苯乙烯产业日报 2026-01-26 置动态对供应端的影响。 免责声明 求变化不大。整体来看，短期国内苯乙烯难摆脱供需紧平衡局面。成本方面，美国对伊朗等产油国制裁仍 存，同时严寒天气可能导致美国产油量下降，国际油价有所上涨。短期EB2603预计高位震荡，关注国内装 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 助理研究员: 徐天泽 期货从业资格号F03133092 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货收盘价(活跃合约):苯乙烯(日,元/吨) | 7702 | -6 期货成交量(活跃:成交量):苯乙烯(EB)(日, | 1006360 | -526710 | | | 前20名持仓:买单量:苯乙烯(日,手) | 444560 | 手) -8334 3月合约收盘价:苯乙烯(日,元/吨) | 7702 | -6 | | | 期货持仓量(活跃:成交量):苯乙烯(EB)(日, | | -7138 前20名持仓:净买单量:苯乙烯(日,手 ...

Market Overview - On January 13, the styrene market in East China experienced slight fluctuations, with limited port-to-ship availability and expected inventory declines, leading to a constrained supply of market circulation goods. Downstream resistance to high prices is strong, and industry profits are compressed, maintaining a procurement strategy based on orders. Some production facilities have no restart plans, keeping overall industry profits acceptable. According to PEC statistics, the spot price closed at 7150-7210 yuan/ton for the February contract, with increases of 130-135 yuan [1] Profit Analysis - As of January 13, the profit for non-integrated styrene units is approximately 555 yuan/ton [1] Supply and Demand Dynamics - Styrene supply: As of January 8, the weekly production of styrene is 355,700 tons, an increase of 3,500 tons, with an operating rate of 70.92%, up by 0.69% [1] - Styrene inventory: As of January 12, the total port inventory of styrene in Jiangsu is 100,600 tons, a decrease of 31,700 tons from the previous period. The commodity inventory stands at 59,900 tons, down by 17,400 tons [1] Downstream Operations - As of January 8, the operating rate for EPS is 46.72%, up by 3.08%, while PS is at 58.9%, down by 1.5%, and ABS is at 69.8%, down by 0.1% [2] Market Outlook - Recently, styrene prices are supported by previous export shipments and new export transactions in January, with limited port inventory and a tight supply-demand balance. However, there is strong resistance from downstream sectors due to losses, leading to a decline in EPS operating rates and significant losses in ABS/PS, resulting in reduced operational focus and some factory shutdowns. There are expectations of inventory accumulation before and after the Spring Festival, and limited cost support suggests that the upward potential for styrene prices is constrained. The strategy includes monitoring short-selling opportunities for EB03 and reducing EB processing fees at high levels [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The styrene market is gradually shifting from a tight balance to a wide balance in January, with weak supply - demand drivers. The short - term EB2602 is expected to show a volatile trend, with the range estimated to be around 6700 - 6900 [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active styrene futures contract is 6828 yuan/ton, up 17 yuan; the trading volume is 340567, up 85359; the long position of the top 20 holders is 353376 hands, down 7848 hands; the net long position of the top 20 holders is - 39597 hands, down 6094 hands; the short position of the top 20 holders is 392973 hands, down 1754 hands; the total number of warehouse receipts is 200 hands, unchanged. The closing price of the March contract is 6895 yuan/ton, up 33 yuan; the open interest of the active contract is 278675 hands, down 21449 hands [2] 3.2 Spot Market - The spot price of styrene is 6792 yuan/ton, unchanged. The FOB South Korea intermediate price is 848 dollars/ton, up 9 dollars; the CFR China intermediate price is 858 dollars/ton, up 9 dollars. The mainstream prices in Northeast, South, North, and East China are 6575 yuan/ton (down 50 yuan), 7015 yuan/ton (up 50 yuan), 6725 yuan/ton (up 15 yuan), and 6875 yuan/ton (up 15 yuan) respectively [2] 3.3 Upstream Situation - The intermediate prices of ethylene CFR Northeast Asia, CFR Southeast Asia, CIF Northwest Europe, and FD US Gulf are 746 dollars/ton (unchanged), 726 dollars/ton (unchanged), 670 dollars/ton (down 5 dollars), and 430 dollars/ton (unchanged) respectively. The spot prices of pure benzene in Taiwan, Rotterdam, and the US Gulf are 661.17 dollars/ton (unchanged), 798 dollars/ton (up 34 dollars), and 274 cents/gallon (up 2 cents) respectively. The market prices of pure benzene in South, East, and North China are 5300 yuan/ton (unchanged), 5295 yuan/ton (up 5 yuan), and 5220 yuan/ton (down 30 yuan) respectively [2] 3.4 Industry Conditions - The overall styrene operating rate is 70.23%, down 0.47%. The national styrene inventory is 171760 tons, up 800 tons; the total inventory at the main ports in East China is 13.23 tons, down 0.65 tons; the trade inventory at the main ports in East China is 7.73 tons, down 0.6 tons [2] 3.5 Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber are 43.64% (down 8.92%), 69.9% (up 0.5%), 60.4% (up 1.8%), 36% (down 2%), and 80.52% (up 1.14%) respectively [2] 3.6 Industry News - From December 26 to January 1, the styrene factory output was 35.22 tons, a month - on - month decrease of 0.68%; the capacity utilization rate was 70.23%, a month - on - month decrease of 0.47%. The operating rates of downstream EPS, PS, ABS, UPR, and styrene - butadiene rubber changed from December 26 to January 1. As of December 25, the styrene factory inventory was 17.18 tons, a month - on - month increase of 0.47%. As of January 5, the inventory at East China ports was 13.23 tons, a month - on - month decrease of 4.68%; the inventory at South China ports was 2.06 tons, a month - on - month increase of 10.16%. On January 4, the non - integrated profit of styrene was 139.35 yuan/ton; on December 31, the integrated profit of styrene was 723.78 yuan/ton [2]

1. Industry Investment Rating - Not provided in the report 2. Core View - In January, the supply - demand of styrene is gradually shifting from tight balance to wide balance, with limited cost - side support, and it is expected to show weak fluctuations in the short term. Technically, attention should be paid to the support around 6,580 for the daily K - line of EB2602 [2] 3. Summary by Directory Futures Market - The closing price of the active styrene futures contract was 6,739 yuan/ton, a decrease of 52 yuan; the trading volume was 269,802 lots, a decrease of 30,737 lots; the long positions of the top 20 holders were 351,194 lots, an increase of 14,043 lots; the open interest of the active contract was 302,675 lots, a decrease of 8,653 lots; the net long positions of the top 20 holders were - 32,741 lots, a decrease of 6,219 lots; the short positions of the top 20 holders were 383,935 lots, an increase of 20,262 lots; the total number of warehouse receipts was 0 lots, a decrease of 757 lots; the closing price of the March contract was 6,794 yuan/ton, a decrease of 47 yuan [2] Spot Market - The spot price of styrene was 6,760 yuan/ton, an increase of 32 yuan; the FOB South Korea intermediate price was 848 US dollars/ton, unchanged; the CFR China intermediate price was 858 US dollars/ton, unchanged; the mainstream prices in the Northeast, South, North, and East China regions were 6,625 yuan/ton (up 50 yuan), 7,065 yuan/ton (up 50 yuan), 6,695 yuan/ton (unchanged), and 6,915 yuan/ton (up 35 yuan) respectively [2] Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 746 US dollars/ton, unchanged; the CFR Southeast Asia intermediate price was 726 US dollars/ton, unchanged; the CIF Northwest Europe intermediate price was 675.5 US dollars/ton, a decrease of 0.5 US dollars; the FD US Gulf price was 430 US dollars/ton, unchanged; the CIF Taiwan price of pure benzene was 661.17 US dollars/ton, unchanged; the FOB US Gulf price was 53 US cents/gallon, unchanged; the FOB Rotterdam price was 738 US dollars/ton, a decrease of 1 US dollar; the market prices in the South, East, and North China pure benzene markets were 5,300 yuan/ton (unchanged), 5,350 yuan/ton (up 10 yuan), and 5,250 yuan/ton (up 30 yuan) respectively [2] Industry Situation - The overall styrene operating rate was 70.23%, a decrease of 0.47 percentage points; the national styrene inventory was 171,760 tons, an increase of 800 tons; the total inventory at the main ports in East China was 132,300 tons, a decrease of 6,500 tons; the trade inventory at the main ports in East China was 77,300 tons, a decrease of 6,000 tons [2] Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 43.64% (a decrease of 8.92 percentage points), 69.9% (an increase of 0.5 percentage points), 60.4% (an increase of 1.8 percentage points), 36% (a decrease of 2 percentage points), and 80.52% (an increase of 1.14 percentage points) respectively [2] Industry News - From December 26th to January 1st, the styrene factory