纸浆早报 研究中心能化团队 2025/11/24 SP主力合约收盘价： 5228.00 | 日期 | 2025/11/21 | 2025/11/20 | 2025/11/19 | 2025/11/18 | 2025/11/17 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5228.00 | 5298.00 | 5396.00 | 5408.00 | 5474.00 | | 折美元价 | 650.10 | 650.10 | 662.95 | 664.17 | 673.11 | | 距上一日涨跌 | -1.32125% | -1.81616% | -0.22189% | -1.20570% | -0.10949% | | 山东银星基差 | 262 | 212 | 154 | 142 | 76 | | 江浙沪银星基差 | 272 | 212 | 144 | 132 | 76 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | - ...

1. Report Industry Investment Rating - Not provided in the documents 2. Core Viewpoints of the Report - Copper prices fluctuated slightly this week, with downstream consumption remaining weak. The negotiation of long - term contracts between copper producers and downstream consumers is ongoing, and the price around 85,000 yuan may be a psychological price for downstream point - pricing [1]. - Aluminum prices are expected to oscillate in the short term, and the supply - demand situation is expected to be loose in early 2026 and then gradually tighten [1][2]. - Zinc prices oscillated this week. The domestic fundamentals are poor, but there may be a phased reduction in supply at the end of the year, so it is recommended to wait and see for unilateral trading [4]. - Nickel's short - term fundamentals are weak, and there are opportunities for short - selling on rallies due to policy - induced price support motives [5]. - Stainless steel's fundamentals remain weak, and there are opportunities for short - selling on rallies due to policy - induced price support motives [8]. - Lead prices are expected to oscillate narrowly next week, and it is recommended to wait and see the increase in warehouse receipts and the price support of waste batteries [11][12]. - Tin prices' short - term fundamentals are acceptable, and it is recommended to wait and see; in the long - term, it is recommended to hold near the cost line or use it as a long - position allocation in non - ferrous metals [15]. - Industrial silicon's supply - demand is expected to be in a balanced and slightly loose state in Q4, and prices are expected to oscillate [18]. - The price of lithium carbonate has high price elasticity after supply - side disturbances, and the turning point of the long - term pattern may occur in the next 1 - 2 years [20]. 3. Summary by Metal Copper - **Price Trend**: Copper prices first rose and then declined slightly this week [1]. - **Supply and Demand**: Downstream consumption is weak, and the negotiation of long - term contracts is ongoing. LME copper had concentrated warehousing this week, and the scrap - refined copper price difference has widened [1]. - **Outlook**: The price around 85,000 yuan may be a psychological price for downstream point - pricing, and attention should be paid to industrial support at this level [1]. Aluminum - **Price Trend**: Aluminum prices declined this week, and the position decreased [1]. - **Supply and Demand**: Domestic and overseas production capacity is gradually being put into operation. The inventory of aluminum ingots remained flat, and the inventory of aluminum rods and strips decreased slightly. Downstream consumption is acceptable, and the acceptance of high prices has increased [1][2]. - **Outlook**: It is expected to oscillate in the short term, and the supply - demand situation is expected to be loose in early 2026 and then gradually tighten [2]. Zinc - **Price Trend**: Zinc prices oscillated this week [4]. - **Supply and Demand**: The supply of domestic and imported TC is accelerating to decline. The production of Huoshaoyun zinc ingots has started, and most smelters will have maintenance in December. Domestic demand is seasonally weak, and overseas demand in Europe is average. Domestic social inventory oscillates, and overseas LME inventory decreases [4]. - **Strategy**: It is recommended to wait and see for unilateral trading in the short term. Pay attention to reverse arbitrage opportunities and positive arbitrage opportunities for the 01 - 03 spread [4]. Nickel - **Price Trend**: Nickel prices declined this week [5]. - **Supply and Demand**: The supply of pure nickel decreased slightly, demand is weak, and domestic and overseas inventories are increasing [5]. - **Strategy**: Pay attention to opportunities for short - selling on rallies due to policy - induced price support