Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In the pure benzene market, there is significant short - term arrival pressure in China, leading to accelerated accumulation of port inventories. The most critical period for overseas gasoline has passed, but the price difference between the US and South Korea in the pure benzene market is still being repaired. Downstream提货 remains weak, and downstream operating rates are at a low level during the off - season. - In the styrene market, the port basis continues to be strong. Styrene maintains low - level operation, and port inventories continue to decline. Downstream operating rates show differentiation, with EPS operating rate rebounding slightly, ABS operating rate decreasing due to inventory pressure, and PS operating rate continuing to rise at the end of the year [3]. Summary by Relevant Catalogs 1. Pure Benzene and EB's Basis Structure, Inter - period Spread - Pure benzene: The main basis is - 142 yuan/ton (+48), and the spot - M2 spread is - 185 yuan/ton (+5 yuan/ton) [1]. - Styrene: The main basis is 204 yuan/ton (+73 yuan/ton) [1]. 2. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Pure benzene: CFR China processing fee is 115 dollars/ton (+0 dollars/ton), FOB South Korea processing fee is 113 dollars/ton (+3 dollars/ton), and the US - South Korea spread is 181.0 dollars/ton (+1.1 dollars/ton) [1]. - Styrene: Non - integrated production profit is - 19 yuan/ton (-4 yuan/ton), and it is expected to gradually compress [1]. 3. Inventories and Operating Rates of Pure Benzene and Styrene - Pure benzene: Port inventory is 26.00 million tons (+3.60 million tons), and the operating rate of downstream products shows different trends, with CPL operating rate dropping to the lowest level of the year, phenol operating rate rising, and aniline and adipic acid operating rates fluctuating within a range [1][3]. - Styrene: East China port inventory is 146,800 tons (-13,800 tons), East China commercial inventory is 87,800 tons (-8,600 tons), and the operating rate is 68.9% (+1.6%) [1]. 4. Operating Rates and Production Profits of Styrene's Downstream Products - EPS: Production profit is 38 yuan/ton (+20 yuan/ton), and the operating rate is 56.36% (+1.61%) [2]. - PS: Production profit is - 162 yuan/ton (+20 yuan/ton), and the operating rate is 59.00% (+1.40%) [2]. - ABS: Production profit is - 865 yuan/ton (-69 yuan/ton), and the operating rate is 68.30% (-2.90%) [2]. 5. Operating Rates and Production Profits of Pure Benzene's Downstream Products - Caprolactam: Production profit is - 450 yuan/ton (+20), and the operating rate is 79.15% (-7.53%) [1]. - Phenol - acetone: Production profit is - 977 yuan/ton (+0), and the operating rate is 82.00% (+1.00%) [1]. - Aniline: Production profit is 848 yuan/ton (+95), and the operating rate is 77.23% (+0.04%) [1]. - Adipic acid: Production profit is - 1188 yuan/ton (+45), and the operating rate is 60.00% (+0.60%) [1]. Strategies - Unilateral: None. - Basis and Inter - period: Go for long - short spread trading on EB2601 - EB2602 when the price is low. - Cross - variety: Expand the spread of EB2601 - BZ2603 when the price is low [4].

