芳烃日报：中东局势反复，剧烈波动-20260311

Report Summary Report Industry Investment Rating No information provided. Core Viewpoints The report analyzes the aromatics market, highlighting the impact of the volatile Middle - East situation on the market. It details the production and utilization rates of benzene - related products and presents various macro - level news that may affect the oil and aromatics market. Attention should be paid to the US - Iran situation and crude oil trends due to increased short - term volatility in crude oil and policy adjustments by the exchange [1][2][4]. Summary by Directory Fundamental Analysis - As of the week of March 5, 2026, China's styrene factory production was 371,700 tons, a 0.19% (0.07 - ton) decrease from the previous week, with a capacity utilization rate of 74.11%, down 0.13% week - on - week. The slight production decline was due to minor load adjustments in individual plants in Northeast, East, and South China [1]. - For downstream products: EPS capacity utilization was 57.98%, up 45.81% week - on - week; PS capacity utilization was 51.5%, up 2.5% week - on - week; ABS capacity utilization was 69.5%, down 1.2% week - on - week; UPR capacity utilization was 35%, up 20% week - on - week; and butadiene - styrene rubber production was 77.41%, down 2.84% week - on - week [1]. Macroeconomic Analysis - Diplomatic efforts aim to ensure stable energy supply. Saudi Arabia, UAE, Iraq, and Kuwait may cut production by up to 6.7 million barrels per day [2]. - Iran is still shipping large amounts of oil through the Strait of Hormuz. Trump expects short - term oil price drops after the Iranian nuclear threat is eliminated and will lift some oil - related sanctions to reduce prices. Putin warns of possible halt of Hormuz - related oil production next month but says high commodity prices are temporary [2]. - The EU will hold a meeting on Middle - East situation, and the G7 finance ministers agree not to release oil reserves for now but are ready to do so if necessary [3]. Futures and Spot Market Analysis Due to the volatile Middle - East situation and increased short - term crude oil fluctuations, the exchange has raised margin ratios and price limits for styrene and pure benzene. Attention should be paid to the US - Iran situation and crude oil trends [4].