4、 ABS 产能利用率 66.8%，环比下降 3%，厂家供应依旧十分紧张，控量发 货为主，且进入 1 月份后多为高价货源，节后归来市场询盘问价增多，成交放量， 价格呈现反弹。此外，UPR 产能利用率 38%，环比下降 1%；丁苯橡胶开工 82.92%， 环比持稳。 【冠通期货研究报告】 芳烃日报：止跌反弹，关注库存变化 发布日期：2026 年 2 月 4 日 【基本面分析】 1、截至 1 月 27 日，1 月苯乙烯华东江苏主流库区总库存量在 9.45-12.33 万吨区间波动。苯乙烯华东主要港口的库存整体仍处于历史低位区间，现货流通 性仍偏紧。 2、从下游三大领域（EPS、PS 和 ABS）的生产情况来看，截至 1 月 22 日当 周，EPS 产能利用率 58.71%，环比增长 4.66%，下游需求淡季，商家追涨情绪谨 慎，整体成交氛围欠佳。 3、 PS 产能利用率 57.3%，环比下降 0.1%，南京装置恢复、广西长科重启， 但连云港石化、宁波利万各减 1 条线，行业供应暂时稳定，行业总供应量平稳， 市场出货一般，库存转为上涨。 冠通期货 黄德志 执业资格证书编号：F03095011/Z0020103 注 ...

Group 1: Report Industry Investment Rating - The report maintains a cautious bullish view on pure benzene and styrene, suggesting waiting for low - buying opportunities after pullbacks [3] Group 2: Core View of the Report - Aromatics continue a relatively strong trend, but there is a need to guard against callback risks. The market situation is affected by factors such as inventory in the industrial chain, especially downstream inventory consumption [1][3] Group 3: Summary by Relevant Catalogs Fundamental Analysis - As of January 27, the total inventory of styrene in the mainstream storage areas of East China's Jiangsu Province fluctuated in the range of 94,500 - 123,300 tons. The inventory in major ports of East China remained at a historically low level, and spot liquidity was still tight [1] - As of the week of January 22, the capacity utilization rate of EPS was 58.71%, a month - on - month increase of 4.66%. In the off - season of downstream demand, merchants were cautious about chasing up prices, and the overall trading atmosphere was poor [1] - The capacity utilization rate of PS was 57.3%, a month - on - month decrease of 0.1%. Although some devices resumed production, others reduced production lines. Industry supply was temporarily stable, market shipments were average, and inventory started to rise [1] - The capacity utilization rate of ABS was 66.8%, a month - on - month decrease of 3%. Manufacturer supply was still very tight, mainly controlling shipments. After the holiday, market inquiries increased, trading volume expanded, and prices rebounded. In addition, the capacity utilization rate of UPR was 38%, a month - on - month decrease of 1%; the start - up rate of styrene - butadiene rubber was 82.92%, remaining stable month - on - month [1] Macroeconomic Analysis - The Fed's January interest - rate meeting decided to keep the interest rate in the 3.5 - 3.75% range. Milan and Waller supported a 25 - basis - point interest - rate cut. Powell reiterated that the interest rate was at the upper end of the neutral range, and policy had no pre - set route, relying on data. He also said that if tariff inflation peaked and then declined, it indicated that policy could be relaxed [2] - The decline in EIA gasoline inventory in the week ending January 23 was the largest since the week of November 7, 2025, and it was the 11th consecutive week of increase. The domestic crude - oil production in that week was the lowest since the week of October 31, 2025 [2] Futures and Spot Market Analysis - Pure benzene and styrene had a slight intraday pullback, maintaining a cautious bullish view. Attention should be paid to inventory changes in the industrial chain, especially downstream inventory consumption. If inventory continued to decline, there was room for further upward movement; otherwise, the probability of a decline was high [3]

Report Summary 1) Report Industry Investment Rating - The report maintains a cautious bullish view on pure benzene and styrene, suggesting waiting for low - buying opportunities after a pullback, but also warning of the risk of a pullback [5]. 2) Core View - The upward momentum of aromatics has slowed, and there is a need to guard against the risk of a pullback. The prices of pure benzene and styrene have risen significantly, and with subsequent partial device resumptions and high inventory of pure benzene, a pullback may occur [5]. 