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - Urea new order transactions have slowed down, and spot prices have loosened. In the fourth - quarter, gas - based plant maintenance starts in December, while coal - based plant maintenance has gradually recovered. All new production capacities in 2025 have been put into operation, so the urea supply remains stable. Currently, off - season storage procurement is ongoing. The operating rates of compound fertilizers in the Northeast and Hubei regions continue to rise, and production scheduling in Shandong has increased, leading to an overall increase in the operating rate. Melamine plants have resumed production, and the operating rate has rebounded with rigid demand for procurement. As off - season storage, compound fertilizer procurement, and export procurement activities progress, urea enterprises' shipments have improved. Factory inventories have decreased, while port inventories have slightly increased. However, the subsequent procurement pace may slow down. Currently, new order procurement has slightly slowed down. Attention should be paid to the operating rate of compound fertilizers in the Northeast, the raw material procurement pace, the national off - season storage pace, and the sustainability of spot procurement sentiment [2]. 3. Summary by Relevant Catalogs I. Urea Basis Structure - On December 8, 2025, the urea main contract closed at 1,646 yuan/ton (-27). The ex - factory price of small - sized urea in Henan was 1,690 yuan/ton (unchanged), in Shandong it was 1,690 yuan/ton (-30), and in Jiangsu it was 1,690 yuan/ton (-20). The basis in Shandong was 44 yuan/ton (-3), in Henan was 44 yuan/ton (+7), and in Jiangsu was 44 yuan/ton (+7) [1]. II. Urea Output - As of December 8, 2025, the enterprise capacity utilization rate was 81.82% (0.08%). The total inventory of sample enterprises was 1.2905 billion tons (-73.4 million), and the port sample inventory was 0.105 billion tons (+5 million) [1]. III. Urea Production Profit and Operating Rate - As of December 8, 2025, the urea production profit was 160 yuan/ton (-30), and the export profit was 859 yuan/ton (-52). The capacity utilization rate of compound fertilizers was 40.53% (+3.47%), and the capacity utilization rate of melamine was 61.66% (+0.86%) [1]. IV. Urea FOB Price and Export Profit - No specific data summary other than the export profit of 859 yuan/ton (-52) on December 8, 2025, is provided. V. Urea Downstream Operating Rate and Orders - As of December 8, 2025, the capacity utilization rate of compound fertilizers was 40.53% (+3.47%), the capacity utilization rate of melamine was 61.66% (+0.86%), and the pre - received order days of urea enterprises were 7.35 days (+0.70) [1]. VI. Urea Inventory and Warehouse Receipts - As of December 8, 2025, the total inventory of sample enterprises was 1.2905 billion tons (-73.4 million), and the port sample inventory was 0.105 billion tons (+5 million) [1]. Strategy - Unilateral: Oscillate and correct, and close the cash - and - carry arbitrage positions opportunistically. - Inter - delivery: Wait and see. - Inter - commodity: None [3].

Report Industry Investment Rating - Unilateral: Neutral [3] Core Viewpoints - The main port of EG continued to accumulate inventory this week. The closing price of the EG main contract was 3826 yuan/ton, up 4 yuan/ton from the previous trading day, an increase of 0.10%. The spot price of EG in the East China market was 3813 yuan/ton, down 16 yuan/ton from the previous trading day, a decrease of 0.42%. The spot basis of EG in East China was -7 yuan/ton, down 9 yuan/ton month-on-month [1]. - The overall supply-demand logic of the fundamentals: On the supply side, the domestic ethylene glycol load decreased from a high level, and some short-process oil chemical plants had relatively high production pressure. On the demand side, the polyester load with low inventory provided good support, but the orders weakened marginally [2]. - The strategy is unilateral neutral. The commissioning pressure is relatively large, and with the increase in port inventory, the liquidity of goods in the market has increased. However, the price center of ethylene glycol has now fallen to the lowest level in the past two years, and recently, negative feedback from high-cost plants has gradually emerged, and the pressure of inventory accumulation has been alleviated [3]. Summary by Directory Price and Basis - The closing price of the EG main contract was 3826 yuan/ton, up 4 yuan/ton from the previous trading day, an increase of 0.10%. The spot price of EG in the East China market was 3813 yuan/ton, down 16 yuan/ton from the previous trading day, a decrease of 0.42%. The spot basis of EG in East China was -7 yuan/ton, down 9 yuan/ton month-on-month [1]. Production Profit and Operating Rate - According to Longzhong data, the production profit of ethylene-based EG was -71 US dollars/ton, down 6 US dollars/ton month-on-month, and the production profit of coal-based syngas EG was -1058 yuan/ton, down 38 yuan/ton month-on-month [1]. International Price Difference - No specific data was provided in the content. Downstream Sales, Production, and Operating Rate - The inventory of polyester was at a low level, and the polyester load provided good support, but the orders weakened marginally [2]. Inventory Data - According to CCF data, the inventory of MEG in the main port of East China was 75.3 tons, up 2.1 tons month-on-month; according to Longzhong data, the inventory of MEG in the main port of East China was 71.9 tons, up 1.1 tons month-on-month. The total planned arrivals at the main port of East China this week were 16.1 tons, and the arrivals at the secondary port were 4.1 tons, which were relatively high, and it is expected that the main port will continue to accumulate inventory [1].

