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 View of the Report - Due to the continuous fermentation of the Middle - East geopolitical conflict and the US releasing a cease - fire signal, the market's concern about the conflict escalation has cooled, leading to a significant drop in the prices of energy and chemical products. The decline in coal - related prices has also reduced the cost of coal - based olefins, dragging down the price of propylene. From the fundamental perspective of propylene, the supply of raw material propane has tightened again, increasing the expectation of PDH device maintenance. The supply of propylene has tightened again, while the demand side is mainly for low - price rigid replenishment, and the overall market is in a wait - and - see state. In the short term, the supply - demand situation of propylene remains tight, and there is still support for the propylene price before the Middle - East situation shows an obvious easing signal [2] 3. Summary According to the Directory 3.1 Market News and Important Data - **Propylene data**: The closing price of the propylene main contract is 8795 yuan/ton (- 149), the spot price in East China is 9275 yuan/ton (+ 0), the spot price in North China is 8750 yuan/ton (- 20), the basis in East China is 480 yuan/ton (+ 149), the basis in Shandong is - 45 yuan/ton (+ 129), the operating rate is 71% (- 1%), the difference between propylene CFR in China and naphtha CFR in Japan is 129 US dollars/ton (- 19), the difference between propylene CFR and 1.2 propane CFR is - 105 US dollars/ton (+ 1), the import profit is - 1723 yuan/ton (- 68), and the in - plant inventory is 44560 tons (- 1800) [1] - **Propylene downstream data**: The operating rate of PP powder is 22% (- 5.28%), the production profit is - 150 yuan/ton (- 180); the operating rate of propylene oxide is 74% (- 1%), the production profit is 2288 yuan/ton (+ 454); the operating rate of n - butanol is 81% (- 1%), the production profit is 1513 yuan/ton (+ 202); the operating rate of octanol is 89% (+ 1%), the production profit is 892 yuan/ton (+ 214); the operating rate of acrylic acid is 77% (+ 4%), the production profit is 4265 yuan/ton (+ 0); the operating rate of acrylonitrile is 76% (+ 0%), the production profit is 583 yuan/ton (+ 251); the operating rate of phenol - acetone is 87% (- 1%), the production profit is 86 yuan/ton (+ 0) [1] 3.2 Market Analysis - **Price decline reason**: The continuous fermentation of the Middle - East geopolitical conflict, the US releasing a cease - fire signal, the cooling of the market's concern about the conflict escalation, and the decline in coal - related prices reducing the cost of coal - based olefins have led to a significant drop in the prices of energy and chemical products [2] - **Supply situation**: The supply of raw material propane has tightened again, the raw material inventory of upstream enterprises has been continuously consumed, increasing the expectation of PDH device maintenance. New PDH device maintenance plans have emerged, and some existing PDH devices continue to be shut down. The operating rate of PDH is expected to further decline, and the refinery cracking device has reduced its load, resulting in a tightening of propylene supply [2] - **Demand situation**: The demand side is mainly for low - price rigid replenishment, and the overall market is in a wait - and - see state. Some downstream enterprises have reduced their loads or shut down due to high costs, and it is necessary to pay attention to the transmission of negative feedback on the demand side [2] - **Price outlook**: In the short term, the supply - demand situation of propylene remains tight, and there is still support for the propylene price before the Middle - East situation shows an obvious easing signal [2] 3.3 Strategy - **Single - side strategy**: Cautiously go long on hedging at low prices - **Inter - period strategy**: None - **Inter - variety strategy**: None [3]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The ongoing geopolitical conflict in the Middle East has led to concerns about the supply of olefin raw materials such as naphtha and propane. The supply - side contraction continues to support the rise in olefin prices. For propylene, the supply is tightening due to the expected decline in PDH and refinery cracking unit operations. Although the demand side is mainly for low - price restocking, there are also cases of production cut due to high costs. In the short term, the supply - demand situation of propylene remains tight, and the price support exists as long as the Strait of Hormuz is not open [2]. 