Report Summary 1) Report Industry Investment Rating There is no information provided about the report industry investment rating in the content. 2) Core Viewpoints of the Report - The rise in crude oil prices has driven the upward movement of styrene, but pure benzene remains relatively weak. In the short - term, the supply - demand contradiction of styrene has slightly eased, and the market shows a structure of stronger near - term contracts and weaker far - term contracts. In the long - term, styrene prices may be dragged down by the downward trend of pure benzene [1][4]. - For pure benzene, with the restart of previously shut - down units, supply will further increase in June, and it is expected to be in a significant inventory accumulation state. Attention should be paid to whether the blending oil demand will bring marginal changes to the supply - demand pattern [3]. 3) Summary by Relevant Catalogs I. Daily Market Summary - **Fundamentals** - **Price**: On June 11, the main styrene contract closed up 0.37% at 7349 yuan/ton, with a basis of 411 yuan/ton (+67 yuan/ton). The closing price of the main Brent crude oil contract was 65.0 dollars/barrel (-0.3 dollars/barrel), the main WTI crude oil contract closed at 66.9 dollars/barrel (-0.1 dollars/barrel), and the spot price of pure benzene in East China was 6040 yuan/ton (-25 yuan/ton) [2]. - **Inventory**: Styrene sample factory inventory was 19.1 million tons (+2.0 million tons), a 12.2% month - on - month increase; Jiangsu port inventory was 8.9 million tons (+1.4 million tons), a 19.4% month - on - month increase, indicating that styrene has started to accumulate inventory [2]. - **Supply**: Styrene maintenance units are expected to gradually resume operation in mid - to - late June, with an expected increase in supply. Currently, the weekly styrene output has increased by 0.4% month - on - month to 33.1 million tons (+0.1 million tons), and the factory capacity utilization rate is 72.3% (+0.3%) [2]. - **Demand**: The operating rates of downstream 3S products vary. The EPS capacity utilization rate is 46.4% (-12.3%), the ABS capacity utilization rate is 64.0% (+1.70%), and the PS capacity utilization rate is 59.2% (-2.6%) [2][3]. - **Viewpoints** - **Pure Benzene**: Affected by the restart of previously shut - down units, the operating rates of petroleum benzene and hydro - benzene have continued to rise, driving an increase in supply - side output. Overall, the downstream demand for pure benzene is basically the same as last week, and the supply - demand gap has significantly narrowed within the week. In the future, as some maintenance units gradually resume operation, supply will further increase, and it is expected to be in a significant inventory accumulation state in June [3]. - **Styrene**: On the supply side, the units are gradually resuming operation, and the current peak of styrene maintenance is basically over, with a steady increase in subsequent supply. On the demand side, the comprehensive demand for 3S products has significantly declined. As 3S enters the seasonal demand off - season, the demand support for styrene depends on the commissioning of several new PS and ABS units in the third quarter. The inventory in East China ports has increased significantly for two consecutive weeks. The spot market and the basis in late June continue to weaken under the expectation of increased supply, but there is still a certain price difference with late July [4]. II. Industrial Chain Data Monitoring - **Styrene & Pure Benzene Prices**: On June 11, the price of the styrene futures continuous contract increased by 0.04% to 7349 yuan/ton, the spot price remained unchanged at 7886 yuan/ton, and the basis increased by 19.48% to 411 yuan/ton. The price of pure benzene in East China decreased by 0.41% to 6040 yuan/ton, the price of pure benzene (South Korea FOB) increased by 0.28% to 724.5 dollars/ton, the price of pure benzene (US FOB) remained unchanged at 790.5 dollars/ton, and the price of pure benzene (China CFR) decreased by 0.13% to 742.5 dollars/ton [5]. - **Styrene & Pure Benzene Output and Inventory**: From May 30 to June 6, China's styrene output increased by 0.40% to 33.1 million tons, and pure benzene output increased by 5.93% to 42.5 million tons. Styrene port inventory in Jiangsu increased by 19.44% to 8.9 million tons, domestic styrene factory inventory increased by 12.16% to 19.1 million tons, and the national pure benzene port inventory increased by 1.40% to 14.5 million tons [6]. - **Operating Rate**: From May 30 to June 6, the