出口支撑与装置重启博弈，芳烃偏强震荡运行

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The aromatics market is oscillating strongly due to the game between export support and plant restart. Pure benzene is mainly in high - level oscillation driven by cost in the short term, and its high valuation may face regression pressure if terminal restocking is insufficient. Styrene is in a short - term strong oscillation pattern, and its future trend depends on the plant restart progress and the real post - holiday de - stocking strength [2][3] Summary by Directory 1. Daily Market Summary Fundamental Information - Prices: On February 24, the styrene futures closed at 7,669 yuan/ton, and pure benzene futures closed at 6,199 yuan/ton. The spot price of East China pure benzene was 5,990 yuan/ton [2] - Costs: On February 24, the Brent crude oil main contract closed at $62.8/barrel (unchanged), and the WTI crude oil main contract closed at $67.5/barrel (unchanged) [2] - Inventories: The East China port inventory of pure benzene was 305,000 tons (unchanged), and the East China port inventory of styrene was 109,000 tons (an increase of 8,000 tons) [2] - Demand: The overall downstream operation rate of pure benzene increased. The downstream of styrene entered the off - season, and the operation rate decreased slightly except for ABS [2] Views - Pure Benzene: Crude oil remains strong due to geopolitical disturbances, supporting the aromatics chain. The supply - side operation rate of pure benzene continues to rise, and imported resources have recovered from a low level. The port inventory is still at a high level. The demand shows structural differentiation. The overall valuation of pure benzene and its downstream industries is high, and short - term high - level oscillation is mainly cost - driven [2] - Styrene: Styrene continues the short - term strong oscillation pattern. The seasonal inventory accumulation during the Spring Festival was lower than in previous years, and the overall market pressure is limited. The overseas supply - demand tight pattern continues, supporting domestic prices. However, the market focus is shifting to the post - holiday de - stocking slope and marginal supply recovery rhythm. Styrene is in a game stage between "low - inventory support" and "supply return expectation" [3] 2. Industrial Chain Data Monitoring Prices - Styrene Prices: The styrene futures main contract was 7,669 yuan/ton on February 24. The spot price decreased from 7,594 yuan/ton on February 23 to 7,530 yuan/ton on February 24, a decrease of 0.84% [5] - Pure Benzene Prices: The pure benzene futures main contract was 6,199 yuan/ton on February 24. The East China pure benzene spot price increased from 5,990 yuan/ton on February 23 to 6,170 yuan/ton on February 24, an increase of 3.01% [5] - Upstream Prices: The Brent crude oil price increased from $62.8/barrel on February 23 to $66.3/barrel on February 24, an increase of 5.52%. The WTI crude oil price increased from $67.5/barrel to $71.1/barrel, an increase of 5.32% [5] Production and Inventory - Production: The styrene production in China increased from 348,000 tons in January 30, 2026 to 350,000 tons in February 6, 2026, an increase of 0.98%. The pure benzene production increased from 429,000 tons to 443,000 tons, an increase of 3.29% [6] - Inventory: The styrene port inventory in Jiangsu increased from 101,000 tons in January 30, 2026 to 109,000 tons in February 6, 2026, an increase of 7.95%. The pure benzene port inventory in the whole country remained unchanged at 305,000 tons [6] Operation Rate - Pure Benzene Downstream: The operation rate of styrene increased from 69.3% to 70.0%, aniline increased from 88.5% to 89.0%, while the operation rate of caprolactam decreased from 73.6% to 73.2%, and phenol decreased from 88.3% to 86.0% [7] - Styrene Downstream: The operation rate of EPS decreased from 53.3% to 51.6%, ABS decreased from 66.1% to 64.4%, and PS decreased from 55.6% to 55.2% [7] 3. Industry News - WTI April crude oil futures fell $0.27, or 0.38%, to $66.31/barrel. Brent April crude oil futures fell $0.27, or 0.38%, to $71.49/barrel [8] - On Monday, the CFR price of port - linked PX fell $1.33 to $924.67 [8] - The European Parliament suspended the approval of the EU - US trade agreement [8] - The US may launch a military strike against Iran on February 23 or 24 [8] - The US February Dallas Fed Manufacturing Index was 0.2, the highest since July 2025, with an expected value of - 0.5 [8] 4. Industrial Chain Data Charts - The report provides charts on pure benzene prices, styrene prices, styrene - pure benzene spreads, SM import pure benzene cost vs. domestic pure benzene cost, styrene port inventory, styrene factory inventory, pure benzene port inventory, ABS inventory, and the weekly capacity utilization rates of caprolactam, phenol, and aniline [9][12][19][23][28]