1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The situation between the US and Iran remains tense as the shipping volume through the Strait of Hormuz is still low, and the follow - up actions of US ground forces are yet to be observed [3]. - For pure benzene, Chinese port inventories are gradually decreasing, and domestic refineries are operating at a low level. The subsequent rate of port inventory reduction is related to the rate of decline in imports. South Korea may adjust its delivery plans and consider restricting the export of petrochemical products [3]. - For styrene, although the current inventory reduction is slow, there are expectations of faster inventory reduction in the future. The supply side may see a delay in the maintenance of Zhejiang Petrochemical, and the downstream start - up shows differentiation [3]. 3. Summary According to the Directory I. Pure Benzene and EB's Basis Structure and Inter - period Spreads - Figures related to pure benzene include the basis of the pure benzene main contract, the spread between pure benzene spot and M2 paper goods, and the spread between the first - and third - consecutive contracts of pure benzene [8][15]. - Figures related to styrene include the basis of the styrene main contract and the spread between the first - and third - consecutive contracts of styrene [16][19]. II. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Figures related to production profits and spreads include naphtha processing fees, the spread between pure benzene FOB South Korea and naphtha CFR Japan, the production profit of non - integrated styrene plants, and various spreads between different regions of pure benzene and styrene [22][25][33]. III. Inventories and Operating Rates of Pure Benzene and Styrene - For pure benzene, it includes the inventory in East China ports and the operating rate [42]. - For styrene, it includes the inventory in East China ports, commercial inventory, factory inventory, and the operating rate [45][47]. IV. Operating Rates and Production Profits of Styrene Downstream - It includes the operating rates and production profits of EPS, PS, and ABS [55][60][62]. V. Operating Rates and Production Profits of Pure Benzene Downstream - It includes the operating rates and production profits of caprolactam, phenol - ketone, aniline, adipic acid, and other downstream products [65][69][75].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Geopolitical conflicts in the Middle East have led to a tight supply of aromatics, and the prices of pure benzene and styrene are expected to remain at a high level in the long - term. The risk of geopolitical conflicts has not dissipated, and the bullish logic for aromatics remains. [3][63] - The impact of the conflict on the chemical industry is gradually spreading, with Asian refineries taking preventive measures such as reducing production and declaring force majeure on some products, mainly affecting naphtha cracking units, which in turn affects the production of petroleum benzene and the downstream pure benzene - styrene industrial chain. [3][9][63] 3. Summary According to the Directory 3.1 Fundamental Situation 3.1.1 Middle East Geopolitical Conflict and Raw Material Supply - On February 28, 2026, the US and Israel launched a military strike on Iran, and Iran retaliated. The Islamic Revolutionary Guard Corps of Iran announced the ban on ships passing through the Strait of Hormuz. The US plans to send up to 10,000 ground troops to the Middle East. [8] - In March, the traffic volume in the Strait of Hormuz dropped sharply. The global energy price has risen significantly, and Asian refineries have taken preventive measures such as reducing production and declaring force majeure. The reduction in cracking unit production directly affects the output of petroleum benzene and then spreads to the downstream pure benzene - styrene industrial chain. [9] 3.1.2 Domestic Refinery Production Reduction and Impact on Petroleum Benzene - Asian refineries have reduced production preventively, and the naphtha cracking units are significantly affected. As of the end of March, the operating rate of petroleum benzene decreased to 75.95% month - on - month, and some enterprises still have production reduction plans. [11] - The economic benefits of hydrogenated benzene have improved, and its operating rate has risen to 69.4%. The import volume of pure benzene in January and February 2026 decreased by about 15.1% and 19.8% year - on - year respectively. The reduction in production of Japanese and South Korean refineries will lead to a gradual decrease in pure benzene imports. [12] 3.1.3 Recovery of the Weekly Weighted Operating Load of Pure Benzene Downstream - Styrene's current load is at a neutral level compared to the same period in previous years, while the operating rates of aniline and adipic acid are higher than in previous years. The profitability of caprolactam has improved, and the supply has shrunk, intensifying the tight supply - demand situation. The demand side shows stable performance. [25] - The tight supply of raw materials may gradually spread downstream, and some phenol - acetone plants may reduce production. The demand in India, Thailand and other regions is still strong, and the export of aniline is expected to increase. The load of the adipic acid industry is restricted, but the downstream and