成本拖累与终端韧性开工博弈，聚酯链震荡格局 通惠期货研发部 李英杰 从业编号：F03115367 投资咨询：Z0019145 手机：18516056442 liyingjie@thqh.com.cn www.thqh.com.cn 一、日度市场总结 1. PTA&PX 11月24日，PX 主力合约收6772.0元/吨，较前一交易日收涨0.33%，基差 为-229.0元/吨。PTA 主力合约收4680.0元/吨，较前一交易日收涨0.3%， 基差为-60.0元/吨。 成本端，11月24日，布油主力合约收盘62.51美元/桶。WTI收57.98美元/ 桶。需求端，11月24日，轻纺城成交总量为642.0万米，15 日平均成交为 693.8万米。 供给端 ： 潜在装置检修或开工率偏低，将加剧供给趋紧，PTA供给端依赖PX输入，PX 成本攀升将直接传导至PTA加工环节，若PTA装置开工率维持高位缺乏新增 产能释放，PTA成本支撑可能强化，未来价格或震荡偏强。 需求端 ： 轻纺城成交量显著低于15日平均水平终端纺织消费萎缩，聚酯开工率可能 因此承压走低，涤纶需求减弱将直接抑制PTA采购意愿。在PX需求端，作为 PTA上游 ...

能源化工 纯苯&苯乙烯日报 通惠期货•研发产品系列 2025 年 11 月 25 日 星期二 供需弱化与成本变量共振，芳烃震荡运行 一、 日度市场总结 通惠期货研发部 （1）基本面 价格：11 月 24 日苯乙烯主力合约收跌 1.09%，报 6436 元/吨，基 差 64（+11 元/吨）；纯苯主力合约收跌 1.33%，报 5435 元/吨。 成本：11 月 24 日布油主力收盘 58.1 美元/桶（-0.9 美元/桶）， WTI 原油主力合约收盘 61.9 美元/桶（-0.9 美元/桶），华东纯苯现货报 价 5320 元/吨（-40 元/吨）。 苯乙烯港口库存 14.8 万吨（-2.7 万吨），环比去库 15.2%，苯乙烯 延续去库但仍高于往年。纯苯港口库存 14.7 万吨（+3.4 万吨），环比累 库 30.1%。 供应：苯乙烯开工率及供应环比小幅波动。目前，苯乙烯周产量 34.3 万吨（-0.1 万吨），工厂产能利用率 69.0%（-0.3%）。 需求：下游 3S 开工率整体需求回暖，EPS 产能利用率 56.3% （+4.6%），ABS 产能利用率 72.4%（+0.6%），PS 产能利用率 55.9 ...

油价也迅速跳水，WTI原油跌幅扩大至3%，布油跌2.9%。 俄乌即将达成框架协议的消息，在市场引发震荡。 据媒体18日最新报道，白宫高级官员表示，预计俄乌双方在本月底前就结束冲突达成框架协议，"最早可能在本周内"。稍早前，环球网援引美国 Axios新闻网报道，有美国和俄罗斯官员向该媒体透露，美国政府一直在与俄方"秘密磋商"，以起草一份结束俄乌冲突的新方案。 报道称，美方方案包含28点内容，涉及实现乌克兰和平、提供安全保障、维护欧洲安全以及处理未来美俄、美乌关系。目前尚不清楚该方案如何 处理乌东部土地控制等存在争议的问题。 值得注意的是，据新华社周二报道，俄罗斯总统新闻秘书佩斯科夫18日对媒体表示，俄方不会派代表参加本月19日将在土耳其举行的乌克兰局势 会谈。 框架协议的消息传出后，欧洲防务股应声下跌，莱茵金属大跌4%，贝宜系统、芬梅卡尼卡等跟跌。据报道，这份和平计划没有乌克兰的直接参 与，也未征求欧洲的意见。 高级别军事访问释放信号 据媒体报道，美国陆军部长Dan Driscoll今日对基辅进行了一次极不寻常的访问，随行人员包括两名四星将军和其他高级美军官员。他们预期与乌 克兰总统泽连斯基及其他高层人物会面。 ...

