苯乙烯：关注乙苯增量，短期震荡

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Short - term, the styrene market is expected to be volatile, and attention should be paid to the increment of ethylbenzene. The short - term aromatics blending oil logic continues to play out. The pure benzene market is in a stage of weak chemical reality and strong blending oil expectations, with short - term market fluctuations mainly. The short - term high of the pure benzene market is 5600 - 5700 yuan/ton, and whether it can break through later depends on the guidance of the crude oil price center and the alleviation of domestic inventory pressure [1][2] 3. Summary by Relevant Catalogs Fundamental Tracking - Styrene futures prices showed small increases: styrene 2512 rose from 6,437 to 6,450, styrene 2601 rose from 6,469 to 6,482, and styrene 2602 rose from 6,526 to 6,535. EB - BZ increased from 1000 to 1020, non - integrated profit increased from - 455 to - 444, and integrated profit increased from - 129 to - 113. EB12 - 01 remained unchanged at - 32, EB01 - 02 increased from - 57 to - 53. N + 1 contract decreased from 6380 to 6350, and N + 2 contract decreased from 6410 to 6390 [1] Trend Intensity - The trend intensity of styrene is 0, indicating a neutral view. The range of trend intensity is [-2, 2], where - 2 means the most bearish and 2 means the most bullish [1] Spot News - The pure benzene market is in a stage of weak chemical reality and strong blending oil expectations. In reality, pure benzene arrivals are weak, mid - stream inventory pressure is high, and downstream demand is difficult to improve significantly in the fourth quarter. Recently, the overseas blending oil market's off - season driving force has strengthened, with news of US refinery capacity withdrawal and reduced load of disproportionation units supporting overseas aromatic prices. The gasoline crack spread has continued to strengthen, and the US Gulf aromatic premium is close to the summer peak level. South Korea's disproportionation profit is poor, and there is a continuous expectation of supply reduction. Previously, the market expected pure benzene imports of 48 - 500,000 tons in November - December, but now it is considered that imports may be lower than expected [2]