Report Industry Investment Rating - Not provided Core Viewpoints - EB2604 fluctuated weakly, closing at 9,968 yuan/ton. The market digested the impact of the Middle East geopolitical conflict on crude oil supply, combined with the unexpected increase in US API crude oil inventory, leading to a correction in international oil prices during the day. In terms of domestic supply and demand, the 600,000 - ton Gulei plant was shut down for maintenance, and the load of individual plants was adjusted. The production of styrene decreased by 3.12% to 360,100 tons, and the capacity utilization rate decreased by 2.32% to 71.79%. The downstream operating rates of styrene varied, with the consumption of EPS, PS, and ABS decreasing by 1.55% to 261,100 tons. The styrene factory inventory decreased by 7.70% to 191,900 tons, the East China port inventory increased by 3.83% to 1.625 million tons, and the South China port inventory decreased by 27.45% to 370,000 tons. The domestic spring maintenance expectation was gradually realized, but the restart of the 670,000 - ton faulty plant of Jingbo weakened the impact of maintenance, and the styrene capacity utilization rate was expected to decline slightly. In the short term, there was limited room for the downstream operating rate to continue to rise, but the downstream inventory continued to be depleted and the profit continued to recover, without forming a negative feedback on styrene. The visible inventory was depleted smoothly, and the inventory was expected to remain at a neutral level. Currently, there was still great uncertainty in the Middle East situation, and EB2604 was expected to fluctuate due to news - related disturbances in the short term [2] Summary by Directory Futures Market - The closing price of the main futures contract for styrene was 9,968 yuan/ton, a decrease of 236 yuan. The trading volume was 212,621 less. The long position of the top 20 holders decreased by 42,538 hands, the short position decreased by 31,766 hands, and the net long position decreased by 10,772 hands. The 3 - month contract closing price was 10,095 yuan/ton, an increase of 294 yuan. The futures open interest decreased by 20,670 hands, and the warehouse receipt quantity was 0 [2] Spot Market - The spot price of styrene was 10,025 yuan/ton. The mainstream prices in South China, Northeast, North, and East China were 10,000 yuan/ton, 10,400 yuan/ton, 10,150 yuan/ton respectively, with decreases of 100 yuan/ton, 140 yuan/ton, and 50 yuan/ton [2] Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 636 US dollars/ton, an increase of 50 US dollars/ton. The FD US Gulf price of ethylene was 58 US dollars/ton. The FOB price of pure benzene in the US Gulf was 397 cents/gallon, the CIF price in Taiwan was 1,086.67 US dollars/ton, and the FOB price in Rotterdam was 1,085 US dollars/ton. The market prices of pure benzene in South China, East China, and North China were 7,800 yuan/ton, 8,285 yuan/ton, and 8,085 yuan/ton respectively, with decreases of 0 yuan/ton, 115 yuan/ton, and 200 yuan/ton [2] Industry Situation - The overall production of Chinese styrene plants from March 6th to 12th was 360,100 tons, a decrease of 3.12% month - on - month; the plant capacity utilization rate was 71.79%, a decrease of 2.32% month - on - month. The national inventory of styrene decreased by 210 tons, and the total inventory in the East China main port was 162,500 tons, an increase of 6,000 tons [2] Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 67.4%, 57.78%, 51.7%, 38.3%, and 75.65% respectively, with changes of - 0.2%, - 2.1%, + 0.2%, no data, and - 1.76% [2] Industry News - From March 6th to 12th, the consumption of styrene downstream products EPS, PS, and ABS decreased by 1.55% to 261,100 tons. As of March 12th, the styrene factory inventory was 191,900 tons, a decrease of 7.70% compared with last week. As of March 16th, the styrene inventory in Jiangsu ports was 162,500 tons, an increase of 3.83% compared with last week; the inventory in South China ports was 370,000 tons, a decrease of 27.45% [2] Data - As of March 17th, the non - integrated profit of styrene was - 73.28 yuan/ton, and the integrated profit was 1,389.92 yuan/ton [2]