Report Overview - Report Title: Energy and Chemical Weekly - Styrene - Report Date: August 18, 2025 - Researcher: Lan Xue [3] - Reviewer: Tang Yun [3] 1. Report Industry Investment Rating - No information provided 2. Core View - This week, the macro sentiment cooled down, and styrene weakened and pulled back synchronously. The cost-side crude oil rose continuously, but negative news in the oil market was continuously released, causing international oil prices to fall continuously. Meanwhile, the inventory at East China ports remained high. The fundamentals of styrene remained weak, and new plants were expected to be put into operation in August, with the supply-demand trend expected to be loose [6] 3. Summary by Directory Supply - EB production enterprise operating rate was 78.18%, with a month-on-month increase of 0.45%; EB weekly output was 369,100 tons, with a month-on-month increase of 2.76% [9] Demand - The weighted operating rate of the three major downstream industries was 60.37%, with a month-on-month increase of 7.32%; the weighted inventory of the three major downstream industries was 86,800 tons, with a month-on-month decrease of 1.97% [9] Inventory - This week, the EB inventory at East China factories was 208,700 tons, with a month-on-month decrease of 1.30%; the inventory at East China ports was 148,800 tons, with a month-on-month decrease of 6.42% [9] Upstream and Cost - No specific content other than data charts was provided Price and Profit - This week, the spot price of pure benzene decreased by 0.57% month-on-month to 6,100 yuan/ton; the spot price of styrene decreased by 0.88% month-on-month to 7,280 yuan/ton [9] Basis and Spread - The basis was 40; the (10 - 11) spread was -22 [9]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The styrene market is in a pattern of high production, high profit, and high inventory, and short - position allocation is the main strategy. The port inventory of styrene is in the stage of accelerated accumulation. The downstream of pure benzene is gradually resuming production, and the industry is entering the inventory replenishment stage. The short - term market has support at 5600 - 5700. Attention should be paid to positions for compressing styrene profits [2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Styrene futures prices: The price of styrene 2507 was 7,460, down 138 from the previous day; styrene 2508 was 7,478, up 62; styrene 2509 was 7,367, up 51. - Spread data: EB - BZ was 1315, up 25; EB07 - EB08 was - 18, down 200; EB08 - EB09 was 111, up 11. - Profit data: Non - integrated profit was - 143, down 12; integrated profit was 689, down 67. - Contract price data: N + 1 contract was 7460, down 20; N + 2 contract was 7390, up 20 [1]. 3.2 Trend Intensity - The trend intensity of styrene is - 1, indicating a bearish view. The range of trend intensity is [-2, 2], with - 2 being the most bearish and 2 being the most bullish [1]. 3.3 Spot News - The supply and demand of pure benzene are both increasing, while the supply of styrene is increasing and the demand is decreasing. The market is mainly focused on compressing profits in the short term. The short - term market has support at 5600 - 5700 [2].