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%（+ ...

丙烯日报 | 2025-08-26 下游需求跟进，丙烯维持偏强震荡 市场要闻与重要数据 丙烯方面：丙烯主力合约收盘价6491元/吨（+21），丙烯华东现货价6450元/吨（+25），丙烯华北现货价6455元/吨 （-45），丙烯华东基差-41元/吨（+4），丙烯华北基差-36元/吨（-66）。丙烯开工率75%（+1%），中国丙烯CFR-日 本石脑油CFR193美元/吨（-3），丙烯CFR-1.2丙烷CFR97美元/吨（+1），进口利润-263元/吨（+3），厂内库存40320 吨（+3470）。 丙烯下游方面：PP粉开工率40%（+1.29%），生产利润-55元/吨（+75）；环氧丙烷开工率74%（+2%），生产利润-383 元/吨（-86）；正丁醇开工率89%（+0%），生产利润336元/吨（+589）；辛醇开工率92%（+6%），生产利润430元/ 吨（-18）；丙烯酸开工率70%（-5%），生产利润446元/吨（-18）；丙烯腈开工率73%（+1%），生产利润-572元/吨（+56）； 酚酮开工率78%（+1%），生产利润-727元/吨（+0）。 市场分析 韩国石化业石脑油裂解存去产能预期，提振丙烯价格 ...

丙烯日报 | 2025-08-22 丙烯下游整体开工环比上升 市场要闻与重要数据 丙烯方面：丙烯主力合约收盘价6472元/吨（+26），丙烯华东现货价6425元/吨（+0），丙烯华北现货价6470元/吨（+80）， 丙烯华东基差-47元/吨（-26），丙烯华北基差-2元/吨（+54）。丙烯开工率75%（+1%），中国丙烯CFR-日本石脑油 CFR205美元/吨（+4），丙烯CFR-1.2丙烷CFR103美元/吨（+1），进口利润-266元/吨（-38），厂内库存36850吨（+2430）。 丙烯下游方面：PP粉开工率40%（+1.29%），生产利润-170元/吨（-50）；环氧丙烷开工率74%（+2%），生产利润-383 元/吨（-86）；正丁醇开工率89%（+0%），生产利润-253元/吨（-49）；辛醇开工率92%（+6%），生产利润470元/吨 （-57）；丙烯酸开工率70%（-5%），生产利润463元/吨（+0）；丙烯腈开工率73%（+1%），生产利润-603元/吨（-93）； 酚酮开工率78%（+1%），生产利润-701元/吨（+50）。 市场分析 韩国石化业石脑油裂解存去产能预期，宏观情绪提振下丙 ...

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 ...

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]

丙烯日报 | 2025-08-21 韩国石化业去产能预期提振丙烯价格 市场要闻与重要数据 丙烯方面：丙烯主力合约收盘价6446元/吨（+42），丙烯华东现货价6425元/吨（+0），丙烯华北现货价6390元/吨（-20）， 丙烯华东基差-21元/吨（-42），丙烯华北基差-56元/吨（-62）。丙烯开工率75%（+1%），中国丙烯CFR-日本石脑油 CFR201美元/吨（-4），丙烯CFR-1.2丙烷CFR102美元/吨（+1），进口利润-228元/吨（-4），厂内库存36850吨（+2430）。 丙烯下游方面：PP粉开工率38%（+0.84%），生产利润-120元/吨（-10）；环氧丙烷开工率73%（-1%），生产利润-747 元/吨（+33）；正丁醇开工率88%（-1%），生产利润-204元/吨（+32）；辛醇开工率87%（+10%），生产利润527元/ 吨（+14）；丙烯酸开工率75%（-4%），生产利润463元/吨（+50）；丙烯腈开工率72%（-2%），生产利润-510元/吨 （+42）；酚酮开工率77%（+0%），生产利润-751元/吨（+0）。 市场分析 韩国石化业石脑油裂解存去产能预期，宏观情 ...

