Group 1 - The domestic futures market for energy and chemicals showed mixed results, with styrene futures experiencing a strong upward trend, closing at a price of 7651.00 CNY/ton and reaching a high of 7876.00 CNY/ton, reflecting a 2.07% increase [1] - Styrene's market is currently exhibiting a strong performance, with institutions noting that the non-integrated profit margins are at a neutral to high level, indicating limited upward valuation space [2] - The supply side is characterized by a decrease in domestic supply despite some production resumption, while downstream demand is stabilizing with a slight decline as the pre-Spring Festival stocking period comes to an end, suggesting short-term price pressure [2] Group 2 - Recent operational issues in the North China region have led to a decrease in styrene production and capacity utilization rates, while downstream consumption of EPS, PS, and ABS has shown a month-on-month increase [3] - As the Spring Festival approaches, styrene inventories are entering a seasonal accumulation phase, but current inventory pressure remains manageable [3] - The cost side is supported by geopolitical tensions and adverse weather conditions in the U.S., which have contributed to a significant increase in international oil prices, with short-term styrene prices expected to fluctuate within a range of 7470-7720 CNY/ton [3]

Report Industry Investment Rating - Not provided Core Viewpoints - EB2602 rose and then fell, closing at 7,308 yuan/ton. Last week, the operating loads of some domestic plants changed slightly, with styrene production and capacity utilization decreasing slightly and showing little change month-on-month. The downstream operating rates varied, with the consumption of EPS, PS, and ABS increasing month-on-month. The visible inventory continued to decline, falling back to a neutral level. The profitability of non-integrated plants expanded, while the profits of integrated plants remained stable and were considerable. This week, most large domestic styrene plants are expected to operate stably. Two large plants that recently restarted are expected to resume normal operation on January 25, and the short-term operating rate is expected to remain low. Some EPS plants will resume operation, and the operating load may increase slightly. There will be little change in the short-term supply of the PS and ABS industries. In terms of cost, the situation between the US and Iran remains uncertain, and international oil prices may be affected by geopolitical factors. The styrene market is still expected to be strong. Pay attention to the changes in production plants in the future. The styrene contract will soon switch to the 03 contract, and the daily range of EB2603 is expected to be around 7,200 - 7,500 yuan/ton [2] Summary by Relevant Catalogs Futures Market - The closing price of the active styrene futures contract was 7,308 yuan/ton, with a previous value of 7,214 yuan/ton; the 3-month contract closing price of styrene was 7,340 yuan/ton, with a change of +92 yuan/ton. The trading volume of the active styrene futures contract was 342,939 lots, and the open interest was 183,190 lots. The long position volume of the top 20 holders in styrene futures was 398,724 lots, the short position volume was 434,650 lots, and the net long position volume was 331,077 lots, with a change of -35,926 lots. The total number of styrene warehouse receipts was 585 lots, with a change of -256 lots [2] Spot Market - The spot price of styrene was 7,202 yuan/ton, with a change of -11 yuan/ton. The FOB Korea intermediate price of styrene was 916.5 US dollars/ton, with a change of -11 US dollars/ton; the CFR China intermediate price of styrene was 926.5 US dollars/ton, with a change of +125 US dollars/ton. The mainstream prices in different regions were as follows: 7,150 yuan/ton in the Northeast region (+125 yuan/ton), 7,455 yuan/ton in the South China region (-20 yuan/ton), 7,225 yuan/ton in the North China region (-25 yuan/ton), and 7,345 yuan/ton in the East China region (-45 yuan/ton) [2] Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 711 US dollars/ton, with a change of -10 US dollars/ton; the CFR Southeast Asia intermediate price of ethylene was 691 US dollars/ton, with a change of 0 US dollars/ton; the CIF Northwest Europe intermediate price of ethylene was 785 US dollars/ton, with a change of +13.5 US dollars/ton; the FD US Gulf price of ethylene was 413 US dollars/ton. The FOB price of pure benzene in the US Gulf was 284 cents/gallon, with a change of -1 cent/gallon; the CIF price of pure benzene in Taiwan was 718.33 US dollars/ton, with a change of 0 US dollars/ton; the FOB price of pure benzene in Rotterdam was 851 US dollars/ton. The market prices of pure benzene in different regions were as follows: 5,600 yuan/ton in the South China market (0 yuan/ton), 5,690 