capacity utilization rate of styrene increased by 0.30% to 72.3%, the capacity utilization rate of caprolactam decreased by 1.59% to 86.9%, the capacity utilization rate of phenol increased by 3.80% to 78.8%, and the capacity utilization rate of aniline decreased by 4.61% to 65.8%. Among styrene downstream products, the EPS capacity utilization rate decreased by 12.25% to 46.4%, the ABS capacity utilization rate increased by 1.70% to 64.0%, and the PS capacity utilization rate decreased by 2.60% to 59.2% [7]. III. Industry News - Chinese Vice Minister of Commerce Li Chenggang stated that China and the US have reached a consensus on the trade framework and will report to the leaders. - The Russian Ambassador to the US said that a new round of Russia - US talks will be held in Moscow soon. - The US travel ban on citizens from 12 countries has come into effect [8]. IV. Industrial Chain Data Charts The report provides charts on pure benzene prices, styrene prices, styrene - pure benzene price differences, SM imported pure benzene costs vs. domestic pure benzene costs, styrene port inventory, styrene factory inventory, pure benzene port inventory, ABS inventory, and the weekly capacity utilization rates of caprolactam, phenol, and aniline [9][14][15][18][19][21][24][25][26].

Report Industry Investment Rating - Short - term PX/PTA/PF/PR rating: Neutral [4] Core View - On Wednesday, major polyester filament manufacturers increased production cuts, and the prices of the industrial chain fluctuated weakly. The market is currently focused on the Iran - US nuclear talks and the OPEC+ eight - country ministerial meeting on June 1st, with no news to guide the oil price, which is in a consolidation phase. The gasoline cracking has rebounded recently, but the seasonal performance is still weaker than in the previous two years. The aromatics blending demand this year is not worth much expectation. The domestic and international intermittent blending demand can be basically met by naphtha, limiting the enthusiasm of aromatics to enter the gasoline pool. The supply of PX has recovered, but the spot market is still tight. The PTA price has rebounded, and some device overhauls have been postponed. The polyester demand is strong in the short term but may weaken in mid - to - late June [1][2][3]. Summary According to Related Catalogs I. Price and Basis - The report shows the TA main contract, basis, and inter - period spread trends, PX main contract trends, basis, and inter - period spread, PTA East China spot basis, and short - fiber 1.56D*38mm semi - dull natural white basis [8][9][11] II. Upstream Profits and Spreads - It includes PX processing fee PXN, PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [16][19] III. International Spreads and Import - Export Profits - The report presents the toluene US - Asia spread, toluene South Korea FOB - Japan naphtha CFR, and PTA export profit [24][26] IV. Upstream PX and PTA Startup - Information on the startup of Chinese, South Korean, and Taiwanese PTA, as well as Chinese and Asian PX is provided [27][30][32] V. Social Inventory and Warehouse Receipts - Data on PTA weekly social inventory, PX monthly social inventory, PTA total warehouse receipts + forecast volume, PTA warehouse receipt inventory, PX warehouse receipt inventory, and PF warehouse receipt inventory are given [35][38][39] VI. Downstream Polyester Load - It contains data on filament production and sales, short - fiber production and sales, polyester load, direct - spinning filament load, polyester staple fiber load, polyester bottle - chip load, filament factory inventory days, and the operating rates of Jiangsu and Zhejiang looms, texturing machines, and dyeing machines [47][49][59] VII. PF Detailed Data - Details on polyester staple fiber load, factory equity inventory days, 1.4D physical inventory, 1.4D equity inventory, recycled cotton - type staple fiber load, raw - recycled spread, pure polyester yarn operating rate, pure polyester yarn production profit, polyester - cotton yarn operating rate, polyester - cotton yarn processing fee, and factory inventory available days are provided [71][80][84] VIII. PR Fundamental Detailed Data - Information on polyester bottle - chip load, bottle - chip factory inventory days, bottle - chip spot processing fee, bottle - chip export processing fee, bottle - chip export profit, East China water bottle - chip - recycled 3A - grade white bottle - chip spread, bottle - chip next - month spread, and bottle - chip next - next - month spread is presented [92][94][102]