芳烃橡胶早报 P T A 日期 原油 石脑油日 本 PX CFR 台湾 PTA内盘现 货 POY 1 50D/4 8F 石脑油裂 解价差 PX加工差 PTA加 工差 聚酯毛利 PTA平衡 负荷 PTA负 荷 仓单+有 效预报 TA基差 产销 2025/1 2/04 63.3 560 845 4690 6450 96.05 285.0 144 10 78.9 73.7 130935 -35 0.35 2025/1 2/05 63.8 564 838 4670 6445 96.21 274.0 162 43 79.0 73.7 131121 -33 0.45 2025/1 2/08 62.5 572 841 4650 6415 113.45 269.0 125 50 79.0 73.7 130653 -32 0.60 2025/1 2/09 61.9 563 832 4630 6415 108.98 269.0 159 82 79.0 73.7 139789 -28 0.65 2025/1 2/10 62.2 560 832 4605 6345 108.98 272.0 132 27 79.0 73.7 1438 ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - For PTA, the near - term TA partial device maintenance led to a decline in the start - up rate, polyester load decreased, inventory continued to accumulate, and the basis remained weak while the spot processing fee improved slightly. PX start - up rate declined due to unexpected domestic maintenance, overseas devices ran stably, PXN strengthened month - on - month, disproportionation benefits remained weak and isomerization benefits weakened, and the US - Asia aromatics spread remained stable. In the future, TA will maintain a high maintenance state, downstream especially filament and staple fiber show no obvious pressure, combined with India's revocation of BIS certification, the inventory accumulation slope of TA is not high, and there are limited new productions in the far - month. The PX pattern is good, so pay attention to the opportunities of buying low for positive spreads and expanding processing fees [2]. - For MEG, the near - term domestic oil - based production increased the load, coal - based production had some maintenance and load reduction, the overall start - up rate declined, the restart of some overseas devices was postponed, the port inventory accumulated at the beginning of next week, the arrival forecast remained high during the week, the basis weakened, and the coal - based profit was low. In the short term, EG inventory accumulation is expected to continue, but considering that the profit is already at a low level after the coal price strengthened, the supply side may have some reduction in stages, and the space for further weakening of the current valuation is limited. In the long term, with new device launches and the suppression of warehouse receipts on the disk structure, the overall pattern is expected to weaken [2]. - For polyester staple fiber, the near - term device operation was stable, the start - up rate remained at 97.5%, the production and sales remained weak, and the inventory increased month - on - month. On the demand side, the start - up rate of polyester yarn remained stable, raw material inventory decreased while finished product inventory decreased, and the profit remained stable. Although the profit and start - up rate of polyester yarn did not improve significantly, the staple fiber's own exports maintained high growth, showing that there was no obvious inventory accumulation under high start - up. In the short term, new capacity launches are relatively limited, so pay attention to the opportunities of expanding processing fees at low prices and the situation of warehouse receipts [2]. - For natural rubber, the national explicit inventory remained stable at a relatively low absolute level, the price of Thai cup rubber remained stable, and rainfall affected rubber tapping. The strategy is to wait and see [6]. - For benzene - related products, the prices of relevant products such as ethylene, pure benzene, and styrene changed, and the domestic profits of PS, ABS, EPS, etc. also showed corresponding changes. The Asian spreads and production profits of these products need to be continuously monitored [9]. Group 3: Summaries According to Related Catalogs PTA - **Market data**: From November 10 - 14, 2025, the daily average basis of PTA spot transactions was 2601(-76). The PTA device of Sichuan Energy Investment with a capacity of 1 million tons was under maintenance. The start - up rate decreased month - on - month, polyester load decreased, inventory continued to accumulate, the basis remained weak, and the spot processing fee improved slightly. PX start - up rate declined due to unexpected domestic maintenance, overseas devices ran stably, PXN strengthened month - on - month, disproportionation benefits remained weak and isomerization benefits weakened, and the US - Asia aromatics spread remained stable [2]. - **Outlook**: TA will maintain a high maintenance state, downstream especially filament and staple fiber show no obvious pressure, combined with India's revocation of BIS certification, the inventory accumulation slope of TA is not high, and there are limited new productions in the far - month. The PX pattern is good, so pay attention to the opportunities of buying low for positive spreads and expanding processing