14、A股投资避雷针︱科创信息：因涉嫌信息披露违法违规 证监会对公司立案；*ST新研：公司股票交 易将被叠加实施退市风险警示。 1、美股三大指数集体收跌，谷歌逆势涨超3%，中概指数跌1.21%； 2、高盛：将美、布两油明年均价下调至每桶52美元和56美元； 3、高盛：各国央行可能在11月大量购金 维持明年底4900的金价预期； 4、印度10月贸易逆差创纪录 因黄金进口飙升、对美出口下滑； 5、韩国提议举行朝韩军事会谈； 6、知情人士：英国拟定对欧盟钢铁关税反制措施； 7、美联储理事沃勒：支持在12月进行风险管理式降息； 8、马斯克嫌三星台积电太慢 拟为特斯拉自建芯片工厂； 9、欧盟评估将云服务纳入监管 AWS、Azure、谷歌云等科技巨头受关注； 大中华区要闻： 1、中国1-10月个人所得税13363亿元，同比增11.5%； 2、中国1-10月税收收入同比增1.7%，非税收入同比下降3.1%； 3、中国1-10月证券交易印花税1629亿元，同比增88.1%； 4、部分日本电影暂缓上映； 5、出境游热门目的地座次重排：韩国取代日本成为最热门目的地； 6、美团：冰雪游搜索量上升，北京位居热门目的地榜首； 7、知名 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **Pure Benzene**: Pure benzene remains in a situation of strong supply and weak demand. Although the absolute valuation is low, there is no fundamental support for a reversal. The short - term price has an emotional rebound driven by the overall recovery of the chemical sector, but the sustainability needs verification. It is expected to fluctuate weakly in the future, and attention should be paid to changes in import rhythm and the recovery rhythm of downstream loads [2]. - **Styrene**: There are no significant short - term supply - demand contradictions for styrene, and the profit remains in a neutral range with a stable and slightly strong price performance. The current market sentiment is boosted by the rebound of the chemical ETF, but the fundamental improvement is limited, and the short - term market will mainly fluctuate and consolidate. Attention should be paid to the restart rhythm of devices in December and the progress of downstream inventory reduction [3]. 3. Summary by Related Catalogs Daily Market Summary - **Fundamentals** - **Price**: On November 10, the styrene main contract closed down 0.03% at 6315 yuan/ton with a basis of - 10 (- 18 yuan/ton); the pure benzene main contract closed flat at 5422 yuan/ton. The spot price of East China pure benzene was 5300 yuan/ton (- 15 yuan/ton) [2]. - **Cost**: On November 10, the Brent crude oil main contract closed at 59.8 dollars/barrel (+ 0.3 dollars/barrel), and the WTI crude oil main contract closed at 63.6 dollars/barrel (+ 0.3 dollars/barrel) [2]. - **Inventory**: Styrene port inventory was 17.9 tons (- 1.4 tons), a 7.1% month - on - month decrease. Pure benzene port inventory was 12.1 tons (+ 3.6 tons), a 42.4% month - on - month increase [2]. - **Supply**: Styrene production and supply fluctuated slightly month - on - month. The weekly styrene output was 33.3 tons (+ 1 ton), and the factory capacity utilization rate was 66.9% (+ 0.2%) [2]. - **Demand**: The overall demand of downstream 3S has recovered. The EPS capacity utilization rate was 53.9% (- 8.3%), the ABS capacity utilization rate was 71.6% (- 0.5%), and the PS capacity utilization rate was 53.5% (+ 1.5%) [2]. Industry News - The threat of a 100% tariff on China by Trump has been cancelled; China is expected to resume "substantial" purchases of US soybeans; Beijing will postpone the implementation of rare - earth export controls for one year and re - examine the plan [8]. - The US inflation data in September was lower than expected, enhancing the prospect of the Fed's interest - rate cut [8]. - On the early morning of October 30, the Fed held an interest - rate meeting, and the upper limit of the interest rate was adjusted to 4% as expected [8]. Industry Chain Data Monitoring - **Price**: Data shows the prices and price changes of styrene and pure benzene in different regions and forms from November 7 to 10, 2025, including futures, spot, and spreads, as well as the prices of upstream Brent crude oil, WTI crude oil, and naphtha [5]. - **Output and Inventory**: From October 31 to November 7, 2025, the output of styrene in China increased from 32.3 tons to 33.3 tons (a 2.94% increase), and the output of pure benzene increased from 42.9 tons to 43.8 tons (a 2.08% increase). Styrene port and factory inventories decreased, while pure benzene port inventory increased significantly [6]. - **Capacity Utilization**: The capacity utilization rates of pure benzene and styrene downstream products from October 31 to November 7, 2025, are presented, showing different changes in the utilization rates of various products such as styrene, EPS, ABS, etc. [7]