terminal demand have increased, and the inventory has been significantly reduced. [25] 3.1.4 Increase in Styrene Exports and Neutral Load Level - In March, some domestic refineries carried out maintenance or reduced production. The interruption of Middle East output has led to a large number of overseas inquiries for styrene, which is beneficial for exports. In January and February 2026, the export volume of styrene was 6.06 and 5.41 tons respectively, with year - on - year increases of about 1672.6% and 11.0% respectively. [37] - The port inventory shows seasonal accumulation. As of the 25th, the inventory in the main ports of East China decreased, while the inventory in the main ports of South China increased. The styrene inventory is at a neutral level compared to previous years. [37][39] - The global styrene industry is facing the dual pressures of capacity expansion and demand contraction. Many domestic and foreign styrene production plants have reduced production or shut down. Some overseas styrene plants are under maintenance, which is beneficial for exports and makes the overseas styrene supply tight. [40][43] 3.1.5 Differentiated Demand in the Styrene Industrial Chain Downstream - In early 2026, the Chinese ABS market started strongly. The cumulative export volume from January to February reached 7.03 tons, with a year - on - year increase of 76.46%. Due to geopolitical factors, some overseas ABS plants have declared force majeure, and the production in major supply areas such as South Korea and Taiwan (China) is expected to decline from March to May. [58] - The profitability of EPS and ABS has improved, while PS is still under the break - even line. Different enterprises in the downstream show differentiated performance. The acceptance of high prices by small and medium - sized downstream factories of ABS is limited, the inventory removal of PS has slowed down, and the inventory of some EPS enterprises has encountered difficulties. The inventory may increase in the future. [58] 3.2 Market Outlook and Strategy Recommendations - The risk of geopolitical conflicts has not dissipated, and the bullish logic for aromatics remains. The prices of pure benzene and styrene will remain at a high level in the long - term. [3][63] - **Strategy Recommendations**: - **Unilateral**: Before the end of the geopolitical conflict, go long, and the procurement side should stock up during periodic pullbacks. [4][65] - **Arbitrage**: Short the EB - BZ spread when the price is high. [4][65] - **Options**: Hold a wait - and - see attitude. [4]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoint of the Report - Pure benzene is recommended for long - position allocation. Although the impacts of the conflict have been gradually factored into the absolute price valuation, and it is not advisable to chase high prices in the short term, the relative valuation of aromatics to naphtha is not expensive. Key factors include significant reduction in Asian pure benzene supply due to reduced cracking unit loads, increasing domestic exports of styrene, and active restocking by other downstream industries of pure benzene [3][68]. 3. Summary According to Relevant Catalogs Supply - **Import**: In the context of continuously reduced loads of overseas refineries, the monthly average import volume of pure benzene after the second quarter has been revised down to 350,000 tons. The import volume is expected to decline to around 380,000 tons in April and about 300,000 tons in May [3][68]. - **Domestic Production**: From March to May, the monthly average maintenance loss is 60,000 tons. Some domestic refineries such as Fujian United, CNOOC Shell, Zhejiang Petrochemical, and Gulei have started preventive load - reduction. Attention should be paid to whether there will be additional load - reduction in the future [3][68]. Demand - **Styrene**: Ethylene plants mainly ensure the operation of styrene units and reduce the loads of other ethylene downstream products. The downstream 3S products of styrene are gradually showing negative feedback [3][68]. - **Caprolactam and Adipic Acid**: Prices have risen, industry profits have recovered rapidly, PA6 inventory has been rapidly depleted, monthly average production is higher than previously expected, and there are fewer maintenance plans [3][68]. - **Phenol**: Profits remain high, and the operating rate is continuously rising. There are not many maintenance units, and attention should be paid to the commissioning progress of Shandong Ruilin [3][68]. - **Aniline**: Profits remain high. 17,000 tons were under maintenance in March, and there will be less maintenance from April to May, maintaining a high level in the short term [3][68]. Valuation - The valuation of this round mainly refers to the situation during the Russia - Ukraine conflict. After the aromatics blending oil demand starts in the second quarter, various price spreads are likely to exceed those in 2022. In the short term, when crude oil is at $100 per barrel, a styrene price of around 10,000 yuan/ton on the futures market is reasonable. Currently, the naphtha cracking spread is continuously expanding, and BZN is compressed to a historical low, with upward momentum for the valuation center. The reasonable valuation range of the bz2603 contract is 8,500 - 9,500 yuan/ton based on a $100 - per - barrel crude oil valuation [3][68]. - Short - term shorting of EB processing fees is not recommended because of the significant contradictions in ethylene and large phased profit fluctuations [3][68]. Strategy - **Single - sided Strategy**: Buy pure benzene on dips [3][68]. - **Cross - variety Strategy**: Buy pure benzene and short PTA [3][68].