丙烯日报 | 2025-11-25 下游逢低采购，成本端存支撑 市场要闻与重要数据 丙烯方面：丙烯主力合约收盘价5881元/吨（+74），丙烯华东现货价5945元/吨（+20），丙烯华北现货价5925元/吨 （-15），丙烯华东基差64元/吨（-54），丙烯华北基差8元/吨（-86）。丙烯开工率88%（+14%），中国丙烯CFR-日本 石脑油CFR173美元/吨（+21），丙烯CFR-1.2丙烷CFR59美元/吨（+10），进口利润-331元/吨（-89），厂内库存45040 吨（-2150）。 丙烯下游方面：PP粉开工率47%（+3.02%），生产利润-255元/吨（-45）；环氧丙烷开工率75%（+0%），生产利润647 元/吨（+8）；正丁醇开工率82%（-2%），生产利润-286元/吨（+9）；辛醇开工率77%（+8%），生产利润-138元/吨 （+111）；丙烯酸开工率73%（-2%），生产利润479元/吨（-14）；丙烯腈开工率80%（+1%），生产利润-296元/吨（+5）； 酚酮开工率79%（+12%），生产利润-415元/吨（+0）。 市场分析 上游检修增多，丙烯开工环比下滑，而下游复产整体 ...

纯苯方面：纯苯主力基差-110元/吨（+28）。纯苯港口库存16.40万吨（+1.70万吨）；纯苯CFR中国加工费111美元/ 吨（-1美元/吨），纯苯FOB韩国加工费98美元/吨（-2美元/吨），纯苯美韩价差189.9美元/吨（+25.1美元/吨）。华东 纯苯现货-M2价差-105元/吨（+40元/吨）。 纯苯下游方面：己内酰胺生产利润-1125元/吨（+70），酚酮生产利润-415元/吨（+0），苯胺生产利润499元/吨（+3）， 己二酸生产利润-1268元/吨（+41）。己内酰胺开工率88.23%（+2.18%），苯酚开工率79.00%（+12.00%），苯胺开工 率75.68%（-4.49%），己二酸开工率55.50%（-6.50%）。 苯乙烯方面：苯乙烯主力基差64元/吨（+11元/吨）；苯乙烯非一体化生产利润-252元/吨（-21元/吨），预期逐步压缩。 苯乙烯华东港口库存164200吨（+15900吨），苯乙烯华东商业库存94200吨（+6900吨），处于库存回建阶段。苯乙 烯开工率69.0%（-0.3%）。 下游硬胶方面：EPS生产利润115元/吨（-41元/吨），PS生产利润-35元/吨（+ ...

Report Industry Investment Rating - Not provided Core Views - For pure benzene, low US gasoline inventory supports Asian aromatics through gasoline blending. The arbitrage spread from South Korea to the US has been significantly repaired, potentially easing long - term Chinese arrival pressure, but short - term arrival pressure still exists, with rising port inventory and a weak basis. Domestic production has not further increased after an earlier rise, and downstream开工 remains low. Phenol开工 has increased significantly, while aniline and adipic acid开工 have declined, and styrene is in the maintenance period waiting for recovery at the end of the month [3]. - For styrene, port inventory continues to decline due to export boost and low domestic开工, but there is a resumption expectation at the end of November. Downstream开工 remains low, with EPS开工 rising from a low level but still in the off - season, and ABS and PS开工 slightly rising from a low level, with inventory pressure still existing for PS and ABS [3]. Summary by Relevant Catalogs 1. Pure Benzene and EB's Basis Structure, Inter - Period Spreads - Figures related to pure benzene basis and inter - period spreads include the pure benzene main contract basis, pure benzene spot - M2 paper cargo spread, and pure benzene consecutive first - to - third contract spread [1][15]. - Figures related to EB basis and inter - period spreads include the EB main contract basis and EB consecutive first - to - third contract spread [20]. 2. Pure Benzene and Styrene Production Profits, Domestic - Foreign Spreads - Production profit and spread figures for pure benzene and styrene include naphtha processing fee, pure benzene FOB South Korea - naphtha CFR Japan spread, styrene non - integrated device production profit, and various international price spreads of pure benzene and styrene, as well as their import profits [22][25][34]. 3. Pure Benzene and Styrene Inventory, Operating Rates - For pure benzene, the inventory figure is the East China port inventory, and the operating rate figure is the pure benzene operating rate. For styrene, inventory figures include East China port inventory, East China commercial inventory, and factory inventory, and the operating rate figure is the styrene operating rate [40][42][45]. 4. Styrene Downstream Operating Rates and Production Profits - Downstream products of styrene include EPS, PS, and ABS. Figures cover their operating rates and production profits [51][53][54]. 5. Pure Benzene Downstream Operating Rates and Production Profits - Downstream products of pure benzene include caprolactam, phenol - ketone, aniline, adipic acid, and other related products. Figures cover their operating rates and production profits [60][63][72]. Strategies - Unilateral: None [4]. - Basis and Inter - Period: Conduct long - short inter - period positive arbitrage for EB2512 - EB2601 at low prices [4]. - Cross - Variety: Expand the spread of EB2512 - BZ2603 at low prices [4].