output was 352,200 tons, a decrease of 0.68% month - on - month; the capacity utilization rate was 70.23%, a decrease of 0.47% month - on - month. The operating rate of downstream EPS decreased by 8.92% to 43.64%, PS increased by 1.8% to 60.4%, ABS increased by 0.5% to 69.9%, UPR decreased by 2% to 36%, and styrene - butadiene rubber increased by 1.14% to 80.52%. As of December 25th, the styrene factory inventory was 171,800 tons, an increase of 0.47% month - on - month. As of January 5th, the East China port inventory was 132,300 tons, a decrease of 4.68% month - on - month; the South China port inventory was 20,600 tons, an increase of 10.16% month - on - month. On January 4th, the non - integrated profit of styrene was 139.35 yuan/ton. On December 31st, the integrated profit of styrene was 723.78 yuan/ton [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The EB2602 contract is expected to show a volatile trend in the short term, with technical support around 6390 and resistance around 6690. The domestic styrene supply - demand is shifting towards a looser balance, and the pace of visible inventory depletion is expected to slow down. The non - integrated process losses are deepening, while the integrated process profitability is expanding. The overall demand is difficult to see significant growth [2][3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active styrene futures contract is 6509 yuan/ton, down 31 yuan; the trading volume is 445526 lots, up 59642 lots. The long positions of the top 20 holders are 351589 lots, down 18663 lots; the net long positions are - 24911 lots, down 9610 lots. The short positions of the top 20 holders are 376500 lots, down 9053 lots. The contract price for January is 6467 yuan/ton, down 36 yuan. The open interest is 314602 lots, down 228 lots, and the total warehouse receipt quantity is 600 lots, up 500 lots [2] 3.2 Spot Market - The spot price of styrene is 6642 yuan/ton, up 6 yuan. The FOB South Korea middle price is 812.5 dollars/ton, up 17 dollars; the CFR China middle price is 822.5 dollars/ton, up 17 dollars. The mainstream prices in the Northeast, South, North, and East China regions are 6325 yuan/ton (up 50 yuan), 6720 yuan/ton (up 65 yuan), 6525 yuan/ton (unchanged), and 6550 yuan/ton (up 50 yuan) respectively [2] 3.3 Upstream Situation - The CFR Northeast Asia middle price of ethylene is 746 dollars/ton (unchanged), the CFR Southeast Asia middle price is 726 dollars/ton (unchanged), the CIF Northwest Europe middle price is 661.5 dollars/ton, up 3 dollars, and the FD US Gulf price is 408 dollars/ton, up 19.5 dollars. The spot prices of pure benzene in Taiwan (CIF), Rotterdam (FOB), and the South China, East China, and North China markets are 661.17 dollars/ton (unchanged), 739 dollars/ton (unchanged), 5300 yuan/ton (unchanged), 5325 yuan/ton (up 40 yuan), and 5150 yuan/ton (unchanged) respectively. The US Gulf FOB price is 279 cents/gallon (unchanged) [2] 3.4 Industry Situation - The overall styrene operating rate is 69.13%, up 0.84 percentage points. The national inventory is 170960 tons, down 7550 tons. The total inventory at the main ports in East China is 13.93 million tons, up 0.46 million tons; the trade inventory is 8.46 million tons, up 0.22 million tons. The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber are 51.81% (down 1.96 percentage points), 70.1% (down 0.43 percentage points), 54.5% (down 3.8 percentage points), 36% (unchanged), and 79.23% (down 0.94 percentage points) respectively [2] 3.5 Downstream Situation - From December 12th to 18th, the overall output of Chinese styrene factories was 346800 tons, up 2.38% from the previous period, and the factory capacity utilization rate was 69.13%, up 1.02% month - on - month. The consumption of EPS, PS, and ABS in the styrene downstream was 261800 tons, down 3.89% month - on - month. As of December 18th, the styrene factory inventory was 171000 tons, down 4.23% from the previous week. As of December 22nd, the styrene inventory at the East China ports was 139300 tons, up 3.41% from the previous week; the South China port inventory was 11000 tons, down 26.67% from the previous week. As of December 17th, the non - integrated profit of styrene was - 203 yuan/ton, and the integrated profit was 421.08 yuan/ton [2]