3) Summary by Relevant Sections Fundamental Analysis - As of the week of January 22, the overall output of Chinese styrene plants was 349,300 tons, a week - on - week decrease of 6,100 tons or 1.72%. The plant capacity utilization rate was 69.63%, a week - on - week decrease of 1.23%. Overall losses were greater than increments, leading to a decline in output [1]. - As of the week of January 22, the EPS capacity utilization rate was 58.71%, a week - on - week increase of 4.66%. In the off - season of downstream demand, merchants were cautious about chasing the rise, and the overall trading atmosphere was poor [1]. - The PS capacity utilization rate was 57.3%, a week - on - week decrease of 0.1%. The industry supply was temporarily stable, the total supply was flat, the market shipments were average, and the inventory started to rise [1]. - The ABS capacity utilization rate was 66.8%, a week - on - week decrease of 3%. Manufacturers' supply was still very tight, mainly controlling shipments. After the holiday, market inquiries increased, trading volume expanded, and prices rebounded. The UPR capacity utilization rate was 38%, a week - on - week decrease of 1%; the butadiene - styrene rubber operation rate was 82.92%, remaining stable week - on - week [2]. Macroeconomic Analysis - In recent days, a large - scale winter storm has swept across many parts of the United States, with 24 states and Washington, D.C. declaring a state of emergency, and 7 deaths reported due to the cold weather [3]. - The USS Abraham Lincoln Carrier Strike Group has arrived in the Middle East, and Iran has warned the United States that it will attack U.S. aircraft carriers if subjected to military strikes [3]. Futures and Spot Market Analysis - Pure benzene and styrene strengthened slightly during the day. The supply - demand of pure benzene has marginally improved, and port inventories have started to decline from high levels. There are opportunities for low - buying after a pullback, but the risk of a pullback should be guarded against [5].

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - As the Spring Festival approaches, the visible inventory of styrene enters the seasonal accumulation stage, and the current inventory pressure is not significant. Affected by the strong styrene spot, the profitability of integrated and non - integrated processes deepens. With the gradual resumption of plants, the tight supply - demand situation of styrene spot eases. In terms of cost, the market's concern about the Iranian situation has subsided, the troubled oil field in Kazakhstan is recovering, and international oil prices have fallen from high levels. In the short term, EB2603 is expected to show a volatile trend, with the daily range expected to be around 7470 - 7700 [2] 3. Summary According to Relevant Catalogs Futures Market - The closing price of the futures main contract of styrene was 7649 yuan/ton, a decrease of 53 yuan; the trading volume was down 56,375; the long position of the top 20 holders was 444,140 lots, a decrease of 420; the closing price of the March contract of styrene was 7649 yuan/ton, a decrease of 53 yuan; the open interest was down 28,663; the net long position of the top 20 holders was up 2,739; the short position of the top 20 holders was 472,803 lots, a decrease of 3,159; the total number of warehouse receipts was 2,480 lots, an increase of 500 [2] Spot Market - The spot price of styrene was 7,748 yuan/ton, a decrease of 6 yuan; the mainstream price in Northeast China was 7,675 yuan/ton, an increase of 175 yuan; the mainstream price in South China was 7,940 yuan/ton, an increase of 70 yuan; the mainstream price in North China was 7,775 yuan/ton, a decrease of 50 yuan; the mainstream price in East China was 7,905 yuan/ton, an increase of 85 yuan [2] Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 706 US dollars/ton, unchanged; the FD US Gulf price of ethylene was 424 US dollars/ton, a decrease of 8.5 US dollars; the CIF price of pure benzene in Taiwan was 776.29 US dollars/ton, unchanged; the FOB price of pure benzene in the US Gulf was 285 cents/gallon, unchanged; the FOB price of pure benzene in Rotterdam was 899 US dollars/ton, a decrease of 12 US dollars; the market price of pure benzene in South China was 5,900 yuan/ton, unchanged; the market price of pure benzene in East China was 6,025 yuan/ton, an increase of 85 yuan; the market price of pure benzene in North China was 5,940 yuan/ton, unchanged [2] Industry Situation - The total styrene operating rate was 69.63%, a decrease of 1.23 percentage points; the national styrene inventory was down 9,950 tons; the total inventory of the East China main port was 100,600 tons, an increase of 7,100 tons [2] Downstream Situation - The operating rate of EPS was 58.71%, an increase of 4.66 percentage points; the operating rate of ABS was 66.8%, a decrease of 3 