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]

Group 1 - The core viewpoint indicates that the main contract for pure benzene experienced a rapid increase, reaching a peak of 5662.0 yuan, with a current price of 5652.0 yuan, reflecting a rise of 1.20% [1] Group 2 - Zhengxin Futures expects that the short-term trend for pure benzene will continue to show weak fluctuations, with current spot prices slightly oscillating and traders buying on dips [2] - As of October 13, 2025, the total commercial inventory of pure benzene at Jiangsu ports is 90,000 tons, a decrease of 1.10% from the previous period, but an increase of 23.29% year-on-year [2] - Demand for pure benzene is limited due to a lack of substantial recovery signals in terminal demand, impacting price support [2] Group 3 - Nanhua Futures notes that the liquidity of pure benzene in the short term has tightened, with a strong near-month price difference observed [3] - Supply expectations remain high due to delayed maintenance and the return of small-scale production, while demand struggles to absorb the high supply levels [3] - The domestic market for pure benzene is characterized by a tendency to decline, leading to a slowdown in imports, particularly from South Korea [3]

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].