Supply and Demand - As of December 4, the overall production of styrene was 342,400 tons, an increase of 7,700 tons, with an operating rate of 68.85%, up by 1.56% [2] - As of December 8, the total port inventory of styrene in Jiangsu was 146,800 tons, a decrease of 13,800 tons from the previous period; the commodity inventory was 87,800 tons, down by 8,600 tons [2] - The capacity utilization rates for downstream products as of December 4 were 56.36% for EPS (up by 1.61%), 59.0% for PS (up by 1.4%), and 68.3% for ABS (down by 2.9%) [2] Profitability - As of December 10, the profit for non-integrated styrene units was approximately 64 yuan per ton [2] Market Outlook - There is an expectation of increased planned and unplanned maintenance for styrene units, but overall operating rates may slightly increase as profits continue to recover [3] - Demand support is limited due to some downstream operations being affected by cold weather, combined with high inventory and declining profits [3] - The overall supply-demand structure for styrene is tight, but due to weak cost support and seasonal demand decline, the upward potential for styrene prices is limited [3] - Short-term market dynamics are characterized by a clear tug-of-war between bullish and bearish sentiments, with the market likely influenced by oil prices and macroeconomic disturbances [3]

Report Industry Investment Rating - Not provided Core Viewpoints - The supply and demand of styrene gradually shift from tight balance to wide balance with weakening price support The short - term EB2601 is expected to show an oscillating trend, with the daily K - line focusing on the support near 6470 and the pressure near 6660 [2] Summary by Relevant Catalogs Futures Market - The closing price of the active styrene futures contract is 6585 yuan/ton, up 21 from the previous period The trading volume is 407,376, up 11,322 The long - position volume of the top 20 holders is 326,171 hands, up 5581, and the net long - position volume is - 46,726 hands, down 6493 The short - position volume of the top 20 holders is 372,897 hands, up 12,074 The open interest is 296,579 hands, down 1427 The 1 - month contract closing price is 6585 yuan/ton, up 21 The warehouse receipt quantity is 100 hands, up 100 [2] Spot Market - The spot price of styrene is 6654 yuan/ton, down 2 The FOB South Korea intermediate price is 814 dollars/ton, up 4 The CFR China intermediate price is 824 dollars/ton, up 4 The mainstream prices in Northeast, South, North, and East China are 6325 yuan/ton (down 50), 6800 yuan/ton (up 15), 6500 yuan/ton (down 5), and 6615 yuan/ton (up 15) respectively [2] Upstream Situation - The intermediate prices of ethylene CFR Northeast Asia, CFR Southeast Asia, CIF Northwest Europe, and FD US Gulf are 741 dollars/ton (unchanged), 721 dollars/ton (unchanged), 642 dollars/ton (down 1), and 457 dollars/ton (down 6) respectively The spot prices of pure benzene in Taiwan (CIF), Rotterdam (FOB), and the US Gulf (FOB) are 658 dollars/ton (unchanged), 714 dollars/ton (unchanged), and 280 cents/gallon (up 5) respectively The market prices of pure benzene in South, East, and North China are 5300 yuan/ton (unchanged), 5335 yuan/ton (up 15), and 5270 yuan/ton (unchanged) respectively [2] Industry Situation - The overall styrene plant operating rate is 67.29%, down 1.66% The national styrene inventory is 190,430 tons, up 2334 The total inventory at the main ports in East China is 16.06 tons, down 0.36 The trade inventory at the main ports in East China is 9.64 tons, up 0.22 [2] Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber are 54.75% (down 1.52), 71.2% (down 1.2), 57.6% (up 1.7), 37% (unchanged), and 75.99% (up 1.23) respectively [2] Industry News - From November 21st to 27th, China's styrene plant output was 334,700 tons, down 2.39% from the previous period, and the plant capacity utilization rate was 67.29%, down 1.66% From November 21st to 28th, the consumption of downstream EPS, PS, and ABS was 268,800 tons, down 0.3% As of November 27th, the styrene plant inventory was 190,400 tons, up 1.24% from the previous week As of December 1st, the styrene inventory at East China ports was 160,600 tons, down 2.19% from the previous week, and at South China ports was 95,000 tons, down 39.1% from the previous week [2] Viewpoint Summary - The non - integrated process losses are reduced, and the integrated