新加坡装置重启，美国西湖化学计划关停

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The global styrene operating rate is at a low level. As of December 15, 2025, the global styrene operating rate was 71.8%, up 0.6 pct month - on - month and down 7.6 pct year - on - year, at the lowest level in the past six years [3] - The domestic styrene operating rate has slightly decreased. As of December 11, 2025, the domestic styrene operating rate was 68.11%, down 0.74 pct month - on - month and down 4.4 pct year - on - year. The weekly output decreased by 0.36 tons [3] - The overseas styrene operating rate has increased. As of December 15, 2025, the overseas styrene operating rate was 75.6%, up 2.0 pct month - on - month and down 8.9 pct year - on - year, at a relatively low level compared to the same period in the past five years [3] 3. Summary According to Related Catalogs Domestic Styrene - As of December 11, 2025, the domestic styrene operating rate was 68.11%, with a week - on - week decrease of 0.74 pct and a year - on - year decrease of 4.4 pct. The weekly output was 33.88 tons, a decrease of 0.36 tons from the previous period. One unit in the Northeast stopped, and one unit each in the Northeast, Shandong, and South China adjusted their loads, resulting in a slight decrease in overall output [3] Overseas Styrene - As of December 15, 2025, the overseas styrene operating rate was 75.6%, with a week - on - week increase of 2.0 pct and a year - on - year decrease of 8.9 pct. The 550,000 - ton styrene unit of Singapore's GAPGC (formerly Shell) restarted in December after an extended shutdown due to cracking maintenance. The US Westlake Chemical plans to shut down its PVC and styrene facilities, involving 260,000 tons of styrene production capacity, and the shutdown will be completed in December 2025 [3] Global Styrene - As of December 15, 2025, the global styrene operating rate was 71.8%, with a week - on - week increase of 0.6 pct and a year - on - year decrease of 7.6 pct, at the lowest level in the past six years [3]