percentage points; the operating rate of PS was 57.3%, a decrease of 0.1 percentage point; the operating rate of UPR was 38%, a decrease of 1 percentage point; the operating rate of styrene - butadiene rubber was 82.92%, unchanged [2] Industry News - From January 16th to 22nd, the overall output of Chinese styrene plants was 349,300 tons, a month - on - month decrease of 1.72%; the plant capacity utilization rate was 69.63%, a month - on - month decrease of 1.23%. From January 16th to 22nd, the consumption of EPS, PS, and ABS increased by 1.2% month - on - month to 270,800 tons. As of January 22nd, the styrene plant inventory was 151,200 tons, a month - on - month decrease of 6.17%. As of January 26th, the styrene inventory at the East China port was 100,600 tons, a month - on - month increase of 7.59%; the styrene inventory at the South China port was 15,000 tons, a month - on - month increase of 25%. EB2603 fell and then rebounded, closing at 7,649 yuan/ton. A 300,000 - ton plant in North China had a fault and shut down last week, and the load of some plants in Northeast and South China was adjusted, resulting in a month - on - month decrease in styrene production and capacity utilization. The EPS operating rate increased significantly, while the operating rates of other downstream products mainly decreased. The consumption of EPS, PS, and ABS increased month - on - month. As of January 26th, the non - integrated profit of styrene was 682.07 yuan/ton, and the integrated profit of styrene was 1,477.16 yuan/ton [2]

Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - The short - term EB2602 is expected to fluctuate strongly. The spot supply - demand balance is expected to continue, providing some support for prices. The cost of international oil prices has support, while the pure benzene price support is limited. The industry's operating rate may remain at a moderately low level, and the downstream operating rate will change differently [2]. Summary by Directory Futures Market - The closing price of the active contract of styrene futures was 7028 yuan/ton, a decrease of 46 yuan; the trading volume was 352,157 lots, a decrease of 155,060 lots. The long position of the top 20 holders was 375,459 lots, an increase of 594 lots; the net long position was - 37,350 lots, a decrease of 3,919 lots; the short position was 412,809 lots, an increase of 4,513 lots. The closing price of the March contract was 7081 yuan/ton, a decrease of 43 yuan. The open interest of the active contract was 242,728 lots, a decrease of 15,148 lots. The total number of warehouse receipts was 360 lots, an increase of 60 lots [2]. Spot Market - The spot price of styrene was 6964 yuan/ton, an increase of 114 yuan. The FOB Korea intermediate price was 895 dollars/ton, an increase of 29 dollars; the CFR China intermediate price was 905 dollars/ton, an increase of 29 dollars. The mainstream prices in Northeast, South, North, and East China were 6925, 7270, 7050, and 7170 yuan/ton respectively, with increases of 200, 165, 175, and 200 yuan [2]. Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 731 dollars/ton, unchanged; the CFR Southeast Asia intermediate price was 711 dollars/ton, unchanged; the CIF Northwest Europe intermediate price was 745.5 dollars/ton, an increase of 19.5 dollars; the FD US Gulf price was 399.5 dollars/ton, an increase of 8.5 dollars. The spot price of pure benzene in Taiwan's CIF was 682.6 dollars/ton, unchanged; the FOB price in the US Gulf was 277 cents/gallon, an increase of 2 cents; the FOB price in Rotterdam was 789 dollars/ton, a decrease of 5 dollars. The market prices in South, East, and North China were 5400, 5405, and 5300 yuan/ton respectively, with increases of 100, 70, and 80 yuan [2]. Industry Situation - The overall operating rate of styrene was 70.92%, an increase of 0.69%. The national inventory of styrene was 162,340 tons, a decrease of 9,420 tons; the inventory in the East China main port was 10.06 million tons, a decrease of 3.17 million tons [2]. Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 46.72%, 69.8%, 58.9%, 39%, and 81.68% respectively, with changes of +3.08%, - 0.1%, - 1.5%, +3%, and +1.16% [2]. Industry News - From January 2nd to 8th, China's styrene factory output was 355,700 tons, a month - on - month increase of 0.99%; the factory capacity utilization rate was 70.92%, a month - on - month increase of 0.69%. The consumption of downstream EPS, PS, and ABS increased by 0.31% month - on - month to 259,700 tons. As of January 8th, the styrene factory inventory was 162,300 tons, a decrease of 5.48% from last week; as of January 12th, the styrene inventory in East China ports was 100,600 tons, a decrease of 23.96% from last week [2]. Viewpoint Summary - There are no new plans for shutdown or restart of large - scale domestic styrene plants in the near future. The industry's operating rate may remain at a moderately low level. The operating rate of downstream EPS may increase slightly in the short term; the operating rate of the PS industry is expected to decline; the short - term supply of the ABS industry will not change much. The spot supply - demand balance is expected to continue, providing some support for prices. The international oil price has support, while the pure benzene price support is limited [2].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The macro sentiment is warm, and industrial products mainly rose during the day. EB2602 closed up at 6,811 yuan/ton. The impact of the shutdown of the 450,000 - ton plant of Bohua last week expanded, and the output and capacity utilization rate of styrene decreased month - on - month. The downstream EPS operating rate dropped significantly, the UPR operating rate decreased month - on - month, and the operating rates of PS, ABS, and styrene - butadiene rubber increased month - on - month. The absolute level of changes in factory and port inventories is not large, and the trend of explicit inventory depletion has slowed down. Non - integrated plants turned from loss to profit, and the profitability of integrated plants expanded. There are no recent news of major styrene plant shutdowns or restarts, and the domestic output and capacity utilization rate are expected to change little. EPS maintains a low operating rate due to the off - season of demand and high inventory, and the load of PS and ABS plants has no obvious adjustment. Currently, the overall downstream profit is low, and the enthusiasm of downstream enterprises to start work is suppressed. In terms of cost, the market believes that it will take time for Venezuela's crude oil production to recover, and international oil prices fluctuated and rose yesterday. Overall, styrene will gradually shift from a tight balance to a wide balance in January, and the supply - demand drive is weak. In the short term, EB2602 is expected to fluctuate, with the range expected to be around 6,700 - 6,900 [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active contract of styrene futures was 6,811 yuan/ton, a month - on - month increase of 72 yuan/ton; the trading volume was 255,208 lots, a month - on - month decrease of 14,594 lots. The long position of the top 20 holders of styrene futures was 361,224 lots, a month - on - month increase of 10,030 lots; the net long position was - 33,503 lots, a month - on - month decrease of 762 lots; the short position was 394,727 lots, a month - on - month increase of 10,792 lots. The closing price of the March contract was 6,862 yuan/ton, a month - on - month increase of 68 yuan/ton. The open interest of the active contract was 300,124 lots, a month - on - month decrease of 2,551 lots. The total number of warehouse receipts was 200 lots, a month - on - month increase of 200 lots [2]. 3.2 Spot Market - The spot price of styrene was 6,792 yuan/ton, a month - on - month increase of 32 yuan/ton. The FOB South Korea intermediate price was 839 US dollars/ton, a month - on - month decrease of 9 US dollars/ton; the CFR China intermediate price was 849 US dollars/ton, a month - on - month decrease of 9 US dollars/ton. The mainstream price in the Northeast region was 6,625 yuan/ton, with no month - on - month change; the mainstream price in the South China region was 6,965 yuan/ton, a month - on - month decrease of 100 yuan/ton; the mainstream price in the North China region was 6,710 yuan/ton, a month - on - month increase of 15 yuan/ton; the mainstream price in the East China region was 6,860 yuan/ton, a month - on - month decrease of 55 yuan/ton [2]. 