process profitability deepens The recent launch of a 200,000 - ton new device in Dongming and the restart of a 600,000 - ton device in Lianyungang Petrochemical are expected to restore domestic styrene supply In December, the impact of styrene maintenance is expected to weaken, and the capacity utilization rate is expected to rise The short - term downstream demand load is adjusted slightly, with little overall change [2]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Short - term supply - demand balance of styrene may deepen, and visible inventory is expected to maintain a destocking trend. The EB2601 contract is expected to show a volatile trend in the short term, with technical support around 6270 and resistance around 6600 [2]. - Last week, non - integrated plant losses decreased, and integrated plant profits expanded. Due to the maintenance of Sinochem Quanzhou's 450,000 - tonne plant, domestic styrene supply is expected to decline slightly this week [2]. - Downstream EPS demand is weak with high inventory, and there is a slight downward adjustment expectation for plant operation. PS plants are in a phased recovery state, and ABS plant supply is expected to remain high [2]. 3. Summary by Directory 3.1 Futures Market - The trading volume of styrene futures (active contract) was 361,779, and the closing price was 6,533 yuan/ton. The 1 - month contract closing price was also 6,533 yuan/ton. The trading volume of the active contract increased by 116,537, and the closing price decreased by 5,728 [2]. - The long - position volume of the top 20 holders was 319,939 lots, with a decrease of 3,466 lots; the net long - position volume was - 45,468 lots, an increase of 2,046 lots; the short - position volume was 407,247 lots, a decrease of 7,774 lots; the total warehouse receipt quantity was 200 lots, a decrease of 1,260 lots [2]. 3.2 Spot Market - The spot price of styrene was 6,636 yuan/ton, an increase of 46 yuan/ton. The FOB South Korea intermediate price was 802 US dollars/ton, unchanged; the CFR China intermediate price was 812 US dollars/ton, unchanged [2]. - The mainstream prices in Northeast, North, South, and East China were 6,275 yuan/ton (down 50 yuan/ton), 6,695 yuan/ton (unchanged), 6,430 yuan/ton (unchanged), and 6,510 yuan/ton (up 10 yuan/ton) respectively [2]. 3.3 Upstream Situation - The intermediate prices of ethylene CFR Northeast Asia, CFR Southeast Asia, CIF Northwest Europe, and FD US Gulf were 731 US dollars/ton (unchanged), 721 US dollars/ton (unchanged), 639 US dollars/ton (down 2.5 US dollars/ton), and 457 US dollars/ton (down 6 US dollars/ton) respectively [2]. - The spot prices of pure benzene in the US Gulf (FOB), Taiwan (CIF), Rotterdam (FOB) were 661.33 cents/gallon (unchanged), 273 US dollars/ton (down 3 US dollars/ton), and 721 US dollars/ton (down 15 US dollars/ton) respectively. The market prices in South, East, and North China were 5,300 yuan/ton (unchanged), 5,300 yuan/ton (down 25 yuan/ton), and 5,290 yuan/ton (unchanged) respectively [2]. 3.4 Industry Situation - The overall styrene plant operating rate was 68.95%, a decrease of 0.3%. The national styrene inventory was 188,096 tons, a decrease of 1,335 tons. The total inventory at the East China main port was 164,200 tons, an increase of 15,900 tons, and the trade inventory was 94,200 tons, an increase of 6,900 tons [2]. 3.5 Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 56.27% (up 4.64%), 72.4% (up 0.6%), 55.9% (up 0.5%), 37% (up 1%), and 74.76% (unchanged) respectively [2]. 3.6 Industry News - From November 14th to 20th, China's styrene plant output was 342,900 tons, a decrease of 0.44% from the previous period, and the plant capacity utilization rate was 68.95%, a decrease of 0.3% [2]. - From November 14th to 20th, the consumption of EPS, PS, and ABS in the styrene downstream was 269,600 tons, an increase of 3.45% [2]. - As of November 20th, the styrene plant inventory was 188,100 tons, a decrease of 0.70% from the previous week. As of November 24th, the East China port inventory was 164,200 tons, an increase of 10.72% from the previous week, and the South China port inventory was 15,600 tons, an increase of 11.43% from the previous week [2]. - As of November 19th, the non - integrated profit of styrene was - 225 yuan/ton, and the integrated profit was 139.67 yuan/ton [2].

