海外两套装置重启,开工近六年同比最低 2025/11/25 | | 董丹丹 | 杨家明 | 杨晓宇 | 投资咨询业务资格: | | --- | --- | --- | --- | --- | | | 从业资格号:F03142141 | 从业资格号:F3046931 | 从业资格号:F03086737 | 证监许可【2012】669号 | | 份 | 投资咨询号:Z0021744 | 投资咨询号:Z0015448 | 投资咨询号: Z0020561 | | | 4 | | | | | | | 陈子昂 | 尹伊君 | 李云旭 | 杨黎 | | | 从业资格号:F03108012 | 从业资格号:F03107980 | 从业资格号:F03141405 | 从业资格号:F03141405 | | | 投资咨询号: Z0021454 | 投资咨询号: Z0021451 | 投资咨询号:Z0021671 | 投资咨询号:Z0021671 | | | | | | 扫描_凝响 状联更多预讲资料 | 最新数据: 苯乙烯国内非一体化利润 苯乙烯国内开工 3500 =2020 -- 2021 -- 2023 -- 2025 202 ...

Group 1: Report Core Information - The report is about the global styrene market situation as of November 2025 [1][3] Group 2: Domestic Styrene Situation - As of November 6, 2025, the domestic styrene operating rate was 66.94%, a week - on - week increase of 0.22 pct and a year - on - year decrease of 0.9 pct [3] - The weekly output was 33.29 tons, an increase of 0.95 tons from the previous period. The restart of maintenance of units in North and South China and the normal production of new units in Northeast and South China led to an overall increase in domestic supply [3] Group 3: Overseas Styrene Situation - As of November 10, 2025, the overseas styrene operating rate was 75.2%, a week - on - week decrease of 2.75 pct and a year - on - year decrease of 10.9 pct, at a relatively low level in the past five - year comparison [3] - A 635,000 - ton line of LyondellBasell in the US started maintenance in November, and a 240,000 - ton INEOS device in Belgium restarted in early November [3] Group 4: Global Styrene Situation - As of November 10, 2025, the global styrene operating rate was 71.1%, a week - on - week decrease of 1.4 pct and a year - on - year decrease of 6.9 pct, close to the lowest level in the past six years [3]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - Global styrene start - up is at a low level, with domestic and overseas start - up rates showing different trends and new overseas device maintenance plans [3] Group 3: Summary by Relevant Content Domestic Styrene Situation - As of October 23, 2025, the domestic styrene start - up rate was 69.3%, a week - on - week decrease of 2.6 pct and a year - on - year decrease of 1.1 pct. The weekly output was 32.7 tons, a decrease of 1.24 tons from the previous period. One device in the Northeast restarted and one in the South stopped, and the impact of the stopped devices led to a decline in weekly output [3] Overseas Styrene Situation - As of October 27, 2025, the overseas styrene start - up rate was 76.9%, with no week - on - week change and a year - on - year decrease of 10.8 pct, at a low level in the past five years. There are new maintenance plans for two devices: TSMC's 160,000 - ton styrene device in Taiwan and Guochiao's 150,000 - ton styrene device, both possibly to be maintained from November to December [3] Global Styrene Situation - As of October 27, 2025, the global styrene start - up rate was 74.4%, a week - on - week decrease of 0.9 pct and a year - on - year decrease of 5.3 pct, at a low level [3]

| | 董丹丹 | 杨家明 | 杨晓宇 | 投资咨询业务资格: | | --- | --- | --- | --- | --- | | | 从业资格号:F03142141 | 从业资格号:F3046931 | 从业资格号:F03086737 | 证监许可【2012】669号 | | 册 | 投资咨询号:Z0021744 | 投资咨询号:Z0015448 | 投资咨询号:Z0020561 | | | 分 | | | | | | | 陈子昂 | 尹伊君 | 李云旭 | 杨黎 | | | 从业资格号:F03108012 | 从业资格号:F03107980 | 从业资格号:F03141405 | 从业资格号:F03141405 | | | 投资咨询号:Z0021454 | 投资咨询号: Z0021451 | 投资咨询号:Z0021671 | 投资咨询号:Z0021671 | 苯乙烯国内非一体化利润 苯乙烯国内开工 3500 -2020 -- 2021 -- 2023 -- 2024 2025 3000 100% 最新数据: 国内苯乙烯开工上升。截至2025年10月9日,国内苯乙烯开工率73.6%,环比+2.37pct ...

Group 1: Report Core Views - Domestic styrene profit is low and the domestic styrene operating rate decreased. As of September 11, 2025, the domestic styrene operating rate was 74.98%, a decrease of 4.76 pct compared to the previous period and an increase of 5.6 pct year - on - year. The weekly output was 354,000 tons, a decrease of 22,500 tons from the previous period [2]. - Overseas, there are new styrene device overhauls in Malaysia and Belgium. As of September 15, 2025, the overseas styrene operating rate was 81.8%, a decrease of 1.9 pct compared to the previous period and a decrease of 0.1 pct year - on - year, at a relatively low level compared to the same period in the past five years [2]. - The global styrene operating rate is at a neutral level. As of September 15, 2025, the global styrene operating rate was 78.5%, a decrease of 3.3 pct compared to the previous period and an increase of 2.33 pct year - on - year [2]. Group 2: Specific Data Summaries - Domestic styrene: As of September 11, 2025, the operating rate was 74.98%, weekly output was 354,000 tons. As of September 15, the non - integrated profit was - 307 yuan/ton [2]. - Overseas styrene: As of September 15, 2025, the operating rate was 81.8%. The US INEOS 500,000 - ton styrene overhaul plan was postponed to January 2026, a 240,000 - ton styrene device in Malaysia started a 20 - day overhaul at the end of August, and a 440,000 - ton styrene device in Belgium started a one - month overhaul in mid - September [2]. - Global styrene: As of September 15, 2025, the operating rate was 78.5% [2].