motives [5]. Stainless Steel - **Price Trend**: Stainless steel prices remained stable this week [8]. - **Supply and Demand**: Steel mill production increased slightly in October, demand is mainly for rigid needs, costs are stable, and inventory remains at a high level [8]. - **Strategy**: Pay attention to opportunities for short - selling on rallies due to policy - induced price support motives [8]. Lead - **Price Trend**: Lead prices declined this week [11]. - **Supply and Demand**: Supply is loose, demand is expected to weaken, and social inventory is increasing. The supply - demand mismatch has been alleviated [11][12]. - **Outlook**: It is expected to oscillate narrowly next week in the range of 17,100 - 17,400 yuan, and it is recommended to wait and see [12]. Tin - **Price Trend**: Tin prices rose this week [15]. - **Supply and Demand**: The supply has marginally recovered, overseas production has uncertainties, and demand is mainly rigid [15]. - **Strategy**: It is recommended to wait and see in the short term; in the long - term, it is recommended to hold near the cost line or use it as a long - position allocation in non - ferrous metals [15]. Industrial Silicon - **Price Trend**: Not mentioned explicitly [18]. - **Supply and Demand**: The supply - demand is expected to be in a balanced and slightly loose state in Q4, with some production capacity changes in different regions [18]. - **Outlook**: Prices are expected to oscillate in the short term and cycle at the bottom in the long - term [18]. Lithium Carbonate - **Price Trend**: The price first rose and then fell sharply [20]. - **Supply and Demand**: The raw material supply is tight, the upstream inventory has decreased, the downstream inventory is relatively sufficient, and the transaction is冷清 [20]. - **Outlook**: The price has high price elasticity after supply - side disturbances, and the turning point of the long - term pattern may occur in the next 1 - 2 years [20].

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The report presents cross - market, cross - period, spot - futures, and cross - product arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 24, 2025 [1][3][4] 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On November 24, 2025, the domestic spot price was 85800, the LME price was 10677, and the ratio was 8.07; the three - month domestic price was 85680, the LME price was 10676, and the ratio was 8.03. The profit from spot import was - 632.80, and the profit from spot export was 75.49 [1] - **Zinc**: The domestic spot price was 22420, the LME price was 3122, and the ratio was 7.18; the three - month domestic price was 22400, the LME price was 2987, and the ratio was 5.75. The profit from spot import was - 4097.68 [1] - **Aluminum**: The domestic spot price was 21380, the LME price was 2757, and the ratio was 7.75; the three - month domestic price was 21370, the LME price was 2788, and the ratio was 7.66. The profit from spot import was - 1628.41 [1] - **Nickel**: The domestic spot price was 118650, the LME price was 14220, and the ratio was 8.34. The profit from spot import was - 1396.42 [1] - **Lead**: The domestic spot price was 17025, the LME price was 1973, and the ratio was 8.66; the three - month domestic price was 17170, the LME price was 1995, and the ratio was 11.22. The profit from spot import was - 123.44 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract were - 420, - 400, - 430, and - 440 respectively, with theoretical spreads of 532, 963, 1402, and 1842 [4] - **Zinc**: The spreads were 10, 20, 25, and 40 respectively, with theoretical spreads of 215, 336, 457, and 578 [4] - **Aluminum**: The spreads were - 155, - 125, - 110, and - 90 respectively, with theoretical spreads of 218, 338, 457, and 577 [4] - **Lead**: The spreads were - 35, - 30, - 40, and 0 respectively, with theoretical spreads of 211, 318, 425, and 532 [4] - **Nickel**: The spreads were - 1200, - 1020, - 730, and - 450 respectively [4] - **Tin**: The 5 - 1 spread was 480, with a theoretical spread of 6017 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were 310 and - 110 respectively [4] - **Zinc**: The spreads were - 40 and - 30 respectively [4] - **Lead**: The spreads were 175 and 140 respectively [5] Cross - Product Arbitrage Tracking - On November 24, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - consecutive contracts) were 3.83, 4.01, 4.99, 0.95, 1.24, and 0.77 respectively; and in London (three - consecutive contracts) were 3.61, 3.87, 5.43, 0.93, 1.40, and 0.66 respectively [5]

