Report Industry Investment Rating No relevant content. Core Viewpoints - Geopolitical tensions lead to Singapore's PCS announcing force majeure, and styrene and pure benzene continue to hit the daily limit. In the short - term, styrene and pure benzene are prone to rise and difficult to fall, and should be treated strongly. Keep an eye on the US - Iran situation and crude oil trends [2][5] Summary by Directory Fundamental Analysis - As of the week of March 5, China's styrene factory output was 371,700 tons, a decrease of 700 tons or 0.19% from the previous week, and the capacity utilization rate was 74.11%, a decrease of 0.13%. There were no new start - up or shutdown devices in China this week, and the output slightly decreased due to minor load adjustments of individual devices in the Northeast, East, and South China [1] - As of the week of March 5, the capacity utilization rate of EPS was 57.98%, a 45.81% increase from the previous week. The sharp rise in crude oil led to a rise in styrene prices, and cost support improved, causing EPS prices to increase [1] - The capacity utilization rate of PS was 51.5%, a 2.5% increase from the previous week. Market bullish sentiment increased, and some supplies were tight, leading to price increases in the market and by manufacturers [1] - The capacity utilization rate of ABS was 69.5%, a 1.2% decrease from the previous week. ABS manufacturers' quotes strengthened. Geopolitical conflicts drove up crude oil prices, and raw materials such as styrene also increased in price. There were production cuts by ABS manufacturers, and market bullish sentiment boosted trading [1] - The capacity utilization rate of UPR was 35%, a 20% increase from the previous week; the operating rate of styrene - butadiene rubber was 77.41%, a 2.84% decrease from the previous week [1] - Singapore's PCS announced force majeure due to significant disruptions in maritime transportation and the supply chain caused by the Middle - East conflict. It is an important basic petrochemical supplier in Southeast Asia, with core products including ethylene (about 1.1 million tons/year), propylene (about 900,000 tons/year), and other aromatic hydrocarbons and MTBE [2] Macroeconomic Analysis - In the US, the non - farm payrolls unexpectedly decreased by 92,000 in February, and the unemployment rate rose slightly to 4.4%. The data for December last year and January this year were revised down by a total of 69,000 [3] - G7 finance ministers will hold an emergency meeting at 20:30 Beijing time to discuss the possibility of a joint release of emergency oil reserves [3] - The Strait of Hormuz is blocked, and Saudi Aramco has rarely launched a spot tender to sell 4.6 million barrels of crude oil [3] - Trump said that the soaring oil price is an "expected setback" and expects the oil price to drop rapidly in the short - term after the Iranian nuclear threat is eliminated [3] - There is a "production - cut wave" in the Middle East. Iraq's daily oil production dropped from 4.3 million barrels to 1.3 million barrels. Abu Dhabi National Oil Company in the UAE and Kuwait Petroleum Corporation announced production cuts over the weekend [4] Futures and Spot Market Analysis - Under the geopolitical situation, styrene and pure benzene continue to hit the daily limit. In the short - term, they are prone to rise and difficult to fall. There are still expectations for styrene export transactions. Focus on the current US - Iran situation and crude oil trends [5]