Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - Short - term absolute prices of styrene will fluctuate. The rebound of crude oil prices drives the upward repair of chemical valuations, and it was previously suggested to stop loss on short positions. In October, due to overseas sanctions, some domestic major refineries may reduce production, with an expected loss of 2 - 4 million tons of pure benzene production. The port inventory accumulation expectations for pure benzene and styrene in October have turned into destocking expectations. The market mainly trades cost contradictions, and styrene is still weaker than pure benzene. The downstream 3s has entered a negative feedback stage, and the terminal downstream demand has not improved. Attention should be paid to whether the easing of the trade war after the Sino - US negotiations will bring marginal demand increments [2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Price Changes: The price of styrene 2512 decreased from 6.943 to 6.848, a change of - 95; styrene 2601 decreased from 6.974 to 6.875, a change of - 99; styrene 2610 increased from 7.374 to 7.387, a change of 13. EB - BZ increased from 1290 to 1315, a change of 25. Non - integrated profit decreased from - 131 to - 143, a change of - 12; integrated profit decreased from 756 to 689, a change of - 67. EB12 - EB01 increased from - 31 to - 27, a change of 4; EB01 - EB10 decreased from - 400 to - 512, a change of - 112. N + 1 contract decreased from 7480 to 7460, a change of - 20; N + 2 contract increased from 7370 to 7390, a change of 20 [1]. 3.2 Trend Strength - The trend strength of styrene is 0, indicating a neutral view. The trend strength ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [1]. 3.3 Spot News - Short - term absolute prices of styrene will fluctuate. The rebound of crude oil prices drives the upward repair of chemical valuations, and short - position stop - loss was previously suggested. In October, due to overseas sanctions, some domestic major refineries may reduce production, with an expected loss of 2 - 4 million tons of pure benzene production. The port inventory accumulation expectations for pure benzene and styrene in October have turned into destocking expectations. The market mainly trades cost contradictions, and styrene is still weaker than pure benzene. The downstream 3s has entered a negative feedback stage, and the terminal downstream demand has not improved. Attention should be paid to whether the easing of the trade war after the Sino - US negotiations will bring marginal demand increments [2].
苯乙烯：短期震荡为主
Guo Tai Jun An Qi Huo·2025-10-28 06:01