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Views of the Report - The valuation of contract EC2512 is moderately low, and the open interest has significantly decreased. It will gradually follow the delivery logic [3][15]. - For contract EC2604, it is still recommended to adopt a short - selling strategy on rallies [3][15]. - The overall freight volume between China and Europe this year is good, but it is difficult to prove or disprove the so - called "weak peak season" in the short term. Since the Spring Festival is later this year, it is normal for the peak season to start late. Although the high shipping capacity from December to January may suppress the price increase of contract EC2602, an overly pessimistic outlook is not given. The situation of peak - season cargo collection should be observed. Freight rates usually peak 4 - 5 weeks before the Spring Festival. If the rush - season demand is gradually fulfilled, contract EC2602 may have more upside potential [3][15]. 3. Summary by Relevant Catalogs Futures Contracts - **Contract Prices and Changes**: The closing prices of contracts EC2512, EC2602, EC2604, EC2606, EC2608, and EC2610 are 1773.9, 1556.1, 1133.2, 1350.0, 1474.3, and 1099.1 respectively, with daily changes of - 0.10%, - 4.59%, - 2.56%, - 2.25%, - 2.04%, and - 0.89% [2][14]. - **Trading Volume and Open Interest**: The trading volumes of these contracts are 1997, 28701, 2776, 275, 246, and 448 respectively, and the open interests are 7323, 43433, 15961, 1565, 1324, and 2597 respectively, with changes of - 7/ - 37, 1404, - 53, - 10, 100, and 104 [2][14]. - **Month - spreads**: The month - spreads of EC2512 - 2504, EC2512 - 2602, and EC2502 - 2604 are 640.7, 217.8, and 422.9 respectively, with daily changes of 28.0, 7/3.1, and - 45.1, and week - on - week changes of 28.7, 6745, and - 38.8 [2][14]. Spot Market Indicators - **SCHIS**: Published every Monday. As of November 17, 2025, it was 1357.67 points, down 9.78% from the previous period and up 24.50% from the period before the previous one [2][14]. - **SCFI (European Line)**: Published every Friday. As of November 21, 2025, it was 1367 dollars/TEU, down 3.5% from the previous period and up 7.11% from the period before the previous one [2][14]. - **CCFI**: Published every Friday. As of November 21, 2025, it was 1432.96 points, up 2.09% from the previous period and up 2.69% from the period before the previous one [2][14]. - **NCFI**: Published on a certain day (unclear in the text). As of November 21, 2025, it was 951.65 points, down 2.83% from the previous period and up 7.42% from the period before the previous one [2][14]. Recent Spot Situation of European Lines - In Week 48, the overall average was about 2200 US dollars (equivalent to about 1540 points). In Week 49, the rates of the GEMINI and PA alliances were between 2400 - 2500 US dollars, while the OA alliance had not adjusted its price yet, with an average of about 2450 US dollars (equivalent to about 1700 points). It is expected that prices will be raised for December this week, and there will be price hikes in the second half of December [4][16]. Related News On November 24, the Hamas delegation discussed the Gaza situation with the Egyptian side. On the 23rd, according to a statement from Hamas, several high - level members of the organization held talks in Cairo with the head of the Egyptian General Intelligence Service and the main mediator of the Gaza cease - fire agreement, Rashad. Hamas stated that it had fulfilled its commitments in the first phase of the Gaza cease - fire agreement and demanded that Israel stop violating the cease - fire agreement [5][17].

| | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2025/11/24 | | | 现 货 价 格 | | | | | | | | 日期 | 北京螺纹 | 上海螺纹 | 成都螺纹 | 西安螺纹 | 广州螺纹 | 武汉螺纹 | | 2025/11/17 | 3230 | 3240 | 3220 | 3270 | 3400 | 3300 | | 2025/11/18 | 3230 | 3250 | 3240 | 3290 | 3420 | 3310 | | 2025/11/19 | 3230 | 3210 | 3240 | 3290 | 3420 | 3310 | | 2025/11/20 | 3230 | 3190 | 3190 | 3240 | 3420 | 3280 | | 2025/11/21 | 3230 | 3230 | 3190 | 3240 | 3420 | 3280 | | 变化 | 0 | 40 | 0 | 0 | 0 | 0 | | 日期 | 天津热卷 | 上海热卷 | ...