3.3 Upstream Situation - The CIF price of pure benzene in Taiwan was 746 US dollars/ton, with no month - on - month change; the CFR Southeast Asia intermediate price of ethylene was 726 US dollars/ton, a month - on - month decrease of 3 US dollars/ton; the CFR Northeast Asia intermediate price was 675 US dollars/ton, a month - on - month decrease of 0.5 US dollars/ton; the CIF Northwest Europe intermediate price was 272 US dollars/ton; the FD US Gulf price was 430 US dollars/ton. The FOB price of pure benzene in the US Gulf was 53 US cents/gallon, with no month - on - month change; the FOB price in Rotterdam was 764 US dollars/ton, a month - on - month increase of 26 US dollars/ton. The market price of pure benzene in the South China market was 5,300 yuan/ton, with no month - on - month change; the market price in the East China market was 5,290 yuan/ton, a month - on - month decrease of 60 yuan/ton; the market price in the North China market was 5,250 yuan/ton, with no month - on - month change [2]. 3.4 Industry Situation - The overall operating rate of styrene was 70.23%, a month - on - month decrease of 0.47%. The national inventory of styrene was 171,760 tons, a month - on - month increase of 800 tons. The total inventory in the East China main port was 132,300 tons, a month - on - month decrease of 6,500 tons; the trade inventory in the East China main port was 77,300 tons, a month - on - month decrease of 6,000 tons [2]. 3.5 Downstream Situation - The operating rate of EPS was 43.64%, a month - on - month decrease of 8.92%; the operating rate of ABS was 69.9%, a month - on - month increase of 0.5%; the operating rate of PS was 60.4%, a month - on - month increase of 1.8%; the operating rate of UPR was 36%, a month - on - month decrease of 2%; the operating rate of styrene - butadiene rubber was 80.52%, a month - on - month increase of 1.14% [2]. 3.6 Industry News - From December 26 to January 1, the output of styrene factories was 352,200 tons, a month - on - month decrease of 0.68%; the capacity utilization rate was 70.23%, a month - on - month decrease of 0.47%. The operating rate of downstream EPS decreased by 8.92% month - on - month to 43.64%, the operating rate of PS increased by 1.8% month - on - month to 60.4%, the operating rate of ABS increased by 0.5% month - on - month to 69.9%, the operating rate of UPR decreased by 2% month - on - month to 36%, and the operating rate of styrene - butadiene rubber increased by 1.14% month - on - month to 80.52%. As of December 25, the inventory of styrene factories was 171,800 tons, a month - on - month increase of 0.47%. As of January 5, the inventory in East China ports was 132,300 tons, a month - on - month decrease of 4.68%; the inventory in South China ports was 20,600 tons, a month - on - month increase of 10.16%. On January 4, the non - integrated profit of styrene was 139.35 yuan/ton. On December 31, the integrated profit of styrene was 723.78 yuan/ton [2].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - This week, the main contract of styrene futures fluctuated in the range of 6,700 - 6,870. As of December 31, 2025, the main EB2602 contract of styrene closed at 6,791 yuan/ton, up 0.06% from last week's closing price. In the short - term, the supply - demand of styrene will gradually shift from tight balance to wide balance in January, with limited cost - side support, and the upward price trend is expected to weaken. The short - term operating range of EB2602 is expected to be around 6,680 - 6,950 [7]. 3. Summary by Relevant Catalogs 3.1. Weekly Key Points Summary - **Price**: The main contract of styrene futures fluctuated in the range of 6,700 - 6,870, and the EB2602 contract closed at 6,791 yuan/ton, up 0.06% [7]. - **Fundamentals**: On the supply side, Baolai's 350,000 - ton plant restarted, Tianjin Bohua's 450,000 - ton plant shut down due to a fault. Styrene output increased by 2.25% to 354,600 tons, and capacity utilization rose by 1.57% to 70.70%. On the demand side, the downstream operating rates mostly increased, with EPS up 0.75% to 52.56%, PS up 4.1% to 58.6%, ABS down 0.7% to 69.4%, UPR up 2% to 38%, and styrene - butadiene rubber up 0.15% to 79.38%. In terms of inventory, the styrene factory inventory increased by 0.47% to 171,800 tons, the East China port inventory decreased by 0.36% to 138,800 tons, and the South China port inventory increased by 70% to 18,700 tons. In terms of cost - profit, the non - integrated cost of styrene rose to 6,766.50 yuan/ton, and the non - integrated profit slightly recovered to - 177 yuan/ton. The integrated profit is around 635.04 yuan/ton, which is profitable [7]. - **Outlook**: There