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The Middle East situation remains tense, and the support for aromatics still exists. The supply issues of crude oil and naphtha have not been alleviated. For pure benzene, the port inventory has started to meet the de - stocking expectation, and the domestic production is at a low level. For styrene, the port inventory has slightly increased at the beginning of the week and has not met the de - stocking expectation [1][2][3]. - The recommended strategy is to cautiously go long for hedging on BZ2605 and EB2605 on dips [4]. 3. Summary by Relevant Catalogs 3.1 Pure Benzene and EB's Basis Structure, Inter - period Spreads - Figures include pure benzene's main basis and main futures contract price, main contract basis, spot - M2 paper cargo spread, and the spread between the first - and third - month contracts. Also, styrene's main basis and main contract, EB main contract basis, and the spread between the first - and third - month contracts are presented [8][14][16][17] 3.2 Pure Benzene and Styrene Production Profits, Domestic and Foreign Spreads - Figures cover naphtha processing fee, the difference between pure benzene FOB Korea and naphtha CFR Japan, styrene non - integrated plant production profit, and the price differences of pure benzene and styrene in different regions such as FOB US Gulf, FOB Rotterdam, and CFR China, as well as their import profits [23][26][34] 3.3 Pure Benzene and Styrene Inventory, Operating Rates - Figures show pure benzene's East China port inventory and operating rate, and styrene's East China port inventory, commercial inventory, factory inventory, and operating rate [42][45][47] 3.4 Styrene Downstream Operating Rates and Production Profits - Figures display the operating rates and production profits of EPS, PS, and ABS [54][59][57] 3.5 Pure Benzene Downstream Operating Rates and Production Profits - Figures present the operating rates and production profits of caprolactam, phenol - acetone, aniline, adipic acid, as well as the production profits of PA6, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymerized MDI [65][69][81]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The market continues to focus on the progress of the US - Iran peace talks. The US has set harsh conditions, and Iran has not accepted the negotiation conditions or a cease - fire. The performance of pure benzene and styrene shows a pattern of opening low and rising high. On one hand, the prospect of the US - Iran talks has changed the previously continuous upward trend in the chemical sector. On the other hand, the conditions put forward by both sides are still difficult to reach an effective agreement, so it is currently in the stage of "fighting while talking". For pure benzene, the port inventory has started to meet the de - stocking expectation. For styrene, the port inventory has slightly increased at the beginning of the week and has not yet met the de - stocking expectation. The downstream开工 has shown differentiation [1][2]. 3. Summary According to the Directory 3.1 Pure Benzene and EB's Basis Structure and Inter - period Spread - The pure benzene main contract basis is - 238 yuan/ton (- 172), and the East China pure benzene spot - M2 spread is - 70 yuan/ton (- 5 yuan/ton). The styrene main contract basis is - 105 yuan/ton (- 333 yuan/ton) [1]. 3.2 Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Pure benzene: CFR China processing fee is 84 US dollars/ton (+ 131 US dollars/ton), FOB South Korea processing fee is - 26 US dollars/ton (+ 31 US dollars/ton), and the US - South Korea spread is 175.7 US dollars/ton (+ 73.0 US dollars/ton). - Styrene: The non - integrated production profit is - 515 yuan/ton (- 189 yuan/ton), and it is expected to gradually compress [1]. 3.3 Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene: The port inventory is 26.90 tons (- 1.90 tons), and the operating rate is at a low level. - Styrene: The East China port inventory is 168,400 tons (+ 5,900 tons), the East China commercial inventory is 88,800 tons (+ 6,300 tons), and the operating rate is 70.5% (- 1.3%) [1]. 3.4 Operating Rates and Production Profits of Styrene Downstream - EPS production profit is 1,050 yuan/ton (+ 190 yuan/ton), operating rate is 61.00% (+ 3.22%); PS production profit is - 500 yuan/ton (+ 65 yuan/ton), operating rate is 51.60% (- 0.10%); ABS production profit is - 1,924 yuan/ton (+ 137 yuan/ton), operating rate is 67.10% (- 0.30%) [2]. 3.5 Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam production profit is - 75 yuan/ton (+ 360), operating rate is 77.21% (+ 2.34%); phenol - acetone production profit is - 74 yuan/ton (+ 0), operating rate is 87.00% (+ 0.50%); aniline production profit is 1,143 yuan/ton (+ 154), operating rate is 88.33% (- 0.71%); adipic acid production profit is 83 yuan/ton (+ 324), operating rate is 69.50% (+ 0.50%) [1]. 4. Strategy - Unilateral: Cautiously go long and hedge for BZ2605 and EB2605 at low prices. - Basis and inter - period: None. - Cross - varieties: None [3].