fees [2]. MEG - **Market data**: From November 10 - 14, 2025, the basis was around +54 for 01. The MEG devices of Hongsifang with a capacity of 300,000 tons and Huayi with a capacity of 200,000 tons were under maintenance. The near - term domestic oil - based production increased the load, coal - based production had some maintenance and load reduction, the overall start - up rate declined, the restart of some overseas devices was postponed, the port inventory accumulated at the beginning of next week, the arrival forecast remained high during the week, the basis weakened, and the coal - based profit was low [2]. - **Outlook**: In the short term, EG inventory accumulation is expected to continue, but considering that the profit is already at a low level after the coal price strengthened, the supply side may have some reduction in stages, and the space for further weakening of the current valuation is limited. In the long term, with new device launches and the suppression of warehouse receipts on the disk structure, the overall pattern is expected to weaken [2]. Polyester Staple Fiber - **Market data**: From November 10 - 14, 2025, the spot price was around 6317, and the market basis was around - 20 for December. The near - term device operation was stable, the start - up rate remained at 97.5%, the production and sales remained weak, and the inventory increased month - on - month. On the demand side, the start - up rate of polyester yarn remained stable, raw material inventory decreased while finished product inventory decreased, and the profit remained stable [2]. - **Outlook**: Although the profit and start - up rate of polyester yarn did not improve significantly, the staple fiber's own exports maintained high growth, showing that there was no obvious inventory accumulation under high start - up. In the short term, new capacity launches are relatively limited, so pay attention to the opportunities of expanding processing fees at low prices and the situation of warehouse receipts [2]. Natural Rubber - **Market data**: From November 1 - 14, 2025, prices of various types of rubber such as Thai glue, Hainan glue, and different rubber products in the market changed. The national explicit inventory remained stable at a relatively low absolute level, the price of Thai cup rubber remained stable, and rainfall affected rubber tapping [6]. - **Strategy**: Wait and see [6]. Benzene - related Products - **Market data**: From November 10 - 14, 2025, prices of ethylene (CFR Northeast Asia), pure benzene (CFR China), and other products changed. The Asian spreads and domestic profits of PS, ABS, EPS, etc. also showed corresponding changes. For example, the price of pure benzene increased by 30 - 50, and the domestic profit of PS increased by 50 [9]. - **Analysis**: Continuously monitor the Asian spreads and production profits of these products [9].

Report Industry Investment Ratings - Urea: ☆☆☆ [1] - Methanol: ☆☆☆ [1] - Pure Benzene: ☆☆☆ [1] - Styrene: ☆☆☆ [1] - Propylene: ☆☆☆ [1] - Plastic: ☆☆☆ [1] - PVC: ☆☆☆ [1] - Caustic Soda: ☆☆☆ [1] - PX: ☆☆☆ [1] - PTA: ☆☆☆ [1] - Ethylene Glycol: ☆☆☆ [1] - Short Fiber: ☆☆☆ [1] - Glass: ☆☆☆ [1] - Soda Ash: ☆☆☆ [1] - Bottle Chip: ☆☆☆ [1] Core Views - Overall, the chemical futures market shows a mixed performance with various factors influencing different sectors. Some sectors face supply - related pressures, while others are affected by demand changes and cost factors [2][3][4] Summary by Directory Olefins - Polyolefins - Propylene futures' main contracts declined. Supply pressure is hard to ease due to expected increases in supply from sources like Haiwei and Yulong. The anticipated increase in propylene volume may suppress spot prices [2] - Plastic and polypropylene futures' main contracts also fell. For polyethylene, domestic supply is increasing while demand has limited impact on price. For polypropylene, supply is abundant and downstream demand only provides limited support [2] Pure Benzene - Styrene - The price of unified benzene futures decreased. Short - term sentiment is bearish due to weakening oil prices, and high imports are a mid - term pressure. Attention should be paid to port inventory accumulation [3] - Styrene futures' main contracts declined. High inventory and stable downstream demand with increasing finished - product inventory put long - term pressure on prices [3] Polyester - PX and PTA are relatively strong. There is a short - term positive sentiment, but mid - term PTA may face inventory accumulation without effective measures [4] - Ethylene glycol production is increasing. There is short - term inventory reduction, but mid - term accumulation is expected. It is advisable to short at high prices [4] - Short fiber has a good spot market currently, but may face inventory