yuan/ton in the East China market (+45 yuan/ton), and 5,580 yuan/ton in the North China market (+30 yuan/ton) [2] Industry Situation - The total styrene operating rate was 70.86%, with a change of -0.06%. The national styrene inventory was 161,160 tons, with a change of -1,180 tons; the total inventory at the main ports in East China was 93,500 tons, with a change of -7,100 tons [2] Downstream Situation - The operating rate of EPS was 54.05%, with a change of +7.33%; the operating rate of ABS was 69.8%, with a change of 0%; the operating rate of PS was -1.5%; the operating rate of UPR was 39%, with a change of 0%; the operating rate of styrene-butadiene rubber was 82.92%, with a change of +1.24% [2] Industry News - From January 9th to 15th, the output of Chinese styrene plants was 355,400 tons, a month-on-month decrease of 0.08%; the capacity utilization rate was 70.86%, a month-on-month decrease of 0.06%. From January 9th to 15th, the consumption of EPS, PS, and ABS downstream of styrene was 267,900 tons, a week-on-week increase of 3.16%. As of January 15th, the inventory of styrene plants was 161,200 tons, a week-on-week decrease of 0.73%. As of January 19th, the inventory at the East China ports of styrene was 93,500 tons, a week-on-week decrease of 7.06%; the inventory at the South China ports of styrene was 12,000 tons, a week-on-week decrease of 36.84%. On January 20th, the non-integrated profit of styrene was 386.05 yuan/ton, and the integrated profit was 955.13 yuan/ton [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Driven by the rise in international oil prices, EB2511 fluctuated strongly and closed around 6928. The production and capacity utilization rate of styrene decreased due to the continuous shutdown of the 800,000 - tonne device of Guangdong Petrochemical and the maintenance of two 1.2 - million - tonne devices of Zhejiang Petrochemical last week. The downstream operating rate fluctuated slightly, with the operating rates of EPS and styrene - butadiene rubber rising, those of PS and ABS falling, and that of UPR remaining stable. Factory and East China port inventories decreased, while South China port inventory increased. Affected by the rise in pure benzene and ethylene prices, the non - integrated cost of styrene increased last week. Large domestic devices are taking turns for maintenance, and this maintenance cycle may last for several months. This week, the 800,000 - tonne device of Guangdong Petrochemical restarted, and the 620,000 - tonne device of Zhenhai Liande is planned to stop, so the production and capacity utilization rate may increase periodically. The commissioning of new devices is postponed to October, and the overall supply pressure of styrene in September shows a downward trend [2]. - This week, the load of EPS, PS, and ABS devices is expected to be slightly adjusted with little change. Inventory has returned to the destocking cycle, but the current inventory pressure is still high. In terms of cost, the global crude oil supply - demand is weak, but the US sanctions on some oil - producing countries may be upgraded, and international oil prices rose significantly yesterday. In the short term, EB2511 is expected to fluctuate with oil prices. Technically, pay attention to the support of the lower Bollinger Band around 6845 and the pressure of the 10 - day moving average around 7034 [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The trading volume of styrene futures (active contract) was 411,907, with a decrease of 11,208; the closing price was 6,928 yuan/ton, with a decrease of 58. The closing price of the November contract was 6,928 yuan/ton. The net long position of the top 20 holders was 399,631 lots, with a decrease of 1,289; the short position was 441,217 lots, with a decrease of 7,184. The number of warehouse receipts was 905 lots, with no change. The spot price of styrene was 7,130 yuan/ton, with a decrease of 48. The FOB South Korea intermediate price was 855 US dollars/ton, with a decrease of 11; the CFR China intermediate price was 865 US dollars/ton [2]. 3.2 Spot Market - The mainstream price of styrene in the Northeast region was 6,800 yuan/ton, with no change; in the South China region, it was 7,075 yuan/ton, with no change; in the North China region, it was 6,820 yuan/ton, with a decrease of 30; in the East China region, it was 6,870 yuan/ton, with a decrease of 100 [2]. 3.3 Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 846 US dollars/ton, with no change; the CFR Southeast Asia intermediate price was 722.17 US dollars/ton, with no change; the CIF Northwest Europe intermediate price was 745.5 US dollars/ton, with a decrease of 3; the FD US Gulf price was 457 US dollars/ton, with a decrease of 6. The spot price of pure benzene in the US Gulf was 657 cents/gallon, with a decrease of 8. The market price of pure benzene in the South China market was 5,900 yuan/ton, with no change; in the East China market, it was 5,840 yuan/ton, with no change; in the North China market, it was 5,950 yuan/ton, with no change [2]. 