Group 1: Price Performance - London Gold's latest price is 4072.85 with a change of -17.75 [3] - London Silver's latest price is 48.91 with a change of -1.94 [3] - London Platinum's latest price is 1545.00 with a change of -12.00 [3] - London Palladium's latest price is 1404.00 with a change of -4.00 [3] - WTI Crude's latest price is 58.06 with a change of -0.94 [3] - LME Copper's latest price is 10675.50 with a change of -83.50 [3] - US Dollar Index's latest price is 100.22 with no change [3] - Euro to US Dollar's latest price is 1.15 with no change [3] - British Pound to US Dollar's latest price is 1.31 with no change [3] - US Dollar to Japanese Yen's latest price is 157.46 with no change [3] - US 10 - year TIPS's latest price is 1.82 with a change of -0.04 [3] Group 2: Trading Data - COMEX Silver inventory is 14367.02 with no change [4] - SHFE Silver inventory is 519.27 with a change of -15.82 [4] - Gold ETF持仓 is 1040.57 with a change of 1.14 [4] - Silver ETF持仓 is 15257.92 with a change of 11.29 [4] - SGE Silver inventory is 830.31 with no change [4] - SGE Gold's deferred fee payment direction has a change of -1.00 [4] - Another SGE Silver's deferred fee payment direction has no change [4]

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - The report presents recent data and trends in the agricultural commodities market, including soybean, palm oil, and related products, which can help investors understand the current market situation and potential investment opportunities [1] Group 3: Summary by Related Catalogs Soybean - The U.S. soybean crush volume in August was 198 million bushels (5.94 million tons), slightly higher than the analysts' forecast of 196.9 million bushels [1] - Brazil's 2025/26 soybean planting rate reached 79.61%, lower than the same period last year but higher than the 2023/24 season and the five - year average. Irregular rainfall in most regions may lead to lower yields [1] Palm Oil - Malaysia's palm oil product exports from November 1 - 20, 2025, were 471,222 tons, a 40.6% decrease from the same period last month [1] Import Profits - The report provides historical data on the import profits of soybean oil, palm oil, and rapeseed oil from 2016 - 2025 for July and August [1] Spot Prices - Spot prices of various agricultural products such as rapeseed meal, soybean meal, soybean oil, palm oil, and rapeseed oil in different regions from November 17 - 21, 2025, are presented [1] Basis - The report shows the basis data of protein meals (soybean meal and rapeseed meal) and oils (soybean oil, palm oil, and rapeseed oil) in different months and regions over multiple seasons [1] Price Spreads - Seasonal price spreads of various agricultural products, including soybean meal, rapeseed meal, soybean oil, palm oil, and rapeseed oil, are provided, which can help investors analyze market trends and potential trading opportunities [1]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Relevant Catalogs Price - For silicon ferroalloy on November 24, 2025, the latest price of Ningxia 72 silicon ferroalloy natural block is 5130, with a daily change of -20 and a weekly change of -20; the latest price of Inner Mongolia 72 is 5200, with no daily or weekly change; the latest price of Qinghai 72 is 5170, with a daily and weekly change of -30; the latest price of Shaanxi 72 is 5100, with a daily and weekly change of -30; the price of Shaanxi 75 is 5700, with no change. The export prices of Tianjin 72 and 75 are 1030 and 1080 respectively, with weekly changes of -15 and -20 [2]. - For silicon manganese on November 24, 2025, the latest price of Inner Mongolia 6517 silicon manganese at the production area ex - factory price is 5520, with a weekly change of -80; Ningxia 6517 is 5460, with a daily change of -20 and a weekly change of -90; Guangxi 6517 is 5550, with a weekly change of -50; Guizhou 6517 and Yunnan 6517 are 5500, with a weekly change of -80 [2]. Supply - The report presents the production data of 136 silicon ferroalloy enterprises in China from 2021 - 2025, including monthly production and weekly production (capacity ratio 95%), as well as the production capacity utilization rate of these enterprises in Inner Mongolia, Ningxia, and Shaanxi [5]. - The production data of silicon manganese in China from 2021 - 2025 is also provided, including weekly production and the procurement volume and price of HeSteel Group [7]. Demand - The report shows the demand data of silicon