accumulation again. Bottle chip demand is weakening, and over - capacity is a long - term pressure [4] Coal Chemical Industry - Methanol futures declined. Port inventory is under pressure and demand is weak, with the market likely to remain in low - level oscillation [5] - Urea prices fell. Supply - demand imbalance persists, but there may be a phased rebound after prices reach a low point [5] Chlor - Alkali - PVC fluctuated narrowly. Supply may increase, demand is stable, and exports are under pressure. It may operate in a bottom - range [6] - Caustic soda prices weakened. Supply is expected to rise, and downstream demand is average. Futures prices are likely to remain low [6] Soda Ash - Glass - Soda ash oscillated. Cost is rising, supply is slightly increasing, and demand is stable. It is advisable to be cautious when shorting near the cost [7] - Glass prices rose. There are signs of improvement in the Shahe spot market, but downstream demand is mainly for immediate needs. Downward movement may be limited [7]

Report Industry Investment Rating - Unilateral: Neutral [3] - Inter - period: None [3] - Inter - variety: None [3] Core View - Near the holiday, EG fluctuates. The spot price of EG in the East China market is 4295 yuan/ton, with a change of - 5 yuan/ton (- 0.12%) from the previous trading day, and the basis is 67 yuan/ton. The production profit of ethylene - made EG is - 62 dollars/ton, and that of coal - made syngas EG is - 283 yuan/ton. The inventory data from different sources shows different trends. The overall supply and demand logic is that the domestic EG load is running at a high level, there are still many overseas supply losses, and there will be more arrivals during the National Day holiday. The demand is slightly boosted by pre - holiday stocking, but the increase in polyester load is limited. The near - term EG balance sheet has little contradiction, the main port inventory is expected to remain low, but there is great pressure to accumulate inventory in the fourth quarter, and the port inventory is expected to increase significantly after the holiday [1][2] Summary by Directory Price and Basis - The closing price of the EG main contract is 4224 yuan/ton (+ 11 yuan/ton, + 0.26% from the previous trading day), and the spot price of EG in the East China market is 4295 yuan/ton (- 5 yuan/ton, - 0.12% from the previous trading day). The EG East China spot basis (based on the 2509 contract) is 67 yuan/ton (a month - on - month increase of 6 yuan/ton) [1] Production Profit and Operating Rate - The production profit of ethylene - made EG is - 62 dollars/ton (a month - on - month increase of 0 dollars/ton), and the production profit of coal - made syngas EG is - 283 yuan/ton (a month - on - month increase of 13 yuan/ton) [1] International Spread - No specific data in the provided content, only mentions the chart of "ethylene glycol international spread: US FOB - China CFR" [17] Downstream Production and Sales and Operating Rate - Pre - holiday stocking has slightly boosted demand, and the production and sales of filaments have improved significantly, but the increase in polyester load is limited. Attention should be paid to the sustainability of demand recovery [2] Inventory Data - According to CCF data, the MEG inventory in the main ports of East China is 40.9 tons (a month - on - month decrease of 5.8 tons); according to Longzhong data, it is 40.0 tons (a month - on - month increase of 1.7 tons). The actual arrival at the main ports last week was 8.3 tons, and the port inventory remained stable with a slight accumulation. The planned arrival at the main ports in East China this week is 7.3 tons, and the planned arrival at the secondary ports is 2.3 tons [1]

Report Industry Investment Rating - Unilateral: Neutral [3] - Inter - period: None [3] - Inter - variety: None [3] Core Viewpoints - The EG futures price rebounded, and the spot basis weakened significantly. The demand recovery is slow, and the polyester load is expected to remain stable with limited upside potential. In September, the EG balance sheet has little imbalance, and the main port inventory is expected to remain low. However, due to the early output of Yulong, the EG inventory accumulation time is advanced, and the inventory accumulation pressure in the fourth quarter is relatively large [1][2][3] Summary by Directory Price and Basis - The closing price of the EG main contract was 4,246 yuan/ton, up 12 yuan/ton or 0.28% from the previous trading day. The spot price of EG in the East China market was 4,311 yuan/ton, up 6 yuan/ton or 0.14% from the previous trading day. The spot basis of EG in East China (based on the 2509 contract) was 63 yuan/ton, down 9 yuan/ton from the previous day [1] Production Profit and Operating Rate - The