3.4 Industry Situation - The total operating rate of styrene was 73.44%, with a decrease of 1.54%. The national inventory of styrene was 216,283 tons, with a decrease of 3,994. The total inventory in the East China main port was 186,500 tons, with an increase of 27,500; the trade inventory was 98,500 tons, with an increase of 20,500. The operating rate of EPS was 61.74%, with an increase of 0.72; the operating rate of ABS was 69.8%, with a decrease of 0.2 [2]. 3.5 Downstream Situation - The operating rate of PS was 61.2%, with a decrease of 0.7; the operating rate of UPR was 34%, with no change; the operating rate of styrene - butadiene rubber was 70.43%, with an increase of 0.86 [2]. 3.6 Industry News - From September 12th to 18th, the weekly output of styrene decreased by 2.03% to 346,800 tons, and the weekly capacity utilization rate decreased by 1.54% to 73.44% [2]. - From September 12th to 18th, the consumption of downstream EPS, PS, and ABS of styrene increased by 0.14% to 278,300 tons compared with last week [2]. - As of September 18th, the factory inventory of styrene decreased by 1.81% to 216,300 tons compared with last week; as of September 22nd, the inventory in East China ports increased by 17.30% to 186,500 tons compared with last week, and the inventory in South China ports decreased by 37.61% to 13,600 tons compared with last week [2]. - As of September 17th, the non - integrated cost of styrene was 7,548 yuan/ton, and the non - integrated profit was - 368 yuan/ton [2].

1. Report's Industry Investment Rating - No specific industry investment rating is provided in the report [1][2] 2. Core Viewpoints - The non - integrated profit of styrene has fallen to a loss level, and it may be difficult to maintain the high - operation state of the equipment in the future. The production and capacity utilization rate are expected to decline slightly this week [2]. - The downstream industries of styrene are mostly operating with increased loads this week, which may boost styrene consumption. The domestic supply - demand contradiction has eased, but the difficulty of inventory reduction remains high [2]. - International oil prices are expected to be strong this week, and the price fluctuation range of pure benzene in East China is expected to be small. The styrene futures are expected to show a fluctuating trend. For EB2509, pay attention to the support around 7180 and the resistance around 7520 [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active styrene futures contract is 7291 yuan/ton, a decrease of 5 yuan; the trading volume is 219,741 lots, a decrease of 21,290 lots; the holding volume is 264,170 lots, a decrease of 11,498 lots [2]. - The closing price of the October styrene contract is 7307 yuan/ton, a decrease of 22 yuan [2]. - The net long position of the top 20 holders is - 8031 lots, an increase of 6461 lots; the long - order volume is 313,365 lots, a decrease of 4478 lots; the short - order volume is 321,396 lots, a decrease of 10,939 lots [2]. - The total number of styrene warehouse receipts is 1195 lots, with no change [2] 3.2 Spot Market - The spot price of styrene is 7610 yuan/ton, a decrease of 36 yuan [2]. - The FOB South Korea intermediate price of styrene is 901 US dollars/ton, a decrease of 1 US dollar; the CFR China intermediate price is 911 US dollars/ton, a decrease of 1 US dollar [2]. - The mainstream prices of styrene in different regions vary. For example, the mainstream price in South China is 7490 yuan/ton, a decrease of 25 yuan; the mainstream price in Northeast China is 7350 yuan/ton, with no change; the mainstream price in North China is 7325 yuan/ton, and the mainstream price in East China is 7350 yuan/ton, a decrease of 25 yuan [2] 3.3 Upstream Situation - The intermediate prices of ethylene in different regions have different changes. For example, the CFR Northeast Asia intermediate price is 821 US dollars/ton, with no change; the CFR Southeast Asia intermediate price is 831 US dollars/ton, with no change; the CIF Northwest Europe intermediate price is 805.5 US dollars/ton, an increase of 12.5 US dollars; the FD US Gulf price is 457 US dollars/ton, a decrease of 6 US dollars [2]. - The prices of pure benzene in different regions also change differently. For example, the CIF price in Taiwan is 755.98 US dollars/ton, a decrease of 7.85 US dollars; the FOB price in the US Gulf is 269 cents/gallon, a decrease of 4 cents; the FOB price in Rotterdam is 739 US dollars/ton, with no change [2]. - The mainstream prices of pure benzene in domestic markets vary. For example, the price in the South China market is 6050 yuan/ton, with no change; the price in the East