manganese in China from 2021 - 2025 (Steel Union caliber), and also includes data such as the estimated production volume of crude steel in China, the production volume of stainless - steel crude steel, the procurement volume of silicon ferroalloy by HeSteel Group, etc. [5][8]. Inventory - For silicon ferroalloy, the report provides the inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi from 2021 - 2025, as well as data such as the number of warehouse receipts, effective forecasts, and inventory average available days in different regions [6]. - For silicon manganese, it provides the inventory data of 63 sample enterprises in China from 2021 - 2025, as well as data such as the number of warehouse receipts, effective forecasts, and inventory average available days in China [8]. Cost and Profit - For silicon ferroalloy, it shows the electricity price data of different regions from 2021 - 2025, the market price of semi - coke, the production cost and profit data of silicon ferroalloy in Ningxia and Inner Mongolia, and the export profit of 75 silicon ferroalloy [6]. - For silicon manganese, it presents the profit data of different regions from 2021 - 2025, including Inner Mongolia, Guangxi, the northern region, and the southern region, as well as the profit of Guangxi silicon manganese converted to the main contract and the profit of Ningxia silicon manganese converted to the market [8].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - This week, oil prices closed lower. There has been significant progress in Russia-Ukraine negotiations, with Zelensky and Trump set to discuss a peace plan next week. Russia is open to it, but no substantial discussions have taken place between Russia and the US. The risk premium of gasoline and diesel cracks in Europe and the US has rapidly reversed, and the crude oil monthly spread has declined, with a weekly rebound. Global onshore inventories have increased this week, while the total onshore and offshore inventories have slightly decreased, reaching a new high since 2020. US EIA commercial crude oil inventories have decreased, while gasoline and diesel inventories have increased. The number of US drilling rigs and fracturing operations has risen, and the refinery operating rates in Europe and the US have increased. Recently, there is still room for downward correction in US gasoline and European diesel prices. With supply exceeding demand, a short-selling strategy for crude oil is maintained. The Brent price is expected to range from $55 to $60 per barrel in the fourth quarter. Short-term attention should be paid to the Russia-Ukraine conflict plan drafted by the US [7] Group 3: Summary by Relevant Catalog 1. Market Data - From November 17 - 21, 2025, WTI dropped from $59.91 to $58.06, a decrease of $0.94; BRENT fell from $64.20 to $62.56, a decline of $0.82; DUBAI decreased from $65.00 to $64.39, a drop of $0.28. SC decreased by 8.10, and domestic gasoline decreased by 30.00. Other related oil products also showed various price changes [3] 2. Daily News - Trump set a deadline for Ukraine to accept a new peace plan, and Zelensky and Trump will discuss the peace plan next week. Peskov said that Russia and the US have not conducted any substantial discussions on the peace plan, and Ukraine must make a responsible decision on resolving the conflict peacefully [3][4] - The IEA reported that the global energy efficiency improvement pace has accelerated in 2025. The global primary energy intensity is expected to improve by 1.8% this year, up from 1% in 2024 [4] 3. Inventory - In the week of November 14, US crude oil exports increased by 1.342 million barrels per day to 4.158 million barrels per day; domestic crude oil production decreased by 28,000 barrels to 13.834 million barrels per day; commercial crude oil inventories excluding strategic reserves decreased by 3.426 million barrels to 424 million barrels, a decrease of 0.8% [5] - From November 14 - 20, both gasoline and diesel inventories decreased. Gasoline inventories were 10.2331 million tons, a decline of 1.75%; diesel inventories were 12.2708 million tons, a decline of 4.25%. The comprehensive refining profit of major refineries rebounded month - on - month, while that of local refineries fluctuated [6] 4. EIA Report Additional Data - The four - week average supply of US crude oil products was 20.641 million barrels per day, a decrease of 0.2% compared to the same period last year [14] - In