Investment Rating - The report maintains a recommendation for investment in sectors focusing on domestic demand, high dividends, and import substitution [1] Core Insights - The report highlights significant price increases in products such as butadiene (up 42.36%), ethylene (up 39.18%), and LDPE (up 27.01%), while products like dichloromethane and pure MDI saw substantial declines [4][5][6] - The geopolitical situation in the Middle East, particularly the blockade of the Strait of Hormuz, is expected to lead to a significant increase in international oil prices, with Brent crude at $104.49 per barrel and WTI at $92.35 per barrel [6][17] - The report suggests focusing on helium, biodiesel, and agricultural chemicals as potential investment opportunities due to their expected growth driven by rising oil prices and geopolitical tensions [8][9][21] Summary by Sections Chemical Industry Investment Recommendations - The report emphasizes the importance of monitoring geopolitical developments in the Middle East and their impact on chemical prices, suggesting a focus on products that are significantly affected by these events [20][22] Price Trends - The report details the weekly price movements of various chemical products, noting that while some products have rebounded, others continue to decline, indicating a mixed market sentiment [17][18][19] Specific Product Insights - The report identifies helium as a key investment opportunity due to its supply constraints and price elasticity during geopolitical conflicts [20] - Biodiesel is highlighted as a growing market in Europe, driven by rising SAF prices and energy security concerns [21] - Agricultural chemicals are expected to benefit from rising food prices, with a projected increase in demand for fertilizers and pesticides [21] Market Dynamics - The report discusses the fluctuations in the propane market, indicating a return to rational pricing amid geopolitical tensions and supply constraints [27][28] - It also notes the stability in the spray coal market, supported by seasonal demand and stable pricing [29][30] PTA and Polyester Market - The PTA market is experiencing upward price pressure due to geopolitical risks and supply constraints, while the polyester market is facing challenges with demand and pricing stability [34][36][37] Urea Market - The urea market is characterized by narrow price declines amid a complex supply-demand dynamic, with expectations of increased supply from upcoming production restarts [38][39]

Investment Rating - The report maintains a recommendation for investment in sectors focusing on domestic demand, high dividends, and import substitution [1] Core Insights - The report highlights significant price increases in products such as butadiene (up 42.36%), ethylene (up 39.18%), and LDPE (up 27.01%), while products like dichloromethane and pure MDI saw substantial declines [4][5][6] - The geopolitical situation in the Middle East, particularly the blockade of the Strait of Hormuz, is expected to lead to a significant increase in international oil prices, with Brent crude at $104.49 per barrel and WTI at $92.35 per barrel [6][17] - The report suggests focusing on helium, biodiesel, and agricultural chemicals as potential investment opportunities due to their expected growth driven by rising oil prices and geopolitical tensions [8][9][21] Summary by Sections Chemical Industry Investment Recommendations - The report emphasizes the importance of monitoring geopolitical developments in the Middle East and their impact on oil prices, which are expected to remain volatile [22][23] - It notes that the domestic demand for agricultural chemicals is likely to increase due to rising food prices, benefiting companies in the phosphate and potash sectors [21] Price Trends - The report details the weekly price movements of various chemical products, indicating a mixed performance with notable increases in certain sectors while others faced declines [4][5][6] - Specific products like butadiene and ethylene have shown remarkable price growth, while dichloromethane and pure MDI have experienced significant drops [17][18] Market Dynamics - The report discusses the current state of the propane market, indicating a high price level with fluctuations expected due to geopolitical tensions and supply chain issues [27][28] - It also highlights the stability in the spray coal market, with prices showing slight increases amid rising demand from steel manufacturers [29][30] Agricultural Chemicals - The report indicates that the agricultural sector is likely to see increased demand for fertilizers and pesticides due to rising food prices, with specific companies identified as beneficiaries [21][38][39]