production profit of ethylene - based EG was - 72 US dollars/ton, up 8 US dollars/ton from the previous day. The production profit of coal - based syngas EG was - 287 yuan/ton, up 13 yuan/ton from the previous day. The domestic ethylene glycol load remained stable at a high level [1][2] International Price Difference - No specific data on international price differences were provided in the text Downstream Sales, Production and Operating Rate - The current demand recovery is slow, with insufficient order connection. The polyester load is expected to remain stable, but the upside may be limited. Attention should be paid to the time of concentrated order placement in the later stage [2] Inventory Data - According to CCF data released on Mondays, the inventory of MEG at the main ports in East China was 46.7 tons, up 0.2 tons from the previous week. According to Longzhong data released on Thursdays, the inventory was 40.0 tons, up 1.7 tons from the previous week. The actual arrival at the main ports last week was 8.3 tons, and the port inventory remained stable with a slight increase. The planned arrival at the main ports in East China this week is 7.3 tons, and the planned arrival at the secondary ports is 2.3 tons [1]

Report Industry Investment Rating - PX/PTA/PF/PR are rated neutral [5] Core Viewpoints - PX/PTA follows cost fluctuations. The progress of the Russia-Ukraine issue has stagnated or regressed, with oil prices slightly declining in the range. The PX load is expected to rise, and the PX balance sheet has shifted from de-stocking to a loose balance. The PTA balance sheet's de-stocking amplitude has narrowed, and the polyester load increase in September may fall short of expectations. The demand for PF has slightly improved, and the overall supply and demand have improved. The spot processing fee for PR is expected to fluctuate within a range [2][3][5] Summary by Directory Price and Basis - Figures include TA main contract, basis, and inter - period spread trends; PX main contract trends, basis, and inter - period spread; PTA East China spot basis; and short - fiber 1.56D*38mm semi - bright natural white basis [11][12][15] Upstream Profits and Spreads - Figures cover PX processing fee PXN, PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [18][21] International Spreads and Import - Export Profits - Figures involve toluene US - Asia spread, toluene South Korean FOB - Japanese naphtha CFR, and PTA export profit [26][28] Upstream PX and PTA Start - up - Figures show China's PTA load, South Korea's PTA load, Taiwan's PTA load, China's PX load, and Asia's PX load [29][32][34] Social Inventory and Warehouse Receipts - Figures include PTA weekly social inventory, PX monthly social inventory, PTA total warehouse receipts + forecast volume, PTA warehouse receipt inventory, PX warehouse receipt inventory, and PF warehouse receipt inventory [37][40][46] Downstream Polyester Load - Figures cover filament production and sales, short - fiber production and sales, polyester load, direct - spun filament load, polyester staple fiber load, polyester bottle - chip load, filament factory inventory days, Jiangsu and Zhejiang loom start - up rate, Jiangsu and Zhejiang texturing start - up rate, Jiangsu and Zhejiang dyeing start - up rate, and filament profit [50][52][63] PF Detailed Data - Figures include 1.4D physical inventory, 1.4D equity inventory, recycled cotton - type staple fiber load, raw - recycled spread, pure polyester yarn start - up rate, pure polyester yarn production profit, polyester - cotton yarn start - up rate, polyester - cotton yarn processing fee, pure polyester yarn factory inventory available days, and polyester - cotton yarn factory inventory available days [76][83][90] PR Fundamental Detailed Data - Figures involve polyester bottle - chip load, bottle - chip factory bottle - chip inventory days, bottle - chip spot processing fee, bottle - chip export processing fee, bottle - chip export profit, East China water bottle - chip - recycled 3A - grade white bottle - chip, bottle - chip next - month spread, and bottle - chip next - next - month spread [94][96][104]