3. Summary by Relevant Catalogs 3.1 Market News and Important Data - **Propylene**: The closing price of the propylene main contract is 8,944 yuan/ton (-56), the spot price in East China is 9,275 yuan/ton (+300), and in North China is 8,770 yuan/ton (+455). The basis in East China is 331 yuan/ton (+356), and in Shandong is -174 yuan/ton (+511). The propylene operating rate is 71% (-1%), the difference between propylene CFR in China and naphtha CFR in Japan is 147 US dollars/ton (-22), the difference between propylene CFR and 1.2 propane CFR is -106 US dollars/ton (+14), the import profit is -1,656 yuan/ton (-206), and the in - plant inventory is 44,560 tons (-1,800) [1]. - **Propylene downstream**: The operating rate of PP powder is 22% (-5.28%), and the production profit is 30 yuan/ton (-105); the operating rate of propylene oxide is 74% (-1%), and the production profit is 2,288 yuan/ton (+454); the operating rate of n - butanol is 81% (-1%), and the production profit is 1,311 yuan/ton (+143); the operating rate of octanol is 89% (+1%), and the production profit is 678 yuan/ton (-277); the operating rate of acrylic acid is 77% (+4%), and the production profit is 4,265 yuan/ton (-113); the operating rate of acrylonitrile is 76% (+0%), and the production profit is 332 yuan/ton (-158); the operating rate of phenol - acetone is 87% (-1%), and the production profit is 86 yuan/ton (-115) [1]. 3.2 Market Analysis - The geopolitical conflict in the Middle East has intensified, increasing the expectation of the closure of the Strait of Hormuz. The supply problem of olefin raw materials has not been alleviated, and the decline in the operating rate of Asian refineries and cracking units supports the rise in olefin prices. For propylene, the supply of raw material propane has tightened again, increasing the expectation of PDH unit maintenance. The demand side is mainly for low - price restocking, but there are also production cut cases due to high costs. In the short term, the supply - demand of propylene is tight, and the price support exists [2]. 3.3 Strategy - **Unilateral**: Cautiously go long on hedging at low prices - **Inter - period**: None - **Inter - variety**: None [3] 3.4 Figures and Charts - **Propylene basis structure**: Includes figures such as the closing price of the propylene main contract, East China basis, Shandong basis, and futures contract spreads [6][11][14]. - **Propylene production profit and operating rate**: Covers figures related to the difference between propylene CFR and naphtha CFR, propylene capacity utilization rate, PDH production profit and capacity utilization rate, MTO production profit, and methanol - to - olefin capacity utilization rate [18][23][34]. - **Propylene downstream profit and operating rate**: Involves figures of production profit and operating rate of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [37][39][42]. - **Propylene inventory**: Includes figures of propylene in - plant inventory and PP powder in - plant inventory [62].

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 - 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]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The geopolitical situation in the Middle East remains tense, with no substantial progress in the US-Iran peace talks. Israel's attacks on Iran have further escalated the situation, causing supply issues for olefin raw materials such as crude oil, naphtha, and propane, which in turn support the rebound of the futures market [2]. - The supply of raw material propane has tightened again, increasing the expectation of PDH device maintenance. The supply of propylene has tightened due to the shutdown of PDH devices and the reduction of refinery cracking device loads. On the demand side, downstream enterprises mainly replenish inventory at low prices, but some have reduced their loads due to profit issues. Overall, the short - term supply and demand of propylene remain tight, and the price of propylene is still supported before the Strait of Hormuz is navigable [2]. Summary by Directory 1. Propylene Basis Structure - The closing price of the propylene main contract is 8851 yuan/ton (+99), the East China spot price of propylene is 9000 yuan/ton (-250), the North China spot price of propylene is 8800 yuan/ton (-185), the East China basis of propylene is 149 yuan/ton (-349), and the Shandong basis of propylene is -51 yuan/ton (-284) [1]. - Relevant figures include the closing price of the propylene main contract, East China basis, Shandong basis, futures 05 - 06 contract spread, 05 - 07 contract spread, and market prices in East, Shandong, and South China [5][6][11][16][18]. 2. Propylene Production Profit and Capacity Utilization - The propylene capacity utilization rate is 71% (-1%), the propylene CFR - Japan naphtha CFR is 282 US dollars/ton (+136), the propylene CFR - 1.2 propane CFR is -116 US dollars/ton (+85), and the import profit is -1285 yuan/ton (-430) [1]. - Relevant figures include propylene CFR - naphtha CFR, propylene capacity utilization, PDH production gross profit, PDH capacity utilization, MTO production gross profit, methanol - to - olefin capacity utilization, naphtha cracking production gross profit, crude oil main refinery capacity utilization, South Korea FOB - China CFR, and propylene import profit [5][21][26][30][32][35]. 3. Propylene Downstream Profit and Capacity Utilization - PP powder capacity utilization is 22% (-5.61%), production profit is -250 yuan/ton (+135); epoxy propane capacity utilization is 74% (-1%), production profit is 2288 yuan/ton (+454); n - butanol capacity utilization is 81% (-1%), production profit is 1007 yuan/ton (-185); octanol capacity utilization is 89% (+1%), production profit is 845 yuan/ton (-178); acrylic acid capacity utilization is 77% (+4%), production profit is 4360 yuan/ton (+178); acrylonitrile capacity utilization is 76% (+0%), production profit is 390 yuan/ton (+167); phenol - acetone capacity utilization is 87% (-1%), production profit is 76 yuan/ton (+150) [1]. - Relevant figures include the production profit and capacity utilization of PP powder, epoxy propane, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [5][39][41][46][53][54][57][61]. 4. Propylene Inventory - The in - plant inventory of propylene is 44560 tons (-1800) [1]. - Relevant figures include propylene in - plant inventory and PP powder in - plant inventory [5][64]. Strategy - Unilateral: Cautiously go long on hedging at low prices. - Inter - period: None. - Inter - variety: None [3]