are no major styrene plant shutdown or restart news in the near future. Domestic output and capacity utilization are expected to change little. EPS will maintain low operation due to the off - season and high inventory. The load of PS and ABS plants has no significant adjustment. Currently, downstream profits are generally low, suppressing the enthusiasm of downstream enterprises to start production. In terms of cost, there are no signs of deterioration in the short - term geopolitical situation, and there is still supply pressure in the real - end of international crude oil. International oil prices are expected to be more likely to fall than to rise [7]. 3.2. Futures and Spot Market 3.2.1. Futures Market - **Futures Price and Warehouse Receipts**: The main EB futures contract fluctuated strongly, and the number of registered warehouse receipts decreased month - on - month [8]. - **Net Position and Monthly Spread**: The position of the 02 contract decreased month - on - month, and the 02 - 03 spread fluctuated slightly [13]. 3.2.2. Spot Market - **Spot Price and Basis**: The spot price fluctuated and rose, the main basis strengthened, and the spot was slightly at a premium [17]. 3.3. Industry Situation 3.3.1. Upstream Situation - **Ethylene and Pure Benzene Prices**: The RMB price of ethylene remained stable, and the price of pure benzene in East China fluctuated slightly [23]. - **Ethylene Supply**: In November, ethylene output decreased month - on - month, and ethylene imports remained basically stable month - on - month [27]. 3.3.2. Supply - **Capacity and Output**: In December, a new 200,000 - ton plant in Dongming was put into operation. In November, styrene production was 1.4562 million tons, a month - on - month decrease of 1.50% and a year - on - year increase of 13.83% [32]. - **Capacity Utilization**: Last week, the styrene operating rate increased month - on - month [36]. 3.3.3. Demand - **Downstream Price and Operating Rate**: The price decline of downstream EPS, PS, and ABS slowed down, and the downstream operating rates mostly increased. EPS, PS, and UPR operating rates increased, while ABS operating rate decreased, and styrene - butadiene rubber operating rate increased. EPS continued to accumulate inventory, while PS and ABS had some inventory reduction. Downstream profits were weak [39][43][48][53][56]. 3.3.4. Import and Export - In November, styrene imports were 18,800 tons, and exports were 23,700 tons [61]. 3.3.5. Inventory - Port inventory was 157,500 tons, and factory inventory was 171,800 tons. The East China port inventory was 138,800 tons, and the South China port inventory was 18,700 tons [66][70]. 3.3.6. Production Cost and Profit - Non - integrated cost increased slightly, and profit slightly recovered. The integrated process was highly profitable. This week, the import profit continued to be in a loss, and the import window was closed [74][80][83]. 3.4. Options Market Analysis - The 20 - day historical volatility of the main styrene contract was reported at 18.26%. The implied volatility of at - the - money call and put options was around 22.05% [88].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The EB2602 contract is expected to show a volatile trend in the short term, with technical support around 6390 and resistance around 6690. The domestic styrene supply - demand is shifting towards a looser balance, and the pace of visible inventory depletion is expected to slow down. The non - integrated process losses are deepening, while the integrated process profitability is expanding. The overall demand is difficult to see significant growth [2][3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active styrene futures contract is 6509 yuan/ton, down 31 yuan; the trading volume is 445526 lots, up 59642 lots. The long positions of the top 20 holders are 351589 lots, down 18663 lots; the net long positions are - 24911 lots, down 9610 lots. The short positions of the top 20 holders are 376500 lots, down 9053 lots. The contract price for January is 6467 yuan/ton, down 36 yuan. The open interest is 314602 lots, down 228 lots, and the total warehouse receipt quantity is 600 lots, up 500 lots [2] 3.2 Spot Market - The spot price of styrene is 6642 yuan/ton, up 6 yuan. The FOB South Korea middle price is 812.5 dollars/ton, up 17 dollars; the CFR China middle price is 822.5 dollars/ton, up 17 dollars. The