1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The logic behind the recent increase in aromatic hydrocarbon prices remains unchanged, which is due to supply - side issues in Asian refineries and cracking operations caused by potential disruptions in Middle East crude oil and naphtha supplies. The situation in the Middle East has further escalated, with concerns about the involvement of the US ground forces and the impact on oil transportation. For pure benzene, Chinese port inventories are gradually decreasing, and domestic refineries are operating at a low level due to crude oil supply problems. For styrene, although the current inventory reduction is slow, there are expectations of faster inventory reduction in the future. [2][3] 3. Summary According to the Directory I. Pure Benzene and EB's Basis Structure and Inter - period Spreads - Figures related to pure benzene include the relationship between the pure benzene main contract basis and the futures contract price, the main contract basis, the spot - M2 paper cargo spread, and the spread between the first - and third - month contracts. For styrene, similar basis and spread figures are presented, such as the main contract basis and the spread between the first - and third - month contracts. [8][15][16][19] II. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - The report shows various production profit and spread data, including naphtha processing fees, the difference between pure benzene FOB Korea and naphtha CFR Japan, non - integrated styrene production profits, and the spreads between different regions for pure benzene and styrene, as well as import profits. [21][24][29][32][36] III. Inventories and Operating Rates of Pure Benzene and Styrene - Pure benzene's inventory is presented in terms of the East China port inventory, and its operating rate is also provided. For styrene, the East China port inventory, commercial inventory, factory inventory, and operating rate are shown. [39][42][44] IV. Operating Rates and Production Profits of Styrene's Downstream Products - The operating rates and production profits of EPS, PS, and ABS are presented, with changes in operating rates and production profits compared to previous data. EPS operating rate increased to 63.27% (+2.27%), PS operating rate was 51.40% (-0.20%), and ABS operating rate was 62.60% (-4.50%). EPS production profit was 936 yuan/ton (+398 yuan/ton), PS production profit was - 764 yuan/ton (+98 yuan/ton), and ABS production profit was - 2414 yuan/ton (-158 yuan/ton). [2][52][54][57] V. Operating Rates and Production Profits of Pure Benzene's Downstream Products - The operating rates and production profits of downstream products such as caprolactam, phenol - acetone, aniline, and adipic acid are presented, along with their changes. Caprolactam operating rate was 78.85% (+1.64%), phenol operating rate was 86.50% (-0.50%), aniline operating rate was 88.58% (+0.25%), and adipic acid operating rate was 69.50% (+0.00%). Caprolactam production profit was - 440 yuan/ton (+10), phenol - acetone production profit was 86 yuan/ton (-115), aniline production profit was 1195 yuan/ton (+52), and adipic acid production profit was - 46 yuan/ton (+407). [1][63][67][75]