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].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The current Iran situation is a crucial factor influencing the prices of olefin products. The market is closely watching the progress of the US - Iran peace talks. As the US has set harsh conditions and Iran has not accepted them, the situation remains in a "fighting while talking" stage. After the price of propylene declined, it entered a consolidation phase. From the fundamental perspective of propylene, the supply of raw - material propane has tightened again, increasing the expectation of PDH unit maintenance. The supply of propylene is expected to tighten further. On the demand side, downstream enterprises mainly replenish inventory at low prices, but some have reduced their production due to profit issues. In the short term, the supply - demand situation of propylene remains tight, and there is still support for its price before the Strait of Hormuz is open to navigation [2] 3. Summary by Relevant Catalogs I. Propylene Basis Structure - The report includes figures such as the closing price of the propylene main contract, the East China basis of propylene, the Shandong basis of propylene, the price difference between the propylene futures 05 - 06 contracts, the price difference between the propylene 05 - 07 contracts, and the market prices of propylene in East China, Shandong, and South China [6][11][14] II. Propylene Production Profit and Capacity Utilization - Figures cover the difference between propylene CFR in China and naphtha CFR in Japan, propylene capacity utilization, PDH production gross profit of propylene, PDH capacity utilization of propylene, MTO production gross profit of propylene, methanol - to - olefin capacity utilization, propylene naphtha cracking production gross profit, crude oil main refinery capacity utilization, the difference between South Korea FOB and China CFR, and propylene import profit [20][23][27] III. Propylene Downstream Profit and Capacity Utilization - It involves the production profit and capacity utilization of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [33][34][35] IV. Propylene Inventory - The report shows the in - plant inventory of propylene and the in - plant inventory of PP powder [56][57]

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]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The current situation in Iran remains a crucial factor influencing the prices of olefin products. On the evening of March 23, news of US - Iran peace talks emerged, but Iran denied having negotiations. Pakistan offered to host the talks, but there is no sign of Iranian key figures attending. The negotiation progress is expected to be difficult, and the subsequent development of the situation should be closely monitored [3] - From the perspective of the current propylene fundamentals, the supply of raw material propane has tightened again, increasing the expectation of PDH unit maintenance. PDH units in Shandong are starting to shut down, and the PDH operating rate is expected to decline further. The supply of propylene has tightened again. On the demand side, downstream enterprises mainly replenish inventory at low prices, but some have reduced their loads due to profit issues. The short - term supply - demand of propylene remains tight, and price support exists before the Strait of Hormuz is navigable [3] Summary by Directory 1. Propylene Basis Structure - The report presents figures related to propylene basis structure, including the closing price of the propylene main contract, East China basis, Shandong basis, futures 05 - 06 contract spread, 05 - 07 contract spread, and market prices in East China, Shandong, and South China [7][12][17][19] 2. Propylene Production Profit and Operating Rate - Figures show the difference between propylene CFR in China and naphtha CFR in Japan, propylene capacity utilization rate, PDH production gross profit, PDH capacity utilization rate, MTO production gross profit, methanol - to - olefin capacity utilization rate, propylene naphtha cracking production gross profit, crude oil main refinery capacity utilization rate, the difference between South Korea FOB and China CFR, and propylene import profit [22][26][29][30][33] 3. Propylene Downstream Profit and Operating Rate - It includes the production profit and operating rate of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [37][38][39][48][54][55][58][62] 4. Propylene Inventory - Figures display the propylene in - plant inventory and PP powder in - plant inventory [65]