China market is 6090 yuan/ton, an increase of 20 yuan; the price in the North China market is 6060 yuan/ton, a decrease of 30 yuan [2]. - The overall styrene production capacity utilization rate is 78.92%, an increase of 0.08 percentage points; the national styrene inventory is 217,339 tons, an increase of 12,056 tons [2] 3.4 Industry Situation - The total inventory of styrene in the main ports of East China is 16.4 tons, an increase of 1.33 tons; the trading inventory is 6.75 tons, an increase of 1.13 tons [2] 3.5 Downstream Situation - The operating rates of downstream industries change differently. The operating rate of EPS is 54.25%, a decrease of 0.96 percentage points; the operating rate of ABS is 65.9%, a decrease of 0.92 percentage points; the operating rate of PS is 53.3%, an increase of 1.7 percentage points; the operating rate of UPR is 29%, an increase of 1 percentage point; the operating rate of styrene - butadiene rubber is 73.42%, a decrease of 0.38 percentage points [2] 3.6 Industry News - From July 25th to 31st, the overall output of Chinese styrene plants was 361,500 tons, an increase of 400 tons compared with the previous period, a month - on - month increase of 0.11%; the plant capacity utilization rate was 78.92%, a month - on - month increase of 0.08% [2]. - From July 25th to 31st, the consumption of the main downstream products (EPS, PS, ABS) of Chinese styrene was 245,900 tons, an increase of 2100 tons compared with the previous week, a month - on - month increase of 0.86% [2]. - As of August 4th, the styrene in East China EB2509 fell and then rebounded, closing at 7291 yuan/ton. The inventory of East China ports was 159,000 tons, a month - on - month decrease of 3.05%; the inventory of South China ports was 15,500 tons, a month - on - month increase of 4.73% [2]

Group 1: Report Information - Report Title: Weekly Report on Pure Benzene and Styrene [1] - Author: Huang Tianyuan from Guotai Junan Futures Research Institute [2] - Date: July 20, 2025 [2] Group 2: Industry Investment Rating - Not provided Group 3: Core Views - Short - term anti - involution sentiment is high but actual impact is limited, squeezing EB profits [3] - Pure benzene supply and demand both increase, styrene supply increases while demand decreases, and profit compression is the main trend in the short - term [3] - Benzene ethylene is in a pattern of high production, high profit, and high inventory, and is mainly a short - position allocation [3] - The short - term market for pure benzene has support at 5600 - 5700, and attention should be paid to positions for squeezing styrene profits [3] Group 4: Supply - related Summaries Pure Benzene Supply - Domestic: In July, the planned maintenance loss is about 100,000 tons (Fuhai, Fuhai Chuang, Zhejiang Petrochemical, Tianjin Petrochemical), and it will drop to 40,000 tons in August. Pay attention to the commissioning of CNOOC Daxie on July 18 and new devices such as Yulong Petrochemical (reforming + disproportionation), Jilin Petrochemical, Jingbo, and Hunan Petrochemical in August [3] - Import: The US has imposed continuous tariffs on overseas and restarted domestic downstream devices, causing the US pure benzene price to stabilize and rebound. The USGC BZ premium over RBOB continues to rise. After July, due to poor pure benzene economics, the yield is still decreasing. The STDP device profit is negative. The US styrene profit has been squeezed from the high level, but the operating rate has recovered from 50% in June to nearly 65% - 70% in July. The European market has poor cracking profits and is considering reducing the load. The European pure benzene spot volume is limited, and factories are actively destocking and increasing contract volumes. About 30,000 tons of pure benzene were shipped from Europe to the US from May to June. In June, Europe imported more than 100,000 tons of styrene. The US - > EU EB window is currently closed from July to August. European downstream plans a 2 - 3 - week seasonal maintenance in August. Pay attention to the opening of the pure benzene EU/Korea - > US and styrene US - > EU windows [3] Styrene Supply - Recently, there has been a large increase in supply. Liaoning Baolai's 350,000 - ton device has restarted, and new devices such as Jingbo Petrochemical's 680,000 - ton (August) and Jilin Petrochemical's 600,000 - ton (September) are about to be commissioned [3] Other Downstream Supply - Caprolactam: Hengyi's 300,000 - ton new device in Qinzhou, Guangxi is planned to be commissioned from August to September [3] - Phenol: The maintenance of Yangzhou Shiyou and Jiangsu Yangnong is about to end. New devices such as Zhenhai Refining & Chemical's 400,000 - ton and Jilin Petrochemical's 200,000 - ton will be commissioned from July to August, and Shandong Ruilin plans to be commissioned in October [3] Group 5: Demand - related Summaries Aniline Demand - Jinmao Aluminum, Shandong Huatai, and Jiangsu Fuqiang have recently restarted. Wanhua Chemical's (Fujian) new device has been commissioned and is currently operating at a low load. Yantai Wanhua plans a rotational maintenance from August to September [3] Styrene Downstream 3S Hard Rubber Demand - EPS and PS have clearly entered the summer off - season pattern, with continuous inventory accumulation and reduced operating rates. ABS overall demand remains medium - high and shows resilience [3] Group 6: Valuation - related Summaries Absolute Price Valuation - Based on a crude oil price of $65, the reasonable valuation of the BZ2603 contract is 5800 - 5900 yuan/ton. When Brent crude oil rises to $67 and $70, the reasonable valuation of BZ2603 is 6100 - 6300 yuan/ton [3] EB Processing Fee - Currently, the ethane risk is eliminated, and port styrene inventory is continuously accumulating. The reasonable processing fee for styrene is 1000 - 1100 yuan/ton [3] Group 7: Strategy - related Summaries - Unilateral: Short - term strong and volatile, medium - term bearish [3] - Inter - period: None [3] - Inter - variety: Buy BZ03 and sell EB09 to squeeze profits [3] Group 8: Pure Benzene Futures - related Summaries Contract Rules - Trading unit: 30 tons/hand; Quotation unit: yuan (RMB)/ton; Minimum price change: 1 yuan/ton; Daily price limit: 4% of the previous trading day's settlement price; Contract months: January - December; Trading time: 9:00 - 11:30 am, 13:30 - 15:00 pm from Monday to Friday, and other trading times specified by the exchange; Last trading day: The 4th last trading day of the contract month; Last delivery day: The 3rd trading day after the last trading day; Delivery grade: Dalian Commodity Exchange's pure benzene delivery quality standard; Delivery location: Dalian Commodity Exchange's designated pure benzene delivery warehouses; Minimum trading margin: 8% of the contract value; Delivery method: Physical delivery; Trading code: BZ; Listed exchange: Dalian Commodity Exchange [8] Initial Margin and Price Limit - The initial trading margin standard for pure benzene futures contracts is 8%, the daily price limit is ±7%, and the daily price limit on the listing day is ±14% of the contract listing benchmark price. The listing benchmark prices of BZ2603, BZ2604, BZ2605, and BZ2606 are all 5900 yuan/ton [9] Risk Control System - Price limit and margin: Comprehensive consideration of historical data, the situation of listed liquid varieties, industry cycles, and upstream - downstream product arbitrage [9] - General monthly position limit: 2000 lots, referring to the position of the styrene main contract, equivalent to 60,000 tons [9] - Position limit in the month before the delivery month: 400 lots, setting a reasonable gradient by referring to listed varieties [9] - Position limit in the delivery month: 200 lots, calculated according to the production volume of medium - sized pure benzene enterprises, meeting the hedging needs of general enterprises in the delivery month [9] Delivery Quality Standard - The pure benzene futures delivery quality standard follows the national standard 545, conforming to spot habits, using the international indicator system and requirements, and is fully in line with the actual spot situation [10] Delivery System - One - time delivery, rolling delivery, and futures - to - cash (FTC) delivery; Combining factory warehouse and warehouse systems, with factory warehouse delivery as the main method and warehouse delivery as auxiliary, and the process is the same as that of listed varieties; Warehouse management: Warehouses receive goods according to spot habits. The delivery qualification for pure benzene futures is the same as that for styrene and LPG, which is a hazardous chemical qualification, with full - process management of delivery qualifications. Adopting the group - based delivery method implemented for existing agricultural products and PVC varieties to facilitate industrial enterprises with factories or warehouses in multiple locations to participate in delivery [10] Cheapest Deliverable Goods - The overall delivery setting is uniform. Jiangsu, Zhejiang, and Shanghai are the benchmark areas; Fujian and Guangdong have a price difference of 0 yuan/ton; Shandong has a price difference of - 50 yuan/ton; Tianjin, Hebei, and Anhui have a price difference of - 120 yuan/ton; Liaoning has a price difference of - 200 yuan/ton. The total supply in these areas is 24.28 million tons, accounting for 83%, the total consumption is 23.96 million tons, accounting for 82%, and there are 122 production enterprises, accounting for 69% [12] Group 9: Industry Chain Investment - related Summaries 2025 H2 - Upstream and downstream production capacity commissioning in total: 2.28 million tons of pure benzene, 600,000 tons of hydrogenated benzene, 