丙烯日报 | 2025-11-21 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5871元/吨（+31），丙烯华东现货价5925元/吨（+0），丙烯华北现货价5940元/吨（-10）， 丙烯华东基差54元/吨（-31），丙烯华北基差56元/吨（-12）。丙烯开工率74%（-1%），中国丙烯CFR-日本石脑油CFR152 美元/吨（-5），丙烯CFR-1.2丙烷CFR45美元/吨（+1），进口利润-241元/吨（+9），厂内库存45040吨（-2150）。 丙烯下游方面：PP粉开工率47%（+3.02%），生产利润-210元/吨（+20）；环氧丙烷开工率75%（+0%），生产利润 647元/吨（+8）；正丁醇开工率82%（-2%），生产利润-295元/吨（+6）；辛醇开工率77%（+8%），生产利润-249元/ 吨（+57）；丙烯酸开工率73%（-2%），生产利润543元/吨（+0）；丙烯腈开工率80%（+1%），生产利润-316元/吨（-43）； 酚酮开工率79%（+12%），生产利润-415元/吨（+0）。 市场分析 周内上游检修增多，丙烯开工环比下滑，而下游复产整体开工回升， ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - In the short term, the concentrated arrival of pure benzene in China has led to a rapid increase in port inventories and a weakening of the basis. The domestic production start - up continues to rise, while the downstream start - up is weak. For styrene, port inventories continue to decline due to export boosts and low domestic start - up, but there is a resumption expectation at the end of November. Recently, the increase in pure benzene inventory and the decrease in styrene inventory are conducive to the short - term expansion of the EB - BZ spread [3] Summary by Directory 1. Pure Benzene and EB's Basis Structure and Inter - period Spreads - Figures include pure benzene's main basis, main futures contract price, main contract basis, spot - M2 paper cargo spread, and the spread between the first and third contracts. Also, EB's main contract trend and basis, main contract basis, and the spread between the first and third contracts are presented [7][10][15] 2. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Figures cover naphtha processing fees, the difference between pure benzene FOB Korea and naphtha CFR Japan, styrene non - integrated device 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 [18][21][36] 3. Inventories and Start - up Rates of Pure Benzene and Styrene - Figures show pure benzene's East China port inventory, start - up rate, styrene's East China port inventory, start - up rate, East China commercial inventory, and factory inventory [38][40][43] 4. Start - up and Production Profits of Styrene's Downstream - Figures present the start - up rates and production profits of EPS, PS, and ABS [49][51][52] 5. Start - up and Production Profits of Pure Benzene's Downstream - Figures include the start - up rates and production profits of caprolactam, phenol - ketone, aniline, adipic acid, PA6 regular spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [58][64][82]

丙烯日报 | 2025-11-20 现货市场回暖，盘面延续偏弱整理 市场要闻与重要数据 丙烯方面：丙烯主力合约收盘价5840元/吨（+24），丙烯华东现货价5925元/吨（+10），丙烯华北现货价5950元/吨 （+60），丙烯华东基差85元/吨（-14），丙烯华北基差68元/吨（+4）。丙烯开工率74%（-1%），中国丙烯CFR-日本 石脑油CFR157美元/吨（+3），丙烯CFR-1.2丙烷CFR43美元/吨（-10），进口利润-250元/吨（+14），厂内库存47190 吨（-2630）。 丙烯下游方面：PP粉开工率44%（+0.59%），生产利润-230元/吨（-60）；环氧丙烷开工率75%（+1%），生产利润310 元/吨（+58）；正丁醇开工率83%（-3%），生产利润-301元/吨（-37）；辛醇开工率69%（-2%），生产利润-306元/吨 （-43）；丙烯酸开工率75%（+3%），生产利润543元/吨（-7）；丙烯腈开工率79%（+1%），生产利润-273元/吨（+15）； 酚酮开工率67%（-9%），生产利润-415元/吨（+0）。 市场分析 局部PDH装置检修提振叠加下游装置重启带来需求 ...

纯苯苯乙烯日报 | 2025-11-19 库存表现差异，EB-BZ价差回升 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-122元/吨（+5）。纯苯港口库存14.70万吨（+3.40万吨）；纯苯CFR中国加工费111美元/吨 （+10美元/吨），纯苯FOB韩国加工费96美元/吨（+9美元/吨），纯苯美韩价差137.7美元/吨（-3.0美元/吨）。华东纯 苯现货-M2价差-100元/吨（+15元/吨）。 纯苯下游方面：己内酰胺生产利润-1395元/吨（+200），酚酮生产利润-415元/吨（+0），苯胺生产利润496元/吨（-63）， 己二酸生产利润-1286元/吨（+68）。己内酰胺开工率86.05%（+0.00%），苯酚开工率67.00%（-8.50%），苯胺开工 率80.17%（+2.43%），己二酸开工率62.00%（-3.60%）。 苯乙烯方面：苯乙烯主力基差35元/吨（-4元/吨）；苯乙烯非一体化生产利润-281元/吨（+22元/吨），预期逐步压缩。 苯乙烯华东港口库存148300吨（-26500吨），苯乙烯华东商业库存87300吨（-14500吨），处于库存回建阶段。苯乙 烯开工率 ...