Group 1 - The core viewpoint of the article highlights the recent trends in various commodities, including precious metals, energy, and agricultural products, along with the impact of external factors such as Federal Reserve policies and international oil procurement strategies [3][4][5]. Group 2 - As of November 10, 2025, domestic soda ash manufacturers have a total inventory of 1.7062 million tons, a decrease of 0.008 million tons or 0.47% from the previous week. The inventory includes 0.7977 million tons of light soda ash, which decreased by 0.0169 million tons, and 0.9085 million tons of heavy soda ash, which increased by 0.0089 million tons [2]. - Federal Reserve's Williams indicated that the Fed may soon need to expand its balance sheet through asset purchases, assessing when reserve levels will transition from "slightly above adequate" to "adequate" [3]. - Indian state-owned oil companies have purchased 5 million barrels of crude oil from the spot market, seeking alternatives to Russian oil supplies, with Hindustan Petroleum Corporation buying 2 million barrels of WTI and 2 million barrels of Abu Dhabi Murban crude, expected to arrive in January [3]. Group 3 - Precious metals saw price increases, with CMX gold rising from 4006.100 to 4122.640, a change of 2.91%, and CMX silver increasing from 48.295 to 50.431, a rise of 4.42% [4]. - In the energy sector, WTI crude oil prices slightly increased from 59.869 to 59.880, while Brent crude rose from 63.766 to 63.980, reflecting changes of 0.02% and 0.34% respectively [4]. - Agricultural products also experienced price changes, with soybeans rising from 1117.350 to 1127.950 (0.95%), and wheat increasing from 561.400 to 569.625 (1.47%) [4].

Report Industry Investment Rating - The rating for the US dollar is "oscillation" [6] Core Viewpoints - The Fed cut interest rates as expected in October and announced the end of balance sheet reduction on December 1st. Market expectations for a December rate cut have declined, and internal differences within the Fed have increased, which is expected to lead to increased market volatility [3][12] - The ECB and the BoJ kept their policies unchanged with dovish stances, and the market's expectations for Japanese fiscal expansion and monetary easing have increased, driving up the Japanese stock market [3][12] - During the APEC meeting, the US and China made some adjustments to tariffs and export controls, but no formal agreement has been signed, slightly falling short of market expectations [3][12] - The US government shutdown has led to a lack of economic data, but corporate earnings, financial reports, and future capital expenditure plans support the high - level operation of the US market [3][12] Breakdown by Directory 1. Global Market Overview This Week - Market risk appetite remained high, with stock markets rising and falling, and bond yields also showing mixed trends. The US Treasury yield slightly rose to 4.07%. The US dollar index rose 0.86% to 99.8, most non - US currencies depreciated, the offshore RMB slightly rose 0.05%, the euro fell 0.79%, the pound fell 1.2%, the yen fell 0.74%, the Swiss franc fell 1.12%, the Korean won, Australian dollar, Malaysian ringgit, and Thai baht rose, while the New Zealand dollar, peso, rand, and Canadian dollar fell. Gold prices dropped 2.7% to $4002 per ounce, the VIX index rose to 17.4, the spot commodity index rose, and Brent crude oil fell 1.9% to $65.2 per barrel [2][10] 2. Market Trading Logic and Asset Performance 2.1 Stock Market - Global stock markets showed mixed trends, with US and A - shares rising. The S&P 500 rose 0.71%, the Shanghai Composite Index rose 0.11%, the Hang Seng Index fell 0.97%, and the Nikkei 225 index soared 6.31%. The US government shutdown will further drag on the economy, and the Fed's interest - rate cut and end of balance - sheet reduction, along with internal differences, are expected to increase market volatility. The market's expectations for Japanese fiscal and monetary policies have boosted the Japanese stock market. The China - US trade situation has slightly disappointed the market, and the divergence between