Report Industry Investment Rating - Unilateral: Neutral; no specific ratings for inter - period and cross - variety [3] Core Viewpoints - Propylene prices are expected to fluctuate weakly in the short term due to ample supply, insufficient downstream demand, and weak cost support. However, prices may be supported after late August due to potential supply - side maintenance and downstream demand restocking [3] Summary by Directory 1. Propylene Basis Structure - This section includes charts of the closing price of the propylene main contract, the East China basis of propylene, the North China basis of propylene, the 01 - 05 contract of propylene, the East China market price of propylene, and the Shandong market price of propylene [7][10][12] 2. Propylene Production Profit and Operating Rate - It involves charts of the difference between China's CFR propylene and Japan's CFR naphtha, propylene capacity utilization rate, PDH production gross profit of propylene, PDH capacity utilization rate of propylene, MTO production gross profit of propylene, methanol - to - olefins capacity utilization rate, naphtha cracking production gross profit of propylene, and the capacity utilization rate of the main crude oil refinery [16][25][27] 3. Propylene Import and Export Profit - This part has charts of the difference between South Korea's FOB and China's CFR, the difference between Japan's CFR and China's CFR, the difference between Southeast Asia's CFR and China's CFR, and propylene import profit [34][38] 4. Propylene Downstream Profit and Operating Rate - It includes charts of the production profit and operating rate of PP powder, the production profit and operating rate of propylene oxide, the production profit and capacity utilization rate of n - butanol, the production profit and capacity utilization rate of octanol, the production profit and capacity utilization rate of acrylic acid, the production profit and capacity utilization rate of acrylonitrile, and the production profit and capacity utilization rate of phenol - acetone [41][43][46] 5. Propylene Inventory - This section contains charts of propylene in - plant inventory and PP powder in - plant inventory [68]

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 - Unilateral: Neutral; Inter - period: None; Inter - variety: None [3] Core View - Downstream demand support for propylene is limited, and propylene continues to fluctuate weakly. Shandong Zhenhua's main PDH unit and Xintai unit are under maintenance, briefly supporting a slight increase in Shandong spot prices. However, Wanhua's PO maintenance increases propylene supply in Yantai, and downstream resistance to high prices weakens the positive impact of maintenance, causing prices to fall from highs. In the future, Tianhong and Xintai's PDH units are expected to restart, and the new capacity of Jingbo's 280,000 - ton/year K - COT unit will be released, resulting in a relatively loose supply. Downstream start - up shows a mixed trend, with overall changes being small. Short - term demand support is limited, and attention should be paid to the restocking demand as the peak season approaches. The continuous weakening of crude oil on the cost side provides negative cost support [1][2] Summary by Directory 1. Propylene Basis Structure - Figures include propylene main contract closing price, East China basis, North China basis, 01 - 05 contract, East China market price, and Shandong market price [7][10][12] 2. Propylene Production Profit and Capacity Utilization - Figures cover propylene China CFR - Japanese naphtha CFR, propylene capacity utilization, PDH production gross profit, PDH capacity utilization, MTO production gross profit, methanol - to - olefins capacity utilization, propylene naphtha cracking production gross profit, and crude oil main refinery capacity utilization [17][22][31] 3. Propylene Import and Export Profit - Figures involve South Korea FOB - China CFR, Japan CFR - China CFR, Southeast Asia CFR - China CFR, and propylene import profit [34][36] 4. Propylene Downstream Profit and Capacity Utilization - Figures are about PP powder production profit, PP powder start - up rate, propylene oxide production profit, propylene oxide start - up rate, n - butanol production profit, n - butanol capacity utilization, octanol production profit, octanol capacity utilization, acrylic acid production profit, acrylic acid capacity utilization, acrylonitrile production profit, acrylonitrile capacity utilization, phenol - acetone production profit, and phenol - acetone capacity utilization [42][44][56] 5. Propylene Inventory - Figures include propylene in - plant inventory and PP powder in - plant inventory [69]

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]