丙烯日报 | 2025-11-19 市场要闻与重要数据 丙烯方面：丙烯主力合约收盘价5816元/吨（-97），丙烯华东现货价5915元/吨（+15），丙烯华北现货价5890元/吨（+45）， 丙烯华东基差99元/吨（+112），丙烯华北基差64元/吨（+109）。丙烯开工率74%（-1%），中国丙烯CFR-日本石脑 油CFR154美元/吨（+6），丙烯CFR-1.2丙烷CFR53美元/吨（-7），进口利润-265元/吨（+14），厂内库存47190吨（-2630）。 丙烯下游方面：PP粉开工率44%（+0.59%），生产利润-170元/吨（-55）；环氧丙烷开工率75%（+1%），生产利润310 元/吨（+58）；正丁醇开工率83%（-3%），生产利润-214元/吨（-28）；辛醇开工率69%（-2%），生产利润-263元/吨 （+17）；丙烯酸开工率75%（+3%），生产利润550元/吨（-11）；丙烯腈开工率79%（+1%），生产利润-288元/吨（-46）； 酚酮开工率67%（-9%），生产利润-415元/吨（+0）。 市场分析 局部PDH装置检修提振叠加下游装置重启带来需求增量，推动丙烯市场交投好转， ...

Report Industry Investment Rating No information provided. Core Viewpoints - In the pure benzene market, the lowest point of US refinery operations has passed, but US gasoline inventories are at a low level, and gasoline cracks continue to strengthen, which supports Asian aromatics for blending. The arbitrage spread from South Korea to the US has recovered but not opened up. The future arrival pressure in China may slow down, but in the short term, there is a concentrated arrival of pure benzene in China, and port inventories are rising faster. Domestic production operations continue to increase, while downstream operations are weak. Styrene maintenance is concentrated, waiting for recovery at the end of the month; phenol operations are dragged down by low operations of bisphenol A and PC; CPL operations remain at a low level, waiting for inventory reduction; aniline and adipic acid operations are fair [2]. - In the styrene market, port inventories continue to decline, partly due to increased exports and partly due to low domestic operations. However, there are expectations of resumption in late November. Attention should be paid to whether the maintenance period will be further extended. Downstream demand for pick-up remains stable, but downstream operations are still low. EPS continues to reduce operations during the off-season, while ABS and PS operations are at a low level. Inventories of EPS and PS have decreased, but ABS still faces inventory pressure [2]. Summary by Directory 1. Pure Benzene and EB Basis Structure, Inter - Period Spreads - Figures related to pure benzene basis and spreads include the pure benzene main contract basis, pure benzene spot - M2 paper cargo spread, and pure benzene continuous first - continuous third contract spread. Figures related to EB include the EB main contract trend & basis, EB main contract basis, and EB continuous first - continuous third contract spread [7][12][16]. 2. Pure Benzene and Styrene Production Profits, Domestic - Foreign Spreads - Figures cover various aspects such as naphtha processing fees, the difference between pure benzene FOB South Korea and naphtha CFR Japan, styrene non - integrated plant production profits, and differences between pure benzene FOB US Gulf and other regions, as well as import profits of pure benzene and styrene [18][21][30]. 3. Pure Benzene and Styrene Inventories, Operating Rates - For pure benzene, figures show the East China port inventory and operating rate. For styrene, figures display the East China port inventory, commercial inventory, factory inventory, and operating rate [36][38][41]. 4. Styrene Downstream Operating Rates and Production Profits - Figures present the operating rates and production profits of EPS, PS, and ABS [46][48][53]. 5. Pure Benzene Downstream Operating Rates and Production Profits - Figures include the operating rates and production profits of caprolactam, phenol - ketone, aniline, adipic acid, as well as the production profits of related products such as PA6 regular spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [57][62][71].

丙烯日报 | 2025-11-18 下游装置集中重启带动需求回升 市场要闻与重要数据 丙烯方面：丙烯主力合约收盘价5913元/吨（-4），丙烯华东现货价5900元/吨（+25），丙烯华北现货价5845元/吨（+40）， 丙烯华东基差-13元/吨（+29），丙烯华北基差-45元/吨（+53）。丙烯开工率74%（-1%），中国丙烯CFR-日本石脑油 CFR148美元/吨（-8），丙烯CFR-1.2丙烷CFR60美元/吨（-1），进口利润-279元/吨（+25），厂内库存47190吨（-2630）。 丙烯下游方面：PP粉开工率44%（+0.59%），生产利润-115元/吨（-40）；环氧丙烷开工率75%（+1%），生产利润310 元/吨（+58）；正丁醇开工率83%（-3%），生产利润-186元/吨（-25）；辛醇开工率69%（-2%），生产利润-280元/吨 （-28）；丙烯酸开工率75%（+3%），生产利润561元/吨（-18）；丙烯腈开工率79%（+1%），生产利润-242元/吨（-31）； 酚酮开工率67%（-9%），生产利润-415元/吨（+0）。 市场分析 局部PDH装置检修提振叠加下游装置重启带来需求 ...