the stock market and fundamentals in China is expected to gradually correct [11][12] 2.2 Bond Market - Global bond yields showed mixed trends, with the 10 - year US Treasury yield slightly rising to 4.07%. The US government shutdown, the Fed's policy adjustments, and the ECB's stance have affected bond yields. The 10 - year Chinese Treasury yield fell to 1.797%, and the Sino - US yield spread inverted and rebounded to 228bp [15][16][21] 2.3 Foreign Exchange Market - The US dollar index rose 0.86% to 99.8, and most non - US currencies depreciated. The offshore RMB slightly rose 0.05%, while the euro, pound, yen, and Swiss franc fell, and some Asian and Oceanian currencies showed mixed trends [24][27] 2.4 Commodity Market - Gold prices fell 2.7% to $4002 per ounce, continuing the downward trend. The Fed's policy and changes in Chinese gold consumption tax have had a negative impact on gold prices, and it is expected that there is still room for decline. Brent crude oil fell 1.9% to $65.2 per barrel as concerns about the supply side eased, while the industrial products rebounded and the commodity spot index rose [28][30] 3. Hot - Spot Tracking - The Fed cut interest rates by 25bp in October and stopped balance - sheet reduction. This is an important signal of an inflection point in absolute liquidity, but the Fed's internal differences and the uncertainty of a December rate cut have short - term impacts on the market [31][34][35] 4. Next Week's Important Event Reminders - Monday: US October ISM Manufacturing PMI - Tuesday: Reserve Bank of Australia interest - rate meeting decision - Wednesday: US October ADP employment, ISM Non - Manufacturing PMI - Thursday: Bank of England interest - rate meeting decision - Friday: US November University of Michigan Consumer Confidence [36]

Report Title - PTA&PX承压于高库存，聚酯分化格局抑制反弹 [1] Key Points 1. Report Industry Investment Rating - Not provided 2. Core View of the Report - PTA and PX are pressured by high inventories, and the differentiated pattern of polyester restrains the rebound. The supply pressure of PX and PTA is increasing, while the demand is weak, and the inventory of PTA is accumulating, which may lead to the continued weakening of their prices. The polyester industry shows a differentiated pattern, with low inventory of filament supporting price resilience and high inventory of staple fiber having回调 pressure [1][3][4] 3. Summary According to Relevant Catalogs 3.1 Daily Market Summary - **PTA&PX**: On October 30, the PX main contract closed at 6,588.0 yuan/ton, down 0.96% from the previous trading day, with a basis of -103.0 yuan/ton. The PTA main contract closed at 4,570.0 yuan/ton, down 1.42% from the previous trading day, with a basis of -10.0 yuan/ton. The cost support of PX is weakening, the supply pressure is increasing, the demand for PTA is lack of elasticity, and the inventory is accumulating [2][3] - **Polyester**: On October 30, the short fiber main contract closed at 6,268.0 yuan/ton, unchanged from the previous trading day. The spot price in the East China market was 6,365.0 yuan/ton, unchanged from the previous trading day, with a basis of 97.0 yuan/ton. The terminal textile demand is weakening, the inventory of polyester filament is significantly lower than the average level in the past five years, while the inventory of polyester staple fiber is higher than the average level in the past five years. It is expected that the industrial chain will maintain the cost-driven logic in the short term, but the decline in demand may limit the increase of PTA, the low inventory of filament may support price resilience, and the high inventory of staple fiber may have回调 pressure [4] 3.2 Industrial Chain Price Monitoring - **PX**: The main contract price of PX futures decreased by 0.96%, the trading volume increased by 5.96%, and the open interest increased by 1.54%. The spot price of PX in the Chinese main port (CFR) remained unchanged, and the FOB price in South Korea decreased by 0.13%. The basis of PX increased by 48.76% [5] - **PTA**: The main contract price of PTA futures decreased by 1.42%, the trading volume increased by 28.41%, and the open interest