苯乙烯：短期继续负反馈

Report Summary 1) Report Industry Investment Rating - No information provided on the industry investment rating 2) Core View - The short - term trend of styrene is a negative feedback with a neutral trend intensity. It will be in a volatile pattern. The valuation center of chemical products has moved down due to the rapid decline in crude oil prices. There is a demand for short - position profit - taking around 6,500 yuan/ton for styrene and 5,500 yuan/ton for pure benzene. In October, there is an expectation of reduced production at some domestic major refineries due to overseas sanctions, and the inventory accumulation expectations for pure benzene and styrene at ports have turned into de - stocking expectations. The downstream demand for styrene is still not optimistic [1][2] 3) Summary by Relevant Catalogs Fundamental Tracking - For styrene futures contracts: the price of styrene2512 decreased by 95 to 6,848; styrene2601 decreased by 99 to 6,875; styrene2610 increased by 13 to 7,387. EB - BZ increased by 25 to 1,315. Non - integrated profit decreased by 12 to - 143, and integrated profit decreased by 67 to 689. EB120EB01 increased by 4 to - 27, EB01 - EB10 decreased by 112 to - 512. The N + 1 contract decreased by 20 to 7,460, and the N + 2 contract increased by 20 to 7,390 [1] Trend Intensity - The trend intensity of styrene is 0, with a neutral outlook on its trend. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [1] Spot News - Short - position profit - taking occurs. The valuation of chemical products has declined with the drop in crude oil prices. There is a profit - taking demand for short positions around 6,500 yuan/ton for styrene and 5,500 yuan/ton for pure benzene. In October, some domestic major refineries may reduce production due to overseas sanctions, with an expected monthly output loss of 2 - 4 million tons of pure benzene. The inventory accumulation expectations for pure benzene and styrene at ports have changed to de - stocking expectations. The market is mainly trading on cost contradictions. The downstream of styrene is in a negative feedback stage, and the downstream demand is not optimistic [2]