Report Industry Investment Rating - Not provided Core View - For PTA, near - term start - up increases, polyester load slightly rises, inventory accumulates, basis remains weak, and spot processing fees are still low. With additional maintenance under low processing fees and stable polyester start - up expected, there is a chance to expand processing fees by going long at low prices [2]. - For MEG, near - term domestic device restarts are postponed, overseas unexpected maintenance occurs. Short - term port inventory is expected to remain low, and it's expected to be a wide - range shock. Attention should be paid to the restart progress of satellite devices [2]. - For polyester staple fiber, near - term start - up increases slightly, inventory accumulates. Considering the low processing fees on the disk, there is a chance to expand processing fees by going long at low prices [2]. - For natural rubber and 20 - number rubber, the national explicit inventory is stable, the Thai cup - lump price rebounds due to rainfall affecting tapping. The recommended strategy is to wait and see [2]. By Product Category PTA - Price data: From 2025/08/06 to 2025/08/12, crude oil price remained at 66.6, PTA internal - market spot price rose from 4680 to 4705, and other related prices and spreads changed accordingly [2]. - Device change: Jiaxing Petrochemical's 2.2 million - ton device restarted [2]. - Outlook: TA additional maintenance increases under low processing fees. Polyester start - up is expected to stabilize and have upward elasticity, and there is a chance to expand processing fees by going long at low prices [2]. MEG - Price data: From 2025/08/06 to 2025/08/12, Northeast Asia ethylene price remained at 825, MEG internal - market price rose from 4491 to 4502, and other related prices and profits changed [2]. - Device change: Shanxi Wouneng's 300,000 - ton device was under maintenance [2]. - Outlook: EG supply has postponed restarts and overseas unexpected maintenance. Short - term port inventory is expected to remain low, and it's expected to be a wide - range shock. Attention should be paid to the restart progress of satellite devices [2]. Polyester Staple Fiber - Price data: From 2025/08/06 to 2025/08/12, the price of 1.4D cotton - type staple fiber rose from 6535 to 6570, and other related prices and profits changed [2]. - Outlook: Near - term start - up increases slightly, inventory accumulates. Considering the low processing fees on the disk, there is a chance to expand processing fees by going long at low prices [2]. Natural Rubber & 20 - Number Rubber - Price data: From 2025/08/06 to 2025/08/12, the price of US - dollar Thai standard rubber rose from 1760 to 1795, and other related prices and spreads changed [2]. - Outlook: The national explicit inventory is stable, the Thai cup - lump price rebounds due to rainfall affecting tapping. The recommended strategy is to wait and see [2]. Styrene - Price data: From 2025/08/06 to 2025/08/12, ethylene (CFR Northeast Asia) price rose from 820 to 825, and other related prices and profits changed [2].

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: None; Inter - variety: None [3] Core Viewpoints - The closing price of the main EG contract was 4,288 yuan/ton (a change of - 11 yuan/ton from the previous trading day, a decrease of - 0.26%), the spot price of EG in the East China market was 4,361 yuan/ton (a change of + 1 yuan/ton from the previous trading day, an increase of + 0.02%), and the spot basis of EG in East China (based on the 2509 contract) was 76 yuan/ton (a month - on - month increase of 2 yuan/ton). The US government lifted restrictions on exporting ethane to China, causing EG to open lower and then fluctuate. The production profit of ethylene - to - EG was - 75 US dollars/ton (a month - on - month increase of 4 US dollars/ton), and that of coal - to - syngas - to - EG was 34 yuan/ton (a month - on - month increase of 32 yuan/ton). The inventory in the main ports of East China was 545,000 tons (a month - on - month decrease of 77,000 tons) according to CCF and 542,000 tons (a month - on - month increase of 36,000 tons) according to Longzhong. The actual arrival at the main ports last week was 67,000 tons, and the planned arrival at the East China main ports this week is 150,000 tons, which may lead to a rise in inventory [1]. - On the supply side, domestic supply is gradually recovering, showing a benign de - stocking in the short - term, but the market's transferable spot will increase after the cancellation of warehouse receipts. Overseas supply is expected to be loose as overseas plants restart. In early July, foreign ships will arrive intensively. On the demand side, the current demand is strong, but several major bottle - chip manufacturers have concentrated maintenance plans in early July, with a weak demand forecast [2]. Summary by Directory Price and Basis - The closing price of the main EG contract was 4,288 yuan/ton (a change of - 11 yuan/ton from the previous trading day, a decrease of - 0.26%), the spot price of EG in the East China market was 4,361 yuan/ton (a change of + 1 yuan/ton from the previous trading day, an increase of + 0.02%), and the spot basis of EG in East China (based on the 2509 contract) was 76 yuan/ton (a month - on - month increase of 2 yuan/ton) [1] Production Profit and Operating Rate - The production profit of ethylene - to - EG was - 75 US dollars/ton (a month - on - month increase of 4 US dollars/ton), and that of coal - to - syngas - to - EG was 34 yuan/ton (a month - on - month increase of 32 yuan/ton) [1] International Spread - No specific data provided in the given text Downstream Sales, Production and Operating Rate - The demand side is currently strong, but several major bottle - chip manufacturers have concentrated maintenance plans in early July, with a weak demand forecast [2] Inventory Data - The inventory in the main ports of East China was 545,000 tons (a month - on - month decrease of 77,000 tons) according to CCF and 542,000 tons (a month - on - month increase of 36,000 tons) according to Longzhong. The actual arrival at the main ports last week was 67,000 tons, and the planned arrival at the East China main ports this week is 150,000 tons, which may lead to a rise in inventory [1]

1. Report Industry Investment Rating - No relevant content found 2. Core Views of the Report - For PTA, after the near - end TA maintenance, the start - up rate decreased, polyester start - up increased, inventory decreased slightly, basis strengthened again, and spot processing fees improved. In the future, TA will enter the inventory accumulation stage, and the monthly spread drivers may shift between PX inventory depletion and additional polyester load reduction, with increased volatility [2] - For MEG, the domestic start - up rate continued to rise, Iranian devices had centralized shutdowns, port inventory decreased slightly, and the basis weakened. In the future, it will end the de - stocking stage, with limited inventory accumulation due to Iranian imports, and is expected to be in a volatile pattern [2] - For polyester staple fiber, the start - up rate increased, production and sales remained stable, and inventory accumulated slightly. Demand - side efficiency weakened, but exports maintained high growth. There are also production reduction plans, and the processing fee is expected to remain weak [2] - For natural rubber and 20 - numbered rubber, the national explicit inventory was stable, the Thai cup - lump price rebounded due to rainfall affecting tapping. The recommended strategy is to wait and see [2] - For styrene, the prices of related products changed daily, and the domestic profit of styrene had a daily increase of 85 [2] 3. Summary by Product PTA - **Price and Index Changes**: From June 16 - 20, 2025, the price of crude oil decreased by 1.9, PTA spot price increased by 85, and the processing fee increased by 122. The basis increased by 45, and the production - sales ratio increased by 0.10 [2] - **Device Changes**: Fuhai Chuang's 4.5 - million - ton device and Hengli's 2.2 - million - ton device were under maintenance [2] - **Market Outlook**: After the near - end maintenance, the start - up rate decreased, polyester start - up increased, inventory decreased slightly, and the basis strengthened. In the future, it will enter the inventory accumulation stage, and the monthly spread drivers may shift [2] MEG - **Price and Index Changes**: From June 16 - 20, 2025, the price of Northeast Asian ethylene increased by 10, MEG domestic price increased by 9, and the cash flow (ethylene) increased by 38 [2] - **Device Changes**: Shaanxi Yueneng's 400,000 - ton device restarted, and Xinjiang Tianying's 150,000 - ton device was under maintenance [2] - **Market Outlook**: The domestic start - up rate continued to rise, Iranian devices had centralized shutdowns, port inventory decreased slightly, and the basis weakened. In the future, it will end the de - stocking stage, with limited inventory accumulation [2] Polyester Staple Fiber - **Price and Index Changes**: From June 16 - 20, 2025, the price of 1.4D cotton - type staple fiber increased by 105, and the profit increased by 30 [2] - **Device Changes**: There were no device maintenance records this week [2] - **Market Outlook**: The start - up rate increased to 95.1%, production and sales remained stable, and inventory accumulated slightly. Demand - side efficiency weakened, but exports maintained high growth. There are also production reduction plans [2] Natural Rubber & 20 - numbered Rubber - **Price and Index Changes**: From June 16 - 20, 2025, the daily change of the US - dollar Thai standard rubber was - 25, and the weekly change was 5. The daily change of the RU main contract was - 130, and the weekly change was 25 [2] - **Market Outlook**: The national explicit inventory was stable, the Thai cup - lump price rebounded due to rainfall affecting tapping. The recommended strategy is to wait and see [2] Styrene - **Price and Index Changes**: From June 16 - 20, 2025, the price of ethylene (CFR Northeast Asia) remained unchanged, the price of styrene (Jiangsu) increased by 85, and the domestic profit of styrene increased by 85 [2]