increased by 0.40%. The spot price of PTA in the Chinese main port (CFR) remained unchanged. The basis of PTA increased by 89.58%, the 1-5 spread decreased by 15.38%, the 5-9 spread decreased by 22.22%, and the 9-1 spread increased by 17.14%. The import profit of PTA increased by 2.40% [5] - **Short Fiber**: The main contract price of short fiber futures decreased by 1.02%, the trading volume increased by 16.07%, and the open interest decreased by 8.18%. The spot price in the East China market decreased by 0.08%. The basis of PF increased by 60.82%, the 1-5 spread decreased by 600.00%, the 5-9 spread remained unchanged, and the 9-1 spread increased by 50.00% [5] - **Other Products**: The price of the Brent crude oil main contract decreased by 0.42%, the price of the WTI crude oil main contract decreased by 0.12%, the price of CFR Japanese naphtha increased by 0.26%, the price of ethylene glycol remained unchanged, the price of polyester chips remained unchanged, the price of polyester bottle chips decreased by 0.35%, the price of polyester POY remained unchanged, the price of polyester DTY remained unchanged, and the price of polyester FDY remained unchanged [5] - **Processing Spreads**: The processing spread of naphtha increased by 3.13%, the processing spread of PX decreased by 0.61%, the processing spread of PTA increased by 14.20%, the processing spread of polyester chips decreased by 17.64%, the processing spread of polyester bottle chips decreased by 11.18%, the processing spread of polyester short fiber decreased by 35.59%, the processing spread of polyester POY decreased by 18.60%, the processing spread of polyester DTY decreased by 9.94%, and the processing spread of polyester FDY decreased by 4.60% [6] - **Light Textile City Trading Volume**: The total trading volume of the Light Textile City increased by 9.60%, the trading volume of long fiber fabrics increased by 10.00%, and the trading volume of short fiber fabrics increased by 8.72% [6] - **Industrial Chain Load Rates**: The load rates of PTA factories, polyester factories, and Jiangsu and Zhejiang looms remained unchanged [6] - **Inventory Days**: The inventory days of polyester short fiber increased by 0.97%, the inventory days of polyester POY decreased by 27.97%, the inventory days of polyester FDY decreased by 16.44%, and the inventory days of polyester DTY decreased by 16.95% [6] 3.3 Industrial Dynamics and Interpretations - **Macroeconomic Dynamics**: On October 30, the Bank of Canada cut interest rates by 25 basis points as expected and hinted at a pause in rate cuts. The Federal Reserve cut interest rates by 25 basis points in October, ended the balance sheet reduction on December 1, and there were serious differences among officials regarding the December policy. Middle Eastern Gulf countries collectively announced a 25-basis-point interest rate cut. On October 29, Citibank lowered the short-term price targets for gold and silver. Trump said that Federal Reserve Chairman Powell was either incompetent or bad and would leave his position in "a few months" [7] - **Supply and Demand - Demand**: On October 29, the total trading volume of the Light Textile City was 708.0 million meters, a month-on-month decrease of 3.01%, with a trading volume of 560.0 million meters for long fiber fabrics and 149.0 million meters for short fiber fabrics [8] 3.4 Industrial Chain Data Charts - The report includes data charts on PX and PTA futures, spot prices, basis, processing spreads, industrial chain load rates, inventory days, and Light Textile City trading volumes [9][11][13][15][17][19][22][23][27][28][30] 3.5 Appendix: Big Model Inference Process - Supply-side: PX and PTA may face increased supply pressure, and the decline in crude oil prices reduces costs. Demand-side: Affected by downstream polyester and terminal textiles, demand is weak. Inventory-side: PTA factory inventories are accumulating. These factors may lead to the continued weakening of PX and PTA prices [35][36]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The domestic pure benzene market will maintain a weak and volatile pattern in the short term, with high inventory