芳烃日报：春季检修叠加地缘局势-20260318

Report Industry Investment Rating - Not provided Core Viewpoint - Due to the spring maintenance and the reduction of production load in the domestic chemical industry, there is still room and momentum for the price to rise further. It is recommended to adopt the strategy of buying on dips and closely monitor the current situation between the US and Iran and the trend of crude oil [3] Summary by Directory Fundamental Analysis - Supply: The 600,000 - ton Gulei plant was shut down for maintenance, and the load of individual plants was adjusted. The styrene output decreased by 3.12% to 360,100 tons, and the capacity utilization rate decreased by 2.32% to 71.79% [1] - Demand: The downstream operating rates of styrene varied. The EPS operating rate decreased by 0.98% to 57.78%, the PS operating rate increased by 0.2% to 51.7%, the ABS operating rate decreased by 2.1% to 67.4%, the UPR operating rate increased by 3% to 38%, and the styrene - butadiene rubber operating rate decreased by 1.76% to 75.65% [1] - Inventory: The styrene factory inventory decreased by 7.70% to 191,900 tons, the East China port inventory decreased by 10.88% to 156,500 tons, and the South China port inventory decreased by 3.77% to 51,000 tons [1] Macroeconomic Analysis - Iran launched missiles with cluster warheads at Tel Aviv, Israel [2] - The US has clarified that Trump's visit to China has nothing to do with the navigation issue in the Strait of Hormuz [2] - Federal Reserve officials will announce the interest rate decision at 2 a.m. Beijing time on Thursday, and Powell will hold a press conference 30 minutes later [2] Futures and Spot Market Analysis - The situation in the Middle East is volatile, and the short - term fluctuations of crude oil have intensified. The exchange has increased the margin ratio and daily price limit for styrene and pure benzene. It is necessary to control risks [3]