the week of November 14, the US Strategic Petroleum Reserve (SPR) inventory increased by 533,000 barrels to 410.9 million barrels, an increase of 0.13% [14] - In the week of November 14, the US imported 5.95 million barrels per day of commercial crude oil excluding strategic reserves, an increase of 728,000 barrels per day compared to the previous week [14]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - For PTA, with some proximal TA devices under maintenance, the start - up rate decreased, polyester load increased, inventory was depleted, basis strengthened slightly, and spot processing fees improved. PX domestic start - up increased, overseas devices reduced load, PXN strengthened, and cost - end PX had a good pattern. Attention should be paid to the opportunities of positive spreads at low prices and expanding processing fees [2]. - For MEG, with domestic oil - based production increasing load and coal - based production having some maintenance and load reduction, overall start - up declined. With supply load reduction and high polyester start - up, the inventory accumulation speed is expected to slow down. There are opportunities for short - term selling of put options, but the long - term pattern is expected to be weak [2]. - For polyester staple fiber, the short - term inventory pressure is limited due to high export growth, but the pattern may weaken in the long - term as the downstream enters the off - season and new devices are about to be put into production. Attention should be paid to the warehouse receipt situation [2]. - For natural rubber and 20 - grade rubber, with stable national explicit inventory and stable Thai cup - lump rubber prices affected by rainfall, the strategy is to wait and see [5]. 3. Summary by Related Catalogs PTA - **Price and Index Changes**: From November 17 - 21, 2025, the price of crude oil decreased by 0.8, PTA spot price decreased by 15, and PTA processing fee increased by 41. The average daily trading basis for PTA was 2601(-61) [2]. - **Device Changes**: Yisheng Ningbo's 2.2 million - ton device and Honggang's 2.5 million - ton device were under maintenance [2]. - **Market Outlook**: TA will maintain a high - maintenance state, downstream has no obvious pressure, and with India revoking the BIS certification, the inventory accumulation slope is not high. There are opportunities for positive spreads at low prices and expanding processing fees [2]. MEG - **Price and Index Changes**: From November 17 - 21, 2025, the MEG outer - market price decreased by 3, the inner - market price decreased by 33, and the coal - based MEG profit decreased by 47.08 [2]. - **Device Changes**: Hongsifang's 300,000 - ton device and Huayi's 200,000 - ton device were under maintenance, and Zhenhai's 800,000 - ton device restarted [2]. - **Market Outlook**: With supply load reduction and high polyester start - up, the inventory accumulation speed is expected to slow down. There are short - term opportunities for selling put options, but the long - term pattern is expected to be weak [2]. Polyester Staple Fiber - **Price and Index Changes**: From November 17 - 21, 2025, the price of 1.4D cotton - type staple fiber decreased by 30, and the short - fiber profit decreased by 7 [2]. - **Device Operation**: The start - up rate was stable at 97.5%, production and sales improved slightly, and inventory was basically flat [2]. - **Market Outlook**: Short - term inventory pressure is limited due to high export growth, but the pattern may weaken in the long - term as the downstream enters the off - season and new devices are about to be put into production. Attention should be paid to the warehouse receipt situation [2]. Natural Rubber & 20 - grade Rubber - **Price and Index Changes**: From November 17 - 21, 2025, the price of US - dollar Thai standard rubber increased by 5, and the price of Shanghai full - latex decreased by 10 [5]. - **Market Outlook**: With stable national explicit inventory and stable Thai cup - lump rubber prices affected by rainfall, the strategy is to wait and see [5]. Styrene - **Price and Index Changes**: From November 17 - 21, 2025, the price of ethylene (CFR Northeast Asia) remained unchanged, the price of pure benzene (CFR China) remained unchanged, and the price of styrene (CFR China) decreased by 8 [8]. - **Profit Changes**: The domestic profit of styrene remained at 45, and the domestic profits of EPS, PS, and ABS remained unchanged [8].