能源化工周报：苯乙烯-2025-03-28

Report Title - Energy Chemical Weekly - Styrene, dated March 28, 2025 [2] Report Industry Investment Rating - Not provided Core View - Styrene has entered the traditional season of concentrated plant maintenance. Attention should be paid to the supply-demand changes in the market in March and April due to new capacity launches and the concentrated maintenance season. In the second quarter, styrene maintenance is expected to be implemented, leading to a reduction in supply. With limited expected import supplements, the overall styrene supply is expected to decrease, and port inventory reduction will be a market focus. On the demand side, with rigid spot demand, styrene is expected to gradually shift from a loose balance to a balance [5] Summary by Directory 1. Supply - EB production enterprise operating rate is 75.3%, a 1.46% week-on-week increase; EB weekly output is 344,900 tons, a 1.98% week-on-week increase [7] 2. Demand - The weighted operating rate of the three major downstream industries is 61.38%, a 1.84% week-on-week decrease; the weighted inventory of the three major downstream industries is 97,500 tons, a 2.19% week-on-week increase [7] 3. Inventory - This week, the EB inventory at East China factories is 223,700 tons, an 8.67% week-on-week decrease; the East China port inventory is 153,500 tons, an 11.93% week-on-week decrease [7] 4. Upstream and Cost - Not summarized in detail as only data charts are provided, including pure benzene - naphtha cracking spread, ethylene - naphtha cracking spread, pure benzene operating rate, etc. 5. Price and Profit - This week, the spot price of pure benzene decreased by 2.40% week-on-week to 6,700 yuan/ton; the spot price of styrene decreased by 1.90% week-on-week to 7,995 yuan/ton [7] 6. Basis and Calendar Spread - The basis is 144; the (May - June) calendar spread is 71 [7]