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - Pure benzene: Overseas gasoline supply is gradually recovering, leading to high short - term arrival pressure of pure benzene and a faster accumulation rate of port inventory. Domestic cracking load is low, and pure benzene production has declined. Downstream production is in the off - season and has further decreased, with styrene maintaining low - load maintenance, CPL production dropping to the lowest level of the year, phenol production rising, and aniline and adipic acid production fluctuating within a range [2] - Styrene: Styrene is still in the low - production maintenance stage, and the restart plan has been postponed. The port basis has strengthened slightly again, and factory inventory has declined again, but port inventory has not continued to be destocked, and there is still arrival pressure. Downstream enterprise procurement has driven the basis to strengthen. The downstream production shows differentiation. EPS production has a slight rebound in the off - season, but there is still inventory pressure; ABS production has decreased due to continuous finished - product inventory pressure; PS production has continued to rise since the end of the year as the finished - product inventory pressure has been alleviated [2] 3. Summary According to Relevant Catalogs 3.1 Pure Benzene and EB's Basis Structure, Inter - period Spread - The report presents figures related to the basis of pure benzene and EB, including the pure benzene main contract basis, pure benzene spot - M2 paper cargo spread, pure benzene continuous first - contract to continuous third - contract spread, EB main contract basis, and EB continuous first - contract to continuous third - contract spread [7][12][16] 3.2 Pure Benzene and Styrene Production Profits, Domestic and Foreign Spreads - Figures cover various aspects such as naphtha processing fees, pure benzene FOB South Korea - naphtha CFR Japan spread, styrene non - integrated device production profit, pure benzene FOB US Gulf - FOB South Korea spread, pure benzene FOB US Gulf - CFR China spread, pure benzene FOB Rotterdam - CFR China spread, pure benzene import profit, and styrene import profit [19][21][29] 3.3 Pure Benzene and Styrene Inventory, Production Rate - For pure benzene, it shows the inventory in East China ports and the production rate. For styrene, it includes the inventory in East China ports, East China commercial inventory, factory inventory, and the production rate [35][40][41] 3.4 Styrene Downstream Production and Production Profits - Covers the production rates and production profits of EPS, PS, and ABS [46][47][51] 3.5 Pure Benzene Downstream Production and Production Profits - Includes the production rates and production profits of caprolactam, phenol - ketone, aniline, adipic acid, and other downstream products, as well as the production profits of related products such as PA6 regular spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [55][62][70] 4. Strategies - Unilateral: No strategy [3] - Basis and inter - period: Consider a positive inter - period spread arbitrage for EB2601 - EB2602 when the price is low [3] - Cross - variety: Consider widening the spread for EB2601 - BZ2603 when the price is low [3]

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report - The PG futures price declined. The basis was -43 (-57), and the spread between January and February contracts was 109 (-19). Domestic civil LPG prices decreased, the spread between propane and civil LPG narrowed, and the number of warehouse receipts was 4561 (-54). [1] - The prices of overseas paper goods decreased, the monthly spread strengthened, the change in the oil - gas price ratio between North Asia and North America was small. The domestic - overseas PG - CP spread was 126 (-2); PG - FEI was 114 (+3). The discounts for East China arrival, North America, and AFEI departure remained flat, the Middle East supply was tight with a discount of 35 US dollars (+13). Freight rates decreased slightly. [1] - The FEI - MOPJ spread narrowed to -55 (+11). The profit of propylene production from PDH in Shandong slightly recovered, the alkylation unit slightly improved but was still poor, the MTBE production profit fluctuated, and the export profit was still good. [1] - The arrival volume increased, the external release decreased, factory inventories slightly increased, and port inventories increased. The PDH operating rate was 69.64% (-2.1), and the second - phase PDH of Dongguan Juzhengyuan was expected to restart next week. [1] - Overall, the domestic chemical sector was relatively strong, and civil demand increased, but the arrival volume was expected to be high in December; the Middle East supply was tight, but the market may tend to wait and see as the CP official price was approaching. Attention should also be paid to the weather and oil prices. [1] 3) Summary According to Related Data Daily Changes - On Thursday, for civil LPG, the price in East China was 4411 (+0), in Shandong was 4480 (+0), and in South China was 4530 (+0). The price of ether - after carbon four was 4460 (-20). The lowest delivery location was East China, with a basis of 101 (-21), and the spread between January and February contracts was 79 (-17). [1] - As of 15:00, FEI was 517 (+10) and CP was 502 (+3) US dollars per ton. [1] Weekly View - The PG futures price declined, the domestic civil LPG price decreased, the difference between propane and civil LPG narrowed, and the number of warehouse receipts decreased. [1] - Overseas paper goods prices declined, the monthly spread strengthened, the change in the oil - gas price ratio between North Asia and North America was small, and the domestic - overseas spreads changed. The discounts and freight rates had corresponding changes. [1] - The profit of some chemical production units changed, the arrival volume increased, the external release decreased, inventories increased, and the PDH operating rate decreased. [1] - The domestic chemical sector was relatively strong, civil demand increased, but the arrival volume was expected to be high in December, and the market may wait and see as the CP official price was approaching. Attention should be paid to the weather and oil prices. [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Overseas gasoline supply is gradually recovering, leading to significant short - term arrival pressure on pure benzene, with an accelerated accumulation rate of port inventory. Downstream operations remain at a low level during the off - season. Styrene is under maintenance with low load, and CPL operation is further declining at a low level. Although the operations of phenol, aniline, and adipic acid have slightly increased, terminal demand is still weak [3]. - The port basis of styrene continues to strengthen slightly, but the port inventory does not continue to decline, and there is still arrival pressure. The procurement by downstream enterprises drives the basis to strengthen. Attention should be paid to their enthusiasm for holding goods during the off - season. Styrene is still in the low - operation stage of maintenance, and the resumption plan is postponed. However, the downstream operation during the off - season is still low. The operation of EPS with obvious seasonality continues to decline, the operation of PS rebounds but there is still inventory pressure, and the finished - product inventory of ABS still has pressure while the operation remains at a low level [3]. 3. Summary of Each Directory I. Basis Structure and Inter - period Spread of Pure Benzene and EB - Pure benzene: The main basis of pure benzene is - 116 yuan/ton (+3), and the spread between East China pure benzene spot and M2 is - 155 yuan/ton (- 15 yuan/ton) [1]. - Styrene: The main basis of styrene is 115 yuan/ton (+64 yuan/ton) [1]. II. Production Profit and Domestic - Foreign Spread of Pure Benzene and Styrene - Pure benzene: The processing fee of pure benzene CFR China is 102 dollars/ton (+0 dollars/ton), the processing fee of pure benzene FOB South Korea is 92 dollars/ton (+0 dollars/ton), and the price difference between the US and South Korea is 184.9 dollars/ton (+15.1 dollars/ton). The production profit of downstream products varies, such as - 550 yuan/ton (+85) for caprolactam, - 827 yuan/ton (- 225) for phenol - acetone, 753 yuan/ton (+254) for aniline, and - 1218 yuan/ton (+34) for adipic acid [1]. - Styrene: The non - integrated production profit of styrene is - 67 yuan/ton (+94 yuan/ton), and it is expected to gradually compress. The import profit and other relevant spreads are presented in the report [1][34]. III. Inventory and Operating Rate of Pure Benzene and Styrene - Pure benzene: The port inventory of pure benzene is 22.40 tons (+6.00 tons), and the operating rate of downstream products shows different changes, with the caprolactam operating rate at 86.68% (- 1.54%), the phenol operating rate at 81.00% (+2.00%), the aniline operating rate at 77.19% (+1.51%), and the adipic acid operating rate at 59.40% (+3.90%) [1]. - Styrene: The East China port inventory of styrene is 160,600 tons (- 3,600 tons), the East China commercial inventory is 96,400 tons (+2,200 tons), and the operating rate is 67.3% (- 1.7%) [1]. IV. Operating Rate and Production Profit of Styrene Downstream Products - EPS: The production profit is 17 yuan/ton (+16 yuan/ton), and the operating rate is 54.75% (- 1.52%) [2]. - PS: The production profit is - 83 yuan/ton (+16 yuan/ton), and the operating rate is 57.60% (+1.70%) [2]. - ABS: The production profit is - 644 yuan/ton (- 44 yuan/ton), and the operating rate is 71.20% (- 1.20%) [2]. V. Operating Rate and Production Profit of Pure Benzene Downstream Products The production profit and operating rate data of caprolactam, phenol - acetone, aniline, and adipic acid are as mentioned above in the production profit and inventory and operating rate parts [1]. Strategy - Unilateral: None. - Basis and Inter - period: Conduct long inter - period spread trading for EB2601 - EB2602 at low prices. - Cross - variety: Expand the spread of EB2601 - BZ2603 at low prices [4].

