Report Industry Investment Ratings No information regarding industry investment ratings is provided in the given reports. Core Views Benzene Ethylene - The market price of pure benzene has significantly declined. The international oil price dropped sharply due to the cease - fire between Israel and Iran, and pure benzene followed suit. Benzene ethylene supply is increasing while demand is decreasing, and its supply - demand balance may gradually weaken. It is expected to continue its downward trend and should be treated bearishly [1][4]. Polyolefins - For PE, it is expected to be range - bound, and for PP, a bearish stance on the single - side trading is recommended. PP has high production due to short - term maintenance recovery and new production, and both PE and PP are affected by the off - season in demand [8]. PVC and Caustic Soda - For caustic soda, the current spot price is falling and is still in the process of finding a bottom. It is recommended to wait and see. For PVC, although there is a short - term price increase, the long - term supply - demand contradiction is prominent. A mid - term short - selling strategy is suggested [11][15]. Urea - The core driver is the strengthening of the oversupply pattern and the deterioration of market sentiment. The supply is high and the demand is weak. It is not recommended to chase short positions in the short term. One can wait for a turning point to enter the market at a low price [39]. Polyester Industry Chain - For PX, it is recommended to be cautiously bearish on PX09 in the short term. For PTA, it should be treated with caution and bearishly. For ethylene glycol, a short - term callback is expected. For short - fiber, the supply - demand is weak. For bottle - grade polyester chips, there is an expectation of supply - demand improvement [43]. Methanol - The methanol market is mainly driven by the easing of the Iranian situation. The previous premium due to geopolitical factors has been reversed. One should pay attention to the actual shipping after the restart of Iranian plants. The inland supply is tight, and it is a seasonal off - season for demand. Short - term observation is recommended [47]. Crude Oil - The short - term oil price is in a downward trend. The market logic has shifted from geopolitics to fundamental supply - demand balance. It is recommended to wait for a clearer signal, and the support and pressure levels for different oil types are given [50]. Summaries by Relevant Catalogs Benzene Ethylene Upstream - Brent crude oil (August) on June 24 was $67.1/barrel, down $4.3 or 6.1% from June 23. CFR Japan naphtha decreased by 8.7% to $586/ton. CFR Northeast Asia ethylene remained unchanged at $850/ton [1]. Spot & Futures - The East China spot price of benzene ethylene on June 24 was 7815 yuan/ton, down 4.3% from June 23. EB2507 and EB2508 also declined, with decreases of 4.6% and 4.7% respectively [2]. Overseas Quotes & Import Profit - Benzene ethylene CFR China on June 24 was $910/ton, down 3.7% from June 23. The import profit was 218.2 yuan/ton [3]. Industry Chain开工率 & Profit - The domestic pure benzene comprehensive开工率 increased by 1.2% to 80.4%. The benzene ethylene开工率 rose by 7.0% to 79.0%. The integrated profit of benzene ethylene decreased by 76.8% to 50.1 yuan/ton [4]. Polyolefins Price & Spread - L2601, L2509, PP2601, and PP2509 all declined on June 24 compared to June 23. The spreads between different contracts also changed, and the spot prices of some products decreased [8]. Upstream & Downstream开工率 - The PE装置开工率 decreased by 0.60% to 78.7%, and the PP装置开工率 increased by 2.1% to 78.6% [8]. Inventory - PE企业库存 decreased by 1.83% to 49.9 million tons, and PP企业库存 increased by 4.52% to 60.8 million tons [8]. PVC and Caustic Soda Spot & Futures - The East China market price of PVC decreased. The price of 32% liquid caustic soda in Shandong remained unchanged [11]. Overseas Quotes & Export Profit - The FOB price of PVC in Tianjin Port remained unchanged at $590/ton, and the export profit decreased by 100.9% to - 28.4 yuan/ton [12]. Supply - The caustic soda industry开工率 increased by 0.2% to 85.8%, and the PVC总开工率 decreased by 0.1% to 76.7% [13]. Demand - The开工率 of the alumina industry decreased by 0.5% to 79.9%, and the开工率 of PVC downstream products such as pipes and profiles decreased [14][15]. Inventory - The inventory of liquid caustic soda in East China factories decreased by 6.7% to 21.4 million tons, and the PVC总社会库存 remained basically unchanged [15]. Urea Futures - Urea futures prices declined on June 24 compared to June 23. The spreads between different contracts also changed, and the long - and short - position holdings of the top 20 changed [39]. Upstream Raw Materials - The prices of upstream raw materials such as anthracite small pieces and thermal coal remained unchanged [39]. Spot Market - The prices of small - particle urea in different regions showed different degrees of change, and the cross - regional spreads also changed [39]. Supply - Demand - The domestic daily urea production decreased slightly. The production of coal - based urea decreased by 0.69% to 15.84 million tons, and the production of gas - based urea remained unchanged [39]. Polyester Industry Chain Downstream Product Prices and Cash Flows - POY150/48, DTY150/48, and other polyester product prices changed on June 24 compared to June 23. The cash flows of some products also changed [43]. PX - related Prices and Spreads - CFR China PX decreased by 4.4% to $858/ton, and the PX - naphtha spread was $16/ton [43]. PTA - related Prices and Spreads - The East China spot price of PTA decreased by 3.0% to 5100 yuan/ton, and the PTA futures prices also declined [43]. MEG - related Prices and Spreads - The East China spot price of MEG decreased by 2.5% to 4597 yuan/ton, and the MEG futures prices also declined [43]. Industry Chain开工率 - The开工 rate of Asian PX decreased by 1.7% to 74.3%, and the开工 rate of PTA decreased by 3.5% to 79.1% [43]. Methanol Price and Spread - MA2601 and MA2509 closed lower on June 24 compared to June 23. The spreads between different contracts and regional spreads also changed [47]. Inventory - Methanol企业库存 decreased by 3.10% to 36.735%, and methanol港口库存 decreased by 10.09% to 58.6 million tons [47]. Upstream and Downstream开工率 - The upstream domestic企业开工率 increased by 3.06% to 77.44%, and the downstream外采MTO装置开工率 decreased by 6.28% to 80.46% [47]. Crude Oil Price and Spread - Brent crude oil decreased by 6.07% to $67.14/barrel, and WTI increased by 1.09% to $65.07/barrel on June 25 compared to June 24 [50]. Refined Oil Price and Spread - NYM RBOB increased by 0.84% to 210.32 cents/gallon, and ICE Gasoil decreased by 10.09% to $668.25/ton [50]. Crack Spread - The crack spreads of gasoline, diesel, and jet fuel in different regions showed different degrees of change [50].