2.3 million tons of styrene, 300,000 tons of caprolactam, 750,000 tons of phenol, 660,000 tons of aniline, and 0 tons of adipic acid [32] 2026 - 2027 - In 2026, upstream and downstream production capacity commissioning in total: 1.61 million tons of pure benzene, 2.9 million tons of styrene, 830,000 tons of phenol, 360,000 tons of aniline, and 300,000 tons of adipic acid; In 2027, upstream and downstream production capacity commissioning in total: 2.145 million tons of pure benzene, 2.73 million tons of styrene, and 150,000 tons of adipic acid [33] Group 10: Styrene - related Summaries - In the first half of 2025, the global styrene production contracted [82] - Current situation: High inventory, high profit, and high production [84] - Attention should be paid to the issue of the ratio of aromatics to olefins [81]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report Core Views - EB2508 fluctuates strongly, closing at 7,478 yuan/ton. The styrene production last week decreased by 1.04% to 362,800 tons, and the capacity utilization rate decreased by 0.82% to 79.21%. The consumption of downstream EPS, PS, and ABS decreased by 3.9% to 234,100 tons. The factory inventory increased by 8.12% to 209,700 tons, the East China port inventory increased by 12.85% to 1.115 million tons, and the South China port inventory decreased by 40% to 9,000 tons [2]. - After the centralized restart of large - scale plants, the styrene operating rate has been at a high level. A 120,000 - ton plant in Central China is planned to restart this week, and some plants plan to reduce production. The supply is expected to remain at a high - yield state. In the off - season of terminal demand, downstream demand is mainly for rigid needs. The finished - product inventory of downstream "Three Ss" is high, the profits of EPS and PS are still low, and the profit of ABS is at a neutral level, with no improvement in demand. The total inventory is at a relatively high level in the same period of history, and inventory reduction is more difficult [2]. - In terms of cost, the overall global crude oil supply and demand is weak, but geopolitical uncertainties still disrupt short - term oil prices. The supply and demand of pure benzene is expected to remain loose, and the price lacks support. Overall, the styrene spot is under pressure due to weak supply and demand. For futures, since the basis of the 08 contract is still high, the price is expected to be stronger than the spot. Technically, the daily K - line of EB2508 should pay attention to the support near 7,360 and the pressure near 7,550 [2]. Group 3: Summary by Relevant Catalogs Futures Market - The futures closing price of the active styrene contract is 7,478 yuan/ton, with a month - on - month increase of 62 yuan/ton. The trading volume is 6,256 lots, and the closing price of the September contract is 7,367 yuan/ton, with a month - on - month decrease of 51 yuan/ton [2]. - The long - position volume of the top 20 holders is 238,912 lots, a decrease of 3,097 lots; the net long - position volume is - 13,527 lots, a decrease of 5,255 lots; the short - position volume is 404,540 lots, an increase of 11,511 lots; and the warehouse receipt quantity is 0 lots, a decrease of 7,245 lots [2]. Spot Market - The spot price of styrene is 7,908 yuan/ton, unchanged. The FOB South Korea intermediate price is 915 US dollars/ton, a decrease of 8 US dollars/ton; the CFR China intermediate price is 925 US dollars/ton, a decrease of 8 US dollars/ton [2]. - The mainstream market prices in South China, Northeast, North, and East China are 7,908 yuan/ton, 7,750 yuan/ton, 7,850 yuan/ton, and 7,725 yuan/ton respectively, with changes of 0, + 25, and 0 yuan/ton [2]. Upstream Situation - The intermediate prices of ethylene CFR Northeast Asia, CFR Southeast Asia, CIF Northwest Europe, and FD US Gulf are 821 US dollars/ton, 831 US dollars/ton, 804 US dollars/ton, and 457 US dollars/ton respectively, with changes of 0, + 0.5, 0, and - 6 US dollars/ton [2]. - The spot prices of pure benzene in Taiwan (CIF), Rotterdam (FOB), and the market prices in South China, East China, and North China are relevant, with the Rotterdam price at 762 US dollars/ton, a decrease of 1 US dollar/ton; the South China price at 5,950 yuan/ton, an increase of 100 yuan/ton; the East China price at 5,960 yuan/ton, a decrease of 25 yuan/ton; and the North China price at 5,860 yuan/ton, an increase of 30 yuan/ton [2]. Industry Situation - The overall styrene operating rate is 79.21%, a decrease of 0.82 percentage points; the national inventory is 209,695 tons, an increase of 15,745 tons; the total inventory in the East China main port is 111,500 tons, an increase of 12,700 tons; and the trade inventory in the East China main port is 39,000 tons, an increase of 7,700 tons [2]. Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber are 51.06%, 65%, 51.1%, 29%, and 73.08% respectively, with month - on - month changes of - 4.82, - 0.04, - 1.3, 0, and - 0.58 percentage points [2]. Industry News - From July 4th to 10th, the overall production of Chinese styrene plants was 362,800 tons, a decrease of 1.04% from the previous period; the plant capacity utilization rate was 79.21%, a decrease of 0.82% from the previous period [2]. - From July 4th to 10th, the consumption of the main downstream products (EPS, PS, ABS) of Chinese styrene was 234,100 tons, a decrease of 3.9% from the previous period [2]. - As of July 10th, the sample inventory of Chinese styrene plants was 209,700 tons, an increase of 8.12% from the previous period [2].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The conflict between Israel and Iran has intensified, driving up international oil prices and significantly increasing the price of styrene futures this week. As of June 20, 2025, the EB2507 contract closed at 7,734 yuan/ton, up 1.23% from last week's closing price [7]. - Next week, the impact of the shutdown of Baolai's plant will expand, and production and capacity utilization are expected to decline slightly. However, as the plants of Hengli and Shenghong have restarted as scheduled, the ample supply of spot goods is expected to continue. Downstream demand is in the off - season and mainly driven by rigid demand. High finished - product inventories and shrinking profits of EPS, PS, and ABS restrain demand growth. The total inventory is at a relatively high level compared to the same period in history. In terms of cost, the possibility of the US getting involved in the Israel - Iran conflict has increased, and international oil prices may fluctuate strongly. Pure benzene and ethylene may passively follow the rise in oil prices. Overall, the cost side will still be the main factor affecting styrene prices next week, and styrene futures are expected to fluctuate strongly. The main styrene contract is expected to shift to the EB2508 contract next week [7]. Summary by Relevant Catalogs 1. Week - to - Week Summary - **Price**: Due to the intensified Israel - Iran conflict, international oil prices rose, leading to a significant increase in styrene futures prices. As of June 20, 2025, the EB2507 contract closed at 7,734 yuan/ton, up 1.23% from last week [7]. - **Fundamentals** - **Supply**: This week, Hengli Petrochemical's 720,000 - ton and Shenghong Petrochemical's 450,000 - ton plants restarted, while Panjin Baolai's 350,000 - ton plant shut down. Production increased by 7.04% week - on - week to 361,900 tons, and capacity utilization increased by 5.2% week - on - week to 79.01% [7]. - **Demand**: This week, downstream operating rates showed mixed trends. The EPS operating rate decreased by 1.84% week - on - week to 53.63%, the PS operating rate increased by 0.4% week - on - week to 58.7%, the ABS operating rate decreased by 0.11% week - on - week to 63.97%, the UPR operating rate remained stable at 30%, and the styrene - butadiene rubber operating rate increased by 2.95% week - on - week to 74.09% [7]. - **Inventory**: This week, factory inventory increased by 2.25% week - on - week to 188,800 tons, East China port inventory decreased by 17.13% week - on - week to 66,300 tons, and South China port inventory decreased by 3.85% week - on - week to 12,500 tons [7]. - **Cost**: This week, the prices of pure benzene and ethylene CFR Northeast Asia rose, driving up the non - integrated cost to 7,804.56 yuan/ton. Since the increase in styrene spot prices was less than the cost increase, non - integrated profits decreased to 205 yuan/ton [7]. 2. Futures and Spot Market Futures Market - **Futures Price and Warehouse Receipts**: The main styrene futures contract rose significantly this week, and new warehouse receipts were registered [8]. - **Net Position and Monthly Spread**: The main contract is about to change, and the position of the 07 contract decreased. The 07 - 08 spread shrank slightly [12]. Spot Market - **Spot Price and Basis**: Spot prices increased significantly, the basis shrank, and the futures market was in contango [16]. Upstream Market - **Ethylene and Pure Benzene Prices**: The RMB price of ethylene rose, and the price of pure benzene in East China increased significantly [22]. - **Ethylene Supply**: In April, ethylene production and imports decreased month - on - month [26]. 