Report Industry Investment Rating - Not provided in the given content Core Views - For pure benzene, the supply is expected to be loose with new capacity and restarted plants, and the demand support is limited due to some downstream loss - making products cutting production. The cost - end support is weak, and the rebound space is restricted, with a possible short - term adjustment under the drag of oil prices [5][8]. - For styrene, the supply is limited with some plants increasing load and some under maintenance. The demand support is limited due to high inventory and profit pressure of some downstream products. Although the short - term supply - demand expectation improves, the rebound space is restricted due to profit repair, weakening demand expectation, and weak cost - end support [9][11]. Summary by Relevant Catalogs Pure Benzene Cost - Under the pressure of OPEC+ continuous production increase and the record - high US crude oil production, the crude oil supply - demand pattern is still weak. With more negative factors in the crude oil market recently, such as the US promoting the Russia - Ukraine peace agreement negotiation and the increasing uncertainty of the Fed's interest - rate cut expectation next month, oil prices are under pressure. Short - term Brent crude oil is concerned about the $60/barrel support, and attention should be paid to the Russia - Ukraine geopolitical dynamics [4]. Supply and Demand - Supply: There are plant restarts and new capacity included recently. Although some plants reduced their loads, the supply remains loose. The output of petroleum benzene this cycle is 44.67 tons (- 0.76 tons), and the capacity utilization rate is 76.67% (- 1.31%). The benzene hydrogenation plant operating rate is 57.75% (+ 3.2%), with an output of 7.58 tons (+ 0.42 tons) [5]. - Demand: The downstream operating rates show mixed trends. The styrene operating rate is 68.95% (- 0.3%), the phenol operating rate is 79% (+ 11.4%), the caprolactam operating rate is 88.24% (+ 2.2%), and the aniline operating rate is 75.68% (- 4.5%) [6]. Strategy - Unilateral: In the short term, treat BZ2603 as short - biased on rallies. - Arbitrage: The EB03 - BZ03 spread is around 1122 (+ 28), and stay on the sidelines for now [7]. Valuation - Neutral to low. Due to the repeated speculation of gasoline - blending demand, the pure benzene price rebounded slightly, but the weak fundamental expectation and weak oil - price expectation limited the increase. The BZN has been repaired to some extent, expanding from 100 yuan/ton last week to around 112 yuan/ton [8]. 2025 Production Plan - Multiple enterprises in different provinces have pure benzene and its downstream production plans in 2025, including enterprises like Yulong Petrochemical, ExxonMobil, etc. The planned new capacity of pure benzene is 128 tons/year, and the new capacity of downstream products is about 238 tons/year [13][14]. October - December 2025 Device Dynamics - Many plants have planned shutdowns for maintenance from October to December 2025, with a total planned shutdown capacity of 212 tons. The net supply of domestic pure benzene产业链 devices decreases by about 11.4 tons, and the net demand decreases by about 17.2 tons, showing inventory accumulation [16][17]. Styrene Supply - With the repair of industry profits, some plants increased their loads. Last week, the overall styrene output was 34.29 tons (- 0.15 tons), and the capacity utilization rate was 68.95% (- 0.3%). This week, one plant in East China restarted, and one plant each in Northeast, East, and South China adjusted their loads, resulting in a slight output decrease [9]. Demand - The consumption of styrene by the three major downstream products is 26.69 tons (+ 0.9 tons). The capacity utilization rates of EPS, PS, and ABS all increased. As of November 20, the EPS capacity utilization rate is 56.27% (month - on - month + 4.64%), the PS capacity utilization rate is 55.9% (month - on - month + 0.5%), and the ABS capacity utilization rate is 72.4% (month - on - month + 0.6%) [9][77]. Strategy - Unilateral: Treat EB01 as range - bound. - Arbitrage: Stay on the sidelines for now [10]. Valuation - Neutral to low. The supply - demand situation of styrene has improved. Driven by overseas gasoline - blending speculation and exports, styrene first rose and then fell, and the industry cash flow has been slightly repaired. The non - integrated cash flow has rebounded from around - 106 yuan/ton last week to around 9 yuan/ton [11]. Import and Export - Under the expectation of overseas plant maintenance, styrene exports are expected to increase in November. China is gradually changing from a net importer of styrene in the past five years to a net exporter [63][67]. Inventory - The port inventory of styrene has decreased. The downstream 3S high inventory reflects the large demand resistance in further transmission to the terminal and also restricts the increase of loads [68][86]. Downstream - The weekly operating rate of downstream products has generally increased slightly, but the downstream profits have been compressed, and the downstream inventory is at a relatively high level on a month - on - month basis [73][78][83]. Terminal - Domestic demand support is limited, as shown by the data of domestic and export sales of home appliances such as air conditioners, refrigerators, and washing machines [88].