Report Industry Investment Rating - Not provided in the report Core Viewpoints - Due to concerns about the stable supply of upstream raw materials, some domestic refineries have taken preventive load - reduction measures. The shutdown of a 3.8 - million - ton reforming unit by a major factory in East China and the possible load - reduction of South Korean refineries will affect the supply of aromatics such as PX and pure benzene. The continuous increase in the listed price of major refineries has driven up the price of pure benzene. The restricted supply of styrene from the Middle East and the temporary shutdown of Iranian styrene plants will boost the domestic styrene export market. If the supply problem persists, the overall driving force of the aromatics sector will be upward [5]. - The trading strategies are as follows: for unilateral trading, the preventive load - reduction of refineries makes the overall driving force of the aromatics sector upward; for arbitrage, it is recommended to conduct positive arbitrage; for options, it is advisable to wait and see [6]. Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategies 1.1 Pure Benzene High -开工率有回落预期 供应压力缓解 - Recently, domestic pure benzene plants have been operating stably. After the Spring Festival, the operating load of petroleum benzene was 82.71%, a 0.1 - percentage - point increase from before the festival. As of February 25, 2026, the inventory of pure benzene in East China port trade was 29.8 tons, a 1.71% increase from February 11 and a 77.38% increase year - on - year. Since 2026, the Chinese pure benzene import market has faced continuous pressure. With insufficient downstream demand growth, the inventory at the main ports in East China has hovered around the historical high of 300,000 tons since January. After March, the arbitrage window between Asia and America is still difficult to open, and there is no obvious expectation of a decrease in imports. Therefore, the port is still difficult to enter the rapid de - stocking stage, which will continuously drag down the market price [12]. 1.2 下游苯乙烯检修增多 其他下游需求稳定 - There are many styrene plant maintenance plans. For example, Xinyang Technology's 600,000 - ton/year plant stopped on October 29, 2025, and produced products around February 4, 2026. Many other plants also have maintenance plans from 2025 to 2026 [16]. Chapter 2: Core Logic Analysis 2.1 苯乙烯近期装置动态及检修计划 - Multiple styrene plants have maintenance plans, involving a large amount of production capacity, which will lead to a contraction in supply [16]. 2.2 月差维持back结构 - In January, the supply - demand pattern of styrene was expected to turn positive. The price of the near - month contract was strong, and the monthly spread changed from contango to back structure. Currently, the monthly spread of styrene still maintains the back structure of near - strong and far - weak. As of the close on the 6th, the spread between 04 - 05 was - 2 yuan/ton, and the spread between 05 - 06 was 128 yuan/ton, which decreased compared with the high value in January [20]. 2.3 3月负荷预计下滑 苯乙烯利润走扩 - As of February 26, the weekly operating rate of the Chinese styrene industry was 75.07%. There will be more maintenance in March, which is expected to lead to a contraction in supply and a decline in the operating load. The industry profit of styrene has gradually recovered, and the processing profit is at a five - year high, which has increased the production willingness of styrene producers and locked in the processing margin for active sales [21]. 2.4 海外长停装置增多 - The global styrene profit has been compressed to varying degrees. There are not only long - shut - down plants in China but also an increasing number of shut - down plants overseas. The total production capacity of shut - down plants overseas (excluding mainland China) is 3.842 million tons, accounting for 16% of the total overseas production capacity. With the increase in shut - down plants in the Americas and Europe, attention should be paid to whether the styrene gap in Europe and surrounding areas will increase in the future [24]. 2.5 海外苯乙烯上半年检修集中 - Outside mainland China in 2026, styrene maintenance is concentrated in the first half of the year, with the maintenance volume increasing in the first quarter and reaching a peak in April, followed by a decrease [27]. 2.6 苯乙烯出口量预计增加 - The import and export data for January 2026 will be postponed to March. It is estimated that the styrene export volume in January may be 40,000 - 50,000 tons, and the transaction volume in February was around 40,000 tons. After the Spring Festival, the export demand has remained strong, and the export to Europe has increased significantly. It is expected that the export will increase significantly from March to June. The port inventory of styrene has accumulated seasonally after the Spring Festival. Attention should be paid to the implementation of subsequent plant maintenance, and it is expected to enter the de - stocking cycle again [30]. 2.7 苯乙烯下游开工利润 - The report provides data on the operating rates and profits of styrene downstream products such as EPS, PS, and ABS, but specific numerical analysis is not elaborated here [31][36][39]. 2.8 下游3S整体累库 - The inventory index of EPS enterprises was 52.55, a decrease of 1.91 from last week; the predicted inventory index of PS enterprises was 80.5, a decrease of 2.92 from the previous final value; the inventory index of ABS enterprises was 78.00, a decrease of 11.05 from last week [42][44]. Chapter 3: Weekly Data Tracking 3.1 Pure Benzene - **产业链价格**: The report shows the price trends of pure benzene in East China spot, styrene in East China spot, and downstream products such as EPS, PS, and ABS [49][50][51]. - **产业链利润**: It presents the profit trends of pure benzene production, styrene production by ethylbenzene dehydrogenation, and other downstream products such as phenol, adipic acid, caprolactam, and aniline [55][58][60]. - **开工率**: The operating rate trends of pure benzene and hydrogenated benzene are provided [63]. - **港口库存**: The inventory trend of pure benzene in ports is shown [65]. - **下游开工**: The operating rate trends of downstream products of pure benzene such as styrene, caprolactam, phenol, aniline, and adipic acid are presented [67]. 3.2 Styrene - **价格**: The price trend of styrene in East China spot is shown [74]. - **产业链利润**: It presents the profit trends of styrene production by ethylbenzene dehydrogenation, EPS, PS, and ABS [77][78]. - **产业链开工**: The operating rate trends of styrene and its downstream products such as EPS, PS, ABS, and phenol are provided [81][82]. - **库存**: The inventory trends of styrene in ports, South China ports, and East China ports are shown [84][85].