3. Industry Situation Supply - **Capacity and Production**: In May, there was no new styrene production capacity put into operation. Styrene production in May was 1.4463 million tons, a month - on - month increase of 7.18% and a year - on - year increase of 7.33% [32]. - **Capacity Utilization**: This week, the capacity utilization rate of styrene plants increased month - on - month [36]. Demand - **Downstream Prices and Operating Rates**: The spot prices of EPS, PS, and ABS rose, and downstream operating rates showed mixed trends [39]. - **Specific Downstream Operating Rates**: This week, the EPS operating rate decreased month - on - month, the PS operating rate increased month - on - month, the ABS operating rate decreased month - on - month, the UPR operating rate remained stable, and the styrene - butadiene rubber operating rate increased month - on - month [44][48][52]. Import and Export - In April, styrene imports were 6,700 tons, an increase month - on - month and a decrease year - on - year; exports were 59,000 tons, an increase both month - on - month and year - on - year [55]. Inventory - **Overall Inventory**: Port inventory was 78,800 tons, and factory inventory was 188,800 tons [61]. - **Port Inventory**: East China port inventory was 66,300 tons, and South China port inventory was 12,500 tons [65]. Production Cost and Profit - Non - integrated costs increased, and profits shrank [69]. Import Cost and Profit - This week, import profits remained negative, and the import window was closed [73]. 4. Options Market Analysis - The 20 - day historical volatility of the main styrene contract was reported at 25.57%. As the options of the 07 contract are about to expire, implied volatility decreased significantly [77].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The short - term outlook for EB2506 is expected to be in a volatile trend, with support around 6800 and resistance around 7200. As Wanhua and Zheshi's 125 - million - ton facilities are restarting, the supply pressure of styrene spot is rising. The demand for EPS, PS, and ABS is average, and the finished - product inventory remains relatively high. The Chinese side has agreed to engage with the US on tariffs, and the tense geopolitical situation in the Middle East has led to a strong rebound in international oil prices [2] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the active styrene futures contract is 7048 yuan/ton, up 104 from the previous period. The trading volume is 361433, an increase of 67987. The long - position volume of the top 20 holders is 407547 hands, up 10217. The closing price of the March contract is 6776 yuan/ton, up 37. The open interest of the active contract is 256942 hands, down 15483. The net long - position volume of the top 20 holders is - 6827 hands, up 1717. The short - position volume of the top 20 holders is 414374 hands, up 8500. The total number of warehouse receipts is 0 hands, down 805 [2] Spot Market - The spot price of styrene is 7650 yuan/ton, unchanged. The FOB South Korea intermediate price is 850 US dollars/ton, down 75. The CFR China intermediate price is 860 US dollars/ton, unchanged. The mainstream prices in the South China, Northeast, North China, and East China regions are 7415 yuan/ton (up 100), 7350 yuan/ton (unchanged), 7275 yuan/ton (unchanged), and 7130 yuan/ton (down 65) respectively [2] Upstream Situation - The CFR Northeast Asia intermediate price of ethylene is 791 US dollars/ton, unchanged. The CFR Southeast Asia intermediate price is 871 US dollars/ton, unchanged. The CIF Northwest Europe intermediate price is 773.5 US dollars/ton, down 25.5. The FD US Gulf price is 457 US dollars/ton, down 6. The CIF price of pure benzene in Taiwan is 675.83 US dollars/ton, unchanged. The FOB price in the US Gulf is 5600 US cents/gallon, down 400. The FOB price in Rotterdam is 660 US dollars/ton, up 34. The market prices in the South China, East China, and North China markets are 5600 yuan/ton (down 400), 5555 yuan/ton (down 170), and 5390 yuan/ton (down 260) respectively [2] Industry Situation - The overall styrene operating rate is 70.49%, up 2.56. The national inventory is 209882 tons, down 6425. The total inventory at the main ports in East China is 6.85 million tons, down 1.67. The trade inventory at the main ports in East China is 5.35 million tons, down 0.47 [2] Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber are 49.28% (down 7.76), 67.14% (up 2.06), 58.8% (up 0.1), 30% (up 2), and 67.86% (down 4.09) respectively [2] Industry News - On May 7, the central bank announced ten measures in three categories, including reserve requirement ratio and interest rate cuts and a reduction in the individual housing provident fund loan interest rate. From April 25 to May 1, China's total styrene production was 322,900 tons, a 3.76% increase from the previous period, and the plant capacity utilization rate was 70.49%, a 2.56% increase. From April 18 to 24, the consumption of the main downstream products (EPS, PS, ABS) was 252,600 tons, a 2.73% decrease from the previous week. As of April 30, the sample inventory of styrene factories was 209,900 tons, a 2.97% decrease. As of May 6, the sample inventory at Jiangsu ports was 685,000 tons, a 19.60% decrease, and the inventory at South China ports was 290,000 tons, a 16% increase [2]