and weak demand hindering price rebounds. Attention should be paid to port destocking rhythm and downstream start - up changes [2] - The styrene market will continue its weak consolidation trend. If downstream orders do not improve significantly, styrene will remain under the dual constraints of high inventory and low demand, and the price center may continue to decline. Attention should be paid to subsequent import rhythm and device maintenance dynamics [3] Summary by Directory 1. Daily Market Summary (1) Fundamental Information - Price: On October 30, the styrene main contract closed down 1.41% at 6421 yuan/ton, with a basis of 9 (+62 yuan/ton); the pure benzene main contract closed down 1.47% at 5445 yuan/ton. The spot price of East China pure benzene was 5350 yuan/ton (-60 yuan/ton), Brent crude oil closed at 60.5 US dollars/barrel (+0.3 US dollars/barrel), and WTI crude oil closed at 64.9 US dollars/barrel (+0.5 US dollars/barrel) [2] - Inventory: Styrene port inventory was 19.3 tons (-1 ton), a month - on - month destocking of 4.7%; pure benzene port inventory was 8.5 tons (-1.4 tons), a month - on - month destocking of 14.1% [2] - Supply: Styrene's weekly output was 32.3 tons (-0.4 tons), and the factory capacity utilization rate was 66.7% (-2.5%) [2] - Demand: The overall demand of downstream 3S industries improved. The EPS capacity utilization rate was 62.2% (+0.2%), the ABS capacity utilization rate was 72.1% (-0.7%), and the PS capacity utilization rate was 52.0% (-1.8%) [2] (2) Views - Pure benzene: The domestic pure benzene market is in a weak and volatile pattern. Supply is abundant, imports increase port inventory, demand recovery is limited, and the cost - side support is weak [2] - Styrene: The styrene market continues to be weak. Supply is marginally loose, demand is cautious, and high port inventory suppresses the market [3] 2. Industrial Chain Data Monitoring (1) Price Data - Styrene futures and spot prices declined, and the basis increased. Pure benzene futures and spot prices also declined, and the spread between domestic and imported pure benzene widened [5] - The prices of Brent crude oil and WTI crude oil increased slightly, while the price of naphtha remained unchanged [5] (2) Output and Inventory Data - Styrene production decreased by 1.09% to 32.3 tons, and pure benzene production increased by 0.66% to 42.9 tons [6] - Both styrene port and factory inventories decreased, and pure benzene port inventory decreased by 14.14% [6] (3) Capacity Utilization Data - Among pure benzene downstream industries, the capacity utilization rates of styrene and caprolactam decreased, while those of phenol and aniline increased [7] - Among styrene downstream industries, the EPS capacity utilization rate increased slightly, while the ABS and PS capacity utilization rates decreased [7] 3. Industry News - Trump's threat to impose 100% tariffs on China has been cancelled, China is expected to resume "substantial" purchases of US soybeans, and Beijing will postpone the implementation of rare - earth export controls by one year and re - examine the plan [8] - US inflation data in September were lower than expected, increasing the prospect of the Fed's interest - rate cut [8] - On the early morning of October 30, the Fed adjusted the interest - rate ceiling to 4% as expected [8] 4. Industrial Chain Data Charts - The report provides multiple charts including pure benzene price, styrene price, styrene - pure benzene spread, and inventory and capacity utilization rate of related products [9][13][16]

