Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The market for pure benzene and styrene continues to be weak, affected by external sanctions and new production capacities [1]. - The pure benzene market remains loose in the short - term, with prices under pressure. The styrene market will continue its weak and volatile pattern in the short - term [2][3]. 3. Summary by Directory 3.1. Daily Market Summary - **Fundamentals** - **Prices**: On October 28, the main styrene contract closed down 1.00% at 6,466 yuan/ton, with a basis of - 11 (+45 yuan/ton); the main pure benzene contract closed down 1.33% at 5,495 yuan/ton. The closing price of Brent crude oil was 61.3 dollars/barrel (-0.2 dollars/barrel), and the WTI crude oil main contract closed at 65.6 dollars/barrel (-0.3 dollars/barrel). The spot price of East China pure benzene was 5,485 yuan/ton (+0 yuan/ton) [2]. - **Cost**: The styrene port inventory was 20.3 tons (+0.6 tons), a 3.1% increase, and the pure benzene port inventory was 9.9 tons (+0.9 tons), a 10% increase [2]. - **Supply**: The styrene production rate and supply decreased slightly. The weekly styrene output was 32.7 tons (-1.2 tons), and the factory capacity utilization rate was 69.3% (-2.6%) [2]. - **Demand**: The overall demand for the downstream 3S production rate recovered. The EPS capacity utilization rate was 62.0% (-0.5%), the ABS capacity utilization rate was 72.8% (-0.3%), and the PS capacity utilization rate was 53.8% (+0%) [2]. - **Views** - **Pure Benzene**: International situation uncertainty and sanctions have led to a slight reduction in supply expectations, but there is still inventory accumulation pressure in the fourth quarter. The port inventory may rise again at the end of October to early November. The market is loose in the short - term, and prices are under pressure [2]. - **Styrene**: The market center continues to decline, and supply pressure is increasing. New production capacities have been put into operation, and although the balance sheet shows theoretical inventory reduction in the fourth quarter, the inventory reduction pressure is still high. The market will continue its weak and volatile pattern in the short - term [3]. 3.2. Industrial Chain Data Monitoring - **Prices**: The styrene futures main contract decreased by 1.00% to 6,466 yuan/ton, and the pure benzene futures main contract decreased by 1.33% to 5,495 yuan/ton. The prices of various types of pure benzene in different regions also showed certain declines [5]. - **Output and Inventory**: The Chinese styrene output decreased by 3.66% to 32.7 tons, and the pure benzene output decreased by 2.72% to 42.6 tons. The styrene and pure benzene port and factory inventories all increased to varying degrees [6]. - **Capacity Utilization**: The capacity utilization rates of some pure benzene and styrene downstream products decreased, such as styrene (-2.63%) and caprolactam (-3.52%) [7]. 3.3. Industry News - Trump's threat to impose a 100% tariff on China has been cancelled, China is expected to resume large - scale soybean purchases from the US, and Beijing will postpone the implementation of rare - earth export controls [8]. - US inflation data in September were lower than expected, increasing the prospect of the Fed's interest - rate cut. The Fed will hold an interest - rate meeting early on October 30 [8]. 3.4. Industrial Chain Data Charts The report provides multiple charts, including those on pure benzene and styrene prices, styrene - pure benzene spreads, and inventory and capacity utilization rates of related products [9][13][16]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - PTA supply has contracted as domestic plants have adjusted due to low processing fees. The polyester industry's profit is still constrained by over - capacity from new plant commissions, but the rising crude oil price supports PTA, leading to a slight upward movement in PTA prices after hovering at low levels. [2] - The polyester downstream load remains above 87%, and high polyester load has not led to large inventory accumulation. The demand from the polyester downstream is slightly better than expected, with recent good sales in the polyester market. The market is concerned about the impact of China - US negotiations on textile and clothing demand. [2] - Later, overseas sanctions on some domestic refineries may affect PX supply, which requires continuous attention. [2] 3. Summary by Related Data Price Changes - PTA spot price increased from 4425 to 4450, with a change of 25; MEG inner - market price rose from 4173 to 4187, a change of 14; PTA closing price went up from 4508 to 4518, a change of 10; MEG closing price decreased from 4095 to 4077, a change of - 18. [2] - 1.4D direct - spun polyester staple fiber price increased from 6390 to 6400, a change of 10; short - fiber basis remained unchanged at 178; 11 - 12 spread decreased from 18 to 32, a change of - 14. [2] - Polyester bottle - chip prices in the Jiangsu and Zhejiang markets increased slightly, with the average price rising by 10 yuan/ton. The prices of various types of bottle - chips (e.g., East China water bottle - chips, hot - filling polyester bottle - chips, carbonated - grade polyester bottle - chips) increased by 7. [2] - T32S pure - polyester yarn price remained unchanged at 10300; T32S pure - polyester yarn processing fee decreased from 3910 to 3900, a change of - 10; polyester - cotton yarn 65/35 45S price remained unchanged at 16350. [2] Load and Production - Sales - The direct - spun short - fiber load (weekly) increased from 93.90% to 94.40%; the polyester short - fiber production - sales rate decreased from 77.00% to 51.00%, a change of - 26.00%. [3] - The polyester yarn startup rate (weekly) remained unchanged at 63.50%; the recycled cotton - type load index (weekly) increased slightly from 51.00% to 51.50%. [3]