan/ton (+ 40), and the operating rate is 73.16% (- 0.41%). Phenol - ketone: The production profit is - 716 yuan/ton (+ 50), and the phenol operating rate is 86.00% (- 2.00%). Aniline: The production profit is 1061 yuan/ton (- 73), and the operating rate is 89.04% (+ 0.51%). Adipic acid: The production profit is - 232 yuan/ton (+ 50), and the operating rate is 69.10% (+ 0.60%) [1]

1. Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The cost support for propylene remains strong, and downstream demand is maintained by rigid needs [1] - On the supply side, the restart of Wanhua Penglai's PDH unit is expected, but the actual supply increase may be slow due to the rising propane price and pressured PDH profits. The supply is expected to increase slightly. On the demand side, downstream rigid demand provides support, but the demand may be limited as propylene prices rise. The main drivers in the future are the trends of crude oil and propane in the cost - end, the maintenance status of major PDH plants, and the downstream demand and production resumption under cost pressure [2] - The strategy suggests a wait - and - see approach for single - side trading. In the short term, due to high geopolitical uncertainties and acceptable supply - demand support, propylene prices may fluctuate and strengthen following the cost side. No strategies are provided for inter - period and cross - variety trading [2] 3. Summary by Directory 3.1 Propylene Basis Structure - The propylene basis structure includes information on the closing price of the propylene main contract, the East China basis, the Shandong basis, the spread between 03 - 04 contracts, the spread between PL03 - 05 contracts, and the market prices in East, Shandong, and South China [1][5][11][13][15] 3.2 Propylene Production Profit and Capacity Utilization - It involves the difference between propylene CFR in China and naphtha CFR in Japan, propylene capacity utilization, PDH production gross profit and capacity utilization, MTO production gross profit and methanol - to - olefins capacity utilization, naphtha cracking production gross profit, crude oil refinery capacity utilization, the difference between South Korea FOB and China CFR, and propylene import profit [19][22][26][29][32] 3.3 Propylene Downstream Profit and Capacity Utilization - Covers the production profit and capacity utilization of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [35][36][37][44][50][53][57][58] 3.4 Propylene Inventory - Includes propylene in - plant inventory and PP powder in - plant inventory [60][61]