1. Report Industry Investment Rating - This part is not mentioned in the provided content. 2. Core Viewpoints of the Report - The prices of pure benzene and styrene are expected to remain weak. Pure benzene will continue its weak and volatile trend due to high supply pressure and limited demand recovery. Styrene will also maintain a weak and volatile pattern as it faces pressures on both supply and demand sides and lacks upward momentum in the short term [2][3]. 3. Summary by Relevant Catalogs 3.1 Daily Market Summary - **Fundamentals** - **Prices**: On October 29, the main contract of styrene closed up 0.73% at 6,513 yuan/ton with a basis of -53 (-42 yuan/ton), and the main contract of pure benzene closed up 0.56% at 5,526 yuan/ton [2]. - **Costs**: On October 29, the main contract of Brent crude oil closed at $60.2/barrel (-$1.2/barrel), WTI crude oil at $64.4/barrel (-$1.2/barrel), and the spot price of East China pure benzene was 5,485 yuan/ton (+0 yuan/ton) [2]. - **Inventory**: Styrene port inventory was 193,000 tons (-10,000 tons), a 4.7% month - on - month decrease, while it continued to accumulate. Pure benzene port inventory was 85,000 tons (-14,000 tons), a 14.1% month - on - month decrease [2]. - **Supply**: The operating rate and supply of styrene decreased slightly month - on - month. Currently, the weekly output of styrene was 327,000 tons (-12,000 tons), and the plant capacity utilization rate was 69.3% (-2.6%) [2]. - **Demand**: The overall demand of the downstream 3S operating rate recovered. The capacity utilization rate of EPS was 62.0% (-0.5%), ABS was 72.8% (-0.3%), and PS was 53.8% (+0%) [2]. - **Views** - **Pure Benzene**: Sanctions on some Chinese refineries by European and American countries have led to a decline in the operation of some pure benzene plants and an adjustment in domestic supply expectations. However, the overall balance sheet shows that pure benzene will continue to accumulate inventory in the fourth quarter. From late October, the export shipments from South Korea are expected to arrive at ports in late October to early November, which may lead to a new round of inventory accumulation. The demand is weak, and the price of pure benzene will continue its weak and volatile trend. Future focus lies on the expansion of sanctions and the impact of external policies and crude oil prices [2]. - **Styrene**: The styrene market continues to be under pressure, with supply - side pressure further increasing. Two new plants have been put into operation, adding a total capacity of about 1.2 million tons. Although there may be a phased reduction in inventory in the fourth quarter, the overall de - stocking pressure is still high. The news of unplanned production cuts may affect the supply - demand structure. The demand from downstream industries remains at a low level, and the cost - side support has weakened. The market is expected to maintain a weak and volatile pattern [3]. 3.2 Industry Data Monitoring - **Prices of Styrene and Pure Benzene**: The main contract of styrene futures increased by 0.73% from October 28 to October 29, while the spot price decreased by 1.28%. The main contract of pure benzene futures increased by 0.56%, and the prices of pure benzene in South Korea, the US, and China CFR remained unchanged. The prices of Brent crude oil, WTI crude oil, and naphtha all decreased [5]. - **Output and Inventory of Styrene and Pure Benzene**: From October 17 to October 24, the output of styrene in China decreased by 3.66% to 327,000 tons, and the output of pure benzene decreased by 2.72% to 426,000 tons. The port and factory inventories of styrene and the port inventory of pure benzene all increased [6]. - **Operating Rate**: From October 17 to October 24, the operating rates of styrene and caprolactam in the downstream of pure benzene decreased, while the operating rate of aniline increased slightly. Among the downstream of styrene, the operating rates of EPS and ABS decreased slightly, and the operating rate of PS remained unchanged [7]. 3.3 Industry News - Trump's threat to impose a 100% tariff on China has been cancelled. China is expected to resume "substantial" purchases of US soybeans, and Beijing will postpone the implementation of rare - earth export controls for one year and re - examine the plan [8]. - The inflation data in the US in September was lower than expected, increasing the possibility of the Fed cutting interest rates [8]. - The Fed held an interest - rate meeting early on October 30 [8]. 3.4 Industry Data Charts - The report provides charts on the prices, production, inventory, and operating rates of pure benzene and styrene, as well as the prices of related upstream products, including Brent crude oil, WTI crude oil, and naphtha [9][13][16].