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - On March 23rd evening, Trump stated that an agreement with Iran might be reached within 5 days or even earlier, but Iran denied having negotiations. Pakistan offered to host a US - Iran meeting, but there's no sign of Iranian key figures going there. The negotiation progress may face difficulties as Iran's supreme leader emphasizes conditions like war compensation and economic sanctions lift. Attention should be paid to the subsequent situation [3] - For pure benzene, the port inventory starts to meet the de - stocking expectation. Domestic pure benzene operation is at a low level, with reduced arrivals and good downstream pick - up. Asian cracking plants and South Korean refineries have reduced loads, leading to an expected decline in South Korean pure benzene supply. Downstream operations show different trends: styrene's operation drops due to maintenance, caprolactam's operation rebounds slightly from a low level, and phenol, aniline, and adipic acid operations fluctuate at a high level [3] - For styrene, the port inventory still accumulates slightly at the beginning of the week, failing to meet the de - stocking expectation, and downstream pick - up doesn't improve further. In terms of supply, a Zhejiang Petrochemical unit will undergo maintenance in early April, and there are also maintenance expectations for Jihua and Zibo Junchen in April. Downstream operations are divided: EPS has a low inventory and good operation, while PS and ABS operations remain low [3] 3. Summary According to Relevant Catalogs 3.1 Pure Benzene and EB's Basis Structure and Inter - period Spread - No detailed analysis provided in the text, only figure references like "Figure 1: Pure benzene main contract basis and pure benzene main futures contract price", "Figure 2: Pure benzene main contract basis", etc. [8][15] 3.2 Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene: The FOB Korea - CFR Japan spread of pure benzene, FOB US Gulf - FOB Korea spread, FOB US Gulf - CFR China spread, FOB Rotterdam - CFR China spread, and import profit are presented in figures. The processing fee of pure benzene CFR China is - 48 dollars/ton (+34 dollars/ton), and the FOB Korea processing fee is - 57 dollars/ton (+34 dollars/ton), with a US - South Korea spread of 102.7 dollars/ton (-119.2 dollars/ton) [1][25][28] - Styrene: The non - integrated production profit of styrene is - 326 yuan/ton (-113 yuan/ton), and is expected to gradually compress. The import profit and spreads such as FOB US Gulf - CFR China and FOB Rotterdam - CFR China are also presented in figures [1][33][37] 3.3 Inventories and Operation Rates of Pure Benzene and Styrene - Pure benzene: The port inventory is 26.90 tons (-1.90 tons), and the operation rate remains low due to domestic refinery load reduction and gasoline production protection [1][3] - Styrene: The East China port inventory is 168,400 tons (+5,900 tons), the East China commercial inventory is 88,800 tons (+6,300 tons), and the operation rate is 70.5% (-1.3%) [1] 3.4 Operation and Production Profits of Styrene Downstream - EPS: The production profit is 860 yuan/ton (+376 yuan/ton), and the operation rate is 61.00% (+3.22%) [2] - PS: The production profit is - 565 yuan/ton (-24 yuan/ton), and the operation rate is 51.60% (-0.10%) [2] - ABS: The production profit is - 2060 yuan/ton (+288 yuan/ton), and the operation rate is 67.10% (-0.30%) [2] 3.5 Operation and Production Profits of Pure Benzene Downstream - Caprolactam: The production profit is - 435 yuan/ton (+225), and the operation rate is 77.21% (+2.34%) [1] - Phenol - ketone: The production profit is - 74 yuan/ton (-90), and the phenol operation rate is 87.00% (+0.50%) [1] - Aniline: The production profit is 1143 yuan/ton (+154), and the operation rate is 88.33% (-0.71%) [1] - Adipic acid: The production profit is - 242 yuan/ton (+143), and the operation rate is 69.50% (+0.50%) [1]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The cost side remains the dominant factor in the price of pure benzene. In the short term, pure benzene futures are expected to fluctuate with oil prices [3] - The supply of pure benzene is expected to decline significantly in the future. The downstream demand is expected to increase, and the high inventory is expected to be digested smoothly [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the main contract of pure benzene was 8,501 yuan/ton, a decrease of 704 yuan; the settlement price was 8,613 yuan/ton, a decrease of 210 yuan [2] - The trading volume of the main contract was 39,200 lots, an increase of 1,473 lots; the open interest was 22,162 lots, a decrease of 1,504 lots [2] 3.2 Spot Market - The mainstream price of pure benzene in the East China market was 8,760 yuan/ton, unchanged; in the North