LPG早报 研究中心能化团队 2025/12/04 L P G 日期 华南液化气 华东液化气 山东液化气 丙烷CFR华 南 丙烷CIF日本 CP预测合 同价 山东醚后碳四 山东烷基 化油 纸面进口利润 主力基差 2025/11/27 4335 4310 4450 575 538 497 4480 7100 -347 76 2025/11/28 4360 4323 4460 595 552 501 4490 7080 -474 -52 2025/12/01 4460 4376 4470 596 537 505 4490 7080 -380 118 2025/12/02 4530 4376 4470 586 529 501 4500 7110 -232 164 2025/12/03 4530 4411 4480 - 530 - 4480 7100 - 222 日度变化 0 35 10 - 1 - -20 -10 - 58 日度变化 周三，民用气方面，华东4411（+35），山东4480（+10），华南4530（+0）。醚后碳四4480（-20）。最低交割地为华东，基差12 9（+65），01-02月差91（+4） ...

纯苯苯乙烯日报 | 2025-12-03 苯乙烯基差走强 纯苯与苯乙烯观点 市场要闻与重要数据 纯苯方面：纯苯主力基差-119元/吨（+16）。纯苯港口库存22.40万吨（+6.00万吨）；纯苯CFR中国加工费102美元/ 吨（+4美元/吨），纯苯FOB韩国加工费92美元/吨（+6美元/吨），纯苯美韩价差169.8美元/吨（-1.0美元/吨）。华东纯 苯现货-M2价差-140元/吨（+10元/吨）。 纯苯下游方面：己内酰胺生产利润-635元/吨（-15），酚酮生产利润-602元/吨（+0），苯胺生产利润753元/吨（+254）， 己二酸生产利润-1252元/吨（+12）。己内酰胺开工率86.68%（-1.54%），苯酚开工率81.00%（+2.00%），苯胺开工 率77.19%（+1.51%），己二酸开工率59.40%（+3.90%）。 苯乙烯方面：苯乙烯主力基差51元/吨（+0元/吨）；苯乙烯非一体化生产利润-161元/吨（+2元/吨），预期逐步压缩。 苯乙烯华东港口库存160600吨（-3600吨），苯乙烯华东商业库存96400吨（+2200吨），处于库存回建阶段。苯乙烯 开工率67.3%（-1.7%）。 ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - PG futures prices have declined The basis is -43 (-57), and the spread between January and February contracts is 109 (-19) Domestic LPG prices for civil use have decreased The cheapest deliverable is the civil - use LPG in East China at 4315 (-49), and the price difference between propane and civil - use LPG has narrowed The number of warehouse receipts is 4561 (-54) [1] - The paper prices in the overseas market have decreased, while the spread between contracts has strengthened The ratio of oil and gas prices in North Asia and North America has changed little The spread between domestic PG and CP has reached 126 (-2); the spread between PG and FEI has reached 114 (+3) The discounts for East China's arrival, North America's and AFEI's departure have remained stable The supply of Middle - Eastern goods is tight, with a discount of 35 USD (+13) Freight rates have slightly decreased The spread between FEI and MOPJ has narrowed to -55 (+11) [1] - The profit of propylene production from PDH in Shandong has slightly recovered The profit of alkylation units has slightly improved but remains poor The profit of MTBE production has fluctuated, and the export profit is still good The arrival volume has increased, the external release has decreased, the factory inventory has slightly accumulated, and the port inventory has increased The PDH operating rate is 69.64% (-2.1), and the second - phase PDH of Dongguan Juzhengyuan is expected to restart next week [1] - Overall, the chemical industry in China is relatively strong, and the civil demand has increased, but more arrivals are expected in December The Middle - Eastern supply is tight, but the market may tend to wait and see as the CP official price announcement approaches Attention should also be paid to weather and oil price conditions [1] Group 3: Summaries According to Relevant Catalogs Daily Changes - On Friday, for civil - use LPG, the price in East China is 4323 (+13), in Shandong is 4460 (+10), and in South China is 4360 (+25) The price of ether - post - carbon - four is 4490 (+10) The lowest delivery location is East China, with a basis of -43 (-57), and the spread between January and February contracts is 109 (-19) FEI is 537 (+10) USD/ton The official CP prices for December have been released, with propane and butane at 495/485 (+20/+25) [1] Weekly Views - The PG futures prices have declined, with a decrease in the basis and the spread between January and February contracts The domestic civil - use LPG prices have dropped, the cheapest deliverable has decreased in price, and the propane - civil LPG price difference has shrunk The number of warehouse receipts has decreased [1] - Overseas paper prices have fallen, contract spreads have strengthened, and the oil - gas price ratio in North Asia and North America has changed little The spreads of domestic PG - CP and PG - FEI have changed, and the discounts in different regions have different trends The freight rates have slightly decreased, and the FEI - MOPJ spread has narrowed [1] - The profits of some chemical production processes have shown different trends, with the arrival volume increasing, external release decreasing, and inventory accumulating in factories and ports The PDH operating rate has decreased, and a PDH unit is expected to restart next week [1] - The domestic chemical industry is relatively stable, civil demand has increased, but more arrivals are expected in December The Middle - Eastern supply is tight, and the market may wait and see before the CP official price announcement Attention should also be paid to weather and oil prices [1]