China market, it was 8,450 yuan/ton, an increase of 700 yuan; in the South China market, it was 8,400 yuan/ton, unchanged; in the Northeast region, it was 8,453 yuan/ton, an increase of 702 yuan [2] - The mainstream price of hydrogenated benzene in Jiangsu was 8,950 yuan/ton, an increase of 975 yuan; in Shanxi, it was 7,500 yuan/ton [2] - The FOB mid - price of pure benzene in South Korea was 1,133 US dollars/ton, an increase of 83 US dollars; the CFR mid - price of pure benzene in China was 1,141.46 US dollars/ton, an increase of 82.91 US dollars [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 110.15 US dollars/barrel [2] - The capacity utilization rate of pure benzene was 74.58%, an increase of 0.38 percentage points; the weekly output was 44.16 tons, an increase of 0.23 tons [2] 3.4 Industry Situation - The port inventory of pure benzene was 28.8 tons, a decrease of 1.4 tons; the production cost was 7,250.2 yuan/ton, an increase of 712.4 yuan; the production profit was 352 yuan/ton, a decrease of 523 yuan [2] 3.5 Downstream Situation - The开工率 of styrene was 70.46%, a decrease of 1.33 percentage points; the capacity utilization rate of caprolactam was 77.21%, an increase of 2.34 percentage points; the capacity utilization rate of phenol was 87.4%, an increase of 0.53 percentage points; the capacity utilization rate of aniline was 88.33%, a decrease of 0.71 percentage points; the capacity utilization rate of adipic acid was 69.5%, an increase of 0.5 percentage points [2] 3.6 Industry News - From March 13th to 19th, the operating rate of petroleum benzene increased by 0.39% to 74.58%, and the operating rate of hydrogenated benzene decreased by 1.59% to 61.48% [2] - From March 14th to 20th, the weighted operating rate of the five major downstream products of pure benzene decreased by 0.19% to 76.08% [2] - As of March 23rd, the inventory of pure benzene in East China ports was 26.9 tons, a decrease of 6.60% from the previous period. BZ2605 first rose and then fell, closing down 3.65% at 8,501 yuan/ton [2] - From March 13th to 19th, the profit of petroleum benzene in China was 352 yuan/ton, a decrease of 523 yuan/ton from the previous week [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The geopolitical situation in the Middle East is tense, with significant price fluctuations in the aromatic hydrocarbon sector. The port inventory of pure benzene has started to decline as expected, while the port inventory of styrene has continued to accumulate and has not yet met the de - stocking expectations [1][2][3] - Suggest a cautious strategy of buying on dips and hedging for BZ2604 and EB2605 [4] 3. Summary by Catalogue 3.1 Pure Benzene and EB's Basis Structure and Inter - period Spreads - Figures include the base price of the pure benzene main contract and the main futures contract price, the base price of the pure benzene main contract, the spread between pure benzene spot and M2 paper goods, the spread between the first - and third - consecutive contracts of pure benzene, the base price of the styrene main contract and the main contract, the base price of the EB main contract, and the spread between the first - and third - consecutive contracts of styrene [6][8][14][16][19] 3.2 Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Figures contain naphtha processing fees, the difference between pure benzene FOB South Korea and naphtha CFR Japan, styrene non - integrated plant production profits, the difference between pure benzene FOB US Gulf and FOB South Korea, the difference between pure benzene FOB US Gulf and CFR China, the difference between pure benzene FOB Rotterdam and CFR China, pure benzene import profits, styrene import profits, the difference between styrene FOB US Gulf and CFR China, and the difference between styrene FOB Rotterdam and CFR China [6][21][29][31][35][38] 3.3 Inventory and Operating Rates of Pure Benzene and Styrene - Figures cover the inventory of pure benzene in East China ports, the operating rate of pure benzene, the inventory of styrene in East China ports, the operating rate of styrene, the commercial inventory of styrene in East China, and the factory inventory of styrene [6][42][45][47] 3.4 Operating Rates and Production Profits of Styrene Downstream - Figures include the operating rate and production profit of EPS, the operating rate and production profit of PS, and the operating rate and production profit of ABS [6][55][58][60] 3.5 Operating Rates and Production Profits of Pure Benzene Downstream - Figures involve the operating rates of caprolactam, phenol - ketone, aniline, and adipic acid, as well as their production profits, and the production profits of PA6 regular spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [6][66][70][77][81][83][93][94]