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - With the peak of autumn maintenance in European and American refineries passing, their operations are gradually resuming, and the most critical period for gasoline supply may have passed. The rhythmic arrival of pure benzene at ports has increased pressure, leading to a further rise in port inventories and suppressing the performance of pure benzene processing fees. Downstream operations remain at a low level during the off - season, with styrene maintaining low - load maintenance, CPL operations dropping further from a low level, and the operations of phenol, aniline, and adipic acid slightly increasing, but terminal demand remains weak [3]. - Overseas, South Korea's Daehan, Lotte, and Hyundai have officially announced a merger and will shut down Lotte's 1.1 million - ton cracking unit. Attention should be paid to whether Lotte's styrene units in South Korea will stop production. In China, port inventories have risen again. Although styrene is still in a low - operation maintenance stage and the resumption plan has been postponed, downstream operations during the off - season are still low. The operation of EPS, which has obvious seasonality, continues to decline, the operation of PS rebounds but inventory pressure remains, and the finished - product inventory pressure of ABS remains high while its operation stays at a low level [3]. 3. Summary by Related Catalogs I. Pure Benzene and EB's Basis Structure, Inter - Period Spreads - Relevant figures include the basis of the pure benzene main contract, the price of the pure benzene main futures contract, the spread between pure benzene spot and M2 paper goods, the spread between the first - and third - consecutive contracts of pure benzene, the trend and basis of the EB main contract, the basis of the EB main contract, and the spread between the first - and third - consecutive contracts of styrene [7][10][15] II. Pure Benzene and Styrene Production Profits, Domestic and Foreign Spreads - Relevant figures cover naphtha processing fees, the difference between FOB South Korea pure benzene and CFR Japan naphtha, the production profit of non - integrated styrene units, the difference between FOB US Gulf pure benzene and FOB South Korea pure benzene, the difference between FOB US Gulf pure benzene and CFR China pure benzene, the difference between FOB Rotterdam pure benzene and CFR China pure benzene, pure benzene import profit, styrene import profit, the difference between FOB US Gulf styrene and CFR China styrene, and the difference between FOB Rotterdam styrene and CFR China styrene [18][21][36] III. Pure Benzene and Styrene Inventories, Operating Rates - Relevant figures involve the inventory of pure benzene in East China ports, the operating rate of pure benzene, the inventory of styrene in East China ports, the operating rate of styrene, the commercial inventory of styrene in East China, and the factory inventory of styrene [38][40][43] IV. Styrene Downstream Operating Rates and Production Profits - Relevant figures include the operating rate and production profit of EPS, the operating rate and production profit of PS, and the operating rate and production profit of ABS [51][56][58] V. Pure Benzene Downstream Operating Rates and Production Profits - Relevant figures cover the operating rates of caprolactam, phenol - ketone, aniline, and adipic acid, as well as the production profits of caprolactam, phenol - ketone, aniline, adipic acid, PA6 regular - spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [62][71][75]