mainstream prices in the Northeast, South, North, and East China regions are 6325 yuan/ton (up 50 yuan), 6720 yuan/ton (up 65 yuan), 6525 yuan/ton (unchanged), and 6550 yuan/ton (up 50 yuan) respectively [2] 3.3 Upstream Situation - The CFR Northeast Asia middle price of ethylene is 746 dollars/ton (unchanged), the CFR Southeast Asia middle price is 726 dollars/ton (unchanged), the CIF Northwest Europe middle price is 661.5 dollars/ton, up 3 dollars, and the FD US Gulf price is 408 dollars/ton, up 19.5 dollars. The spot prices of pure benzene in Taiwan (CIF), Rotterdam (FOB), and the South China, East China, and North China markets are 661.17 dollars/ton (unchanged), 739 dollars/ton (unchanged), 5300 yuan/ton (unchanged), 5325 yuan/ton (up 40 yuan), and 5150 yuan/ton (unchanged) respectively. The US Gulf FOB price is 279 cents/gallon (unchanged) [2] 3.4 Industry Situation - The overall styrene operating rate is 69.13%, up 0.84 percentage points. The national inventory is 170960 tons, down 7550 tons. The total inventory at the main ports in East China is 13.93 million tons, up 0.46 million tons; the trade inventory is 8.46 million tons, up 0.22 million tons. The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber are 51.81% (down 1.96 percentage points), 70.1% (down 0.43 percentage points), 54.5% (down 3.8 percentage points), 36% (unchanged), and 79.23% (down 0.94 percentage points) respectively [2] 3.5 Downstream Situation - From December 12th to 18th, the overall output of Chinese styrene factories was 346800 tons, up 2.38% from the previous period, and the factory capacity utilization rate was 69.13%, up 1.02% month - on - month. The consumption of EPS, PS, and ABS in the styrene downstream was 261800 tons, down 3.89% month - on - month. As of December 18th, the styrene factory inventory was 171000 tons, down 4.23% from the previous week. As of December 22nd, the styrene inventory at the East China ports was 139300 tons, up 3.41% from the previous week; the South China port inventory was 11000 tons, down 26.67% from the previous week. As of December 17th, the non - integrated profit of styrene was - 203 yuan/ton, and the integrated profit was 421.08 yuan/ton [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - EB261 rebounded after a decline, closing at 6,564 yuan/ton. Styrene production and capacity utilization decreased month-on-month. Downstream operating rates varied, with a slight decline in the consumption of downstream EPS, PS, and ABS. Factory and port inventories changed differently, and the de-stocking pace slowed down. Losses in non-integrated processes decreased, while profits in integrated processes deepened. With the recent launch of a 200,000-ton new device in Dongming and the restart of a 600,000-ton device at Lianyungang Petrochemical this week, domestic styrene supply is expected to recover. The impact of styrene maintenance in December will gradually weaken, and the capacity utilization rate is expected to rise. In the short term, the load on the downstream demand side will be slightly adjusted, with little overall change. The tight balance between supply and demand of styrene may gradually turn into a loose balance, weakening price support. In terms of cost, geopolitical uncertainties in Russia-Ukraine and US-Venezuela still exist, and the market expects an increased probability of the Fed cutting interest rates in December, with international oil prices fluctuating strongly recently. In the short term, EB2601 is expected to fluctuate, with daily K-line support around 6,400 and resistance around 6,620 [2]. Summary by Relevant Catalogs Futures Market - The closing price of the active styrene futures contract was 6,564 yuan/ton, up 15 yuan; the trading volume was 396,054 lots, up 125,956 lots; the long positions of the top 20 holders were 320,590 lots, up 4,091 lots; the net long positions of the top 20 holders were -40,233 lots, up 6,230 lots; the short positions of the top 20 holders were 360,823 lots, down 2,139 lots; the total number of warehouse receipts was 0 lots, unchanged [2]. Spot Market - The spot price of styrene was 6,656 yuan/ton, unchanged; the FOB Korea intermediate price was 810 US dollars/ton, down 1 US dollar; the CFR China intermediate price was 820 US dollars/ton, down 1 US dollar; the mainstream price in the Northeast region was 6,375 yuan/ton, unchanged; the mainstream price in the South China region was 6,785 yuan/ton, down 5 yuan; the mainstream price in the North China region was 6,505 yuan/ton, down 35 yuan; the mainstream price in the East China region was 6,600 yuan/ton, down 5 yuan [2]. Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 741 US dollars/ton, unchanged; the CFR Southeast Asia intermediate price was 721 US dollars/ton, unchanged; the CIF Northwest Europe intermediate price was 643 US dollars/ton, up 1.5 US dollars; the FD US Gulf price was 457 US dollars/ton, down 6 US dollars; the CIF price of pure benzene in Taiwan was 658 US dollars/ton, down 3.33 US dollars; the FOB price of pure benzene in the US Gulf was 273 cents/gallon, unchanged; the FOB price of pure benzene in Rotterdam was 714 US dollars/ton, down 6 US dollars; the market price of pure benzene in the South China market was 5,300 yuan/ton, unchanged; the market price of pure benzene in the East China market was 5,320 yuan/ton, down 35 yuan; the market price of pure benzene in the North China market was 5,270 yuan/ton, unchanged [2]. Industry Situation - The overall styrene production from November 21st to 27th was 334,700 tons, a decrease of 2.39% from the previous period; the factory capacity utilization rate was 67.29%, a month-on-month decrease of 1.66%. The consumption of downstream EPS, PS, and ABS from November 21st to 28th was 268,800 tons, a month-on-month decrease of 0.3%. As of November 27th, the styrene factory inventory was 190,400 tons, a week-on-week increase of 1.24%. As of December 1st, the styrene inventory at East China ports was 160,600 tons, a week-on-week decrease of 2.19%; the inventory at South China ports was 9,500 tons, a week-on-week decrease of 39.1% [2]. Downstream Situation - The operating rate of EPS was 54.75%, down 1.52 percentage points; the operating rate of ABS was 71.2%, down 1.2 percentage points; the operating rate of PS was 57.6%, up 1.7 percentage points; the operating rate of UPR was 37%, unchanged; the operating rate of styrene-butadiene rubber was 75.99%, up 1.23 percentage points [2]. Industry News - From November 21st to 27th, the overall production of Chinese styrene factories was 334,700 tons, a decrease of 2.39% from the previous period; the factory capacity utilization rate was 67.29%, a month-on-month decrease of 1.66%. From November 21st to 28th, the consumption of styrene downstream EPS, PS, and ABS was 268,800 tons, a month-on-month decrease of 0.3%. As of November 27th, the styrene factory inventory was 190,400 tons, a week-on-week increase of 1.24%. As of December 1st, the styrene inventory at East China ports was 160,600 tons, a week-on-week decrease of 2.19%; the inventory at South China ports was 9,500 tons, a week-on-week decrease of 39.1%. As of November 26th, the non-integrated profit of styrene was -159 yuan/ton, and the integrated profit was 208.76 yuan/ton [2].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Short - term supply - demand balance of styrene may deepen, and visible inventory is expected to maintain a destocking trend. The EB2601 contract is expected to show a volatile trend in the short term, with technical support around 6270 and resistance around 6600 [2]. - Last week, non - integrated plant losses decreased, and integrated plant profits expanded. Due to the maintenance of Sinochem Quanzhou's 450,000 - tonne plant, domestic styrene supply is expected to decline slightly this week [2]. - Downstream EPS demand is weak with high inventory, and there is a slight downward adjustment expectation for plant operation. PS plants are in a phased recovery state, and ABS plant supply is expected to remain high [2]. 3. Summary by Directory 3.1 Futures Market - The trading volume of styrene futures (active contract) was 361,779, and the closing price was 6,533 yuan/ton. The 1 - month contract closing price was also 6,533 yuan/ton. The trading volume of the active contract increased by 116,537, and the closing price decreased by 5,728 [2]. - The long - position volume of the top 20 holders was 319,939 lots, with a decrease of 3,466 lots; the net long - position volume was - 45,468 lots, an increase of 2,046 lots; the short - position volume was 407,247 lots, a decrease of 7,774 lots; the total warehouse receipt quantity was 200 lots, a decrease of 1,260 lots [2]. 3.2 Spot Market - The spot price of styrene was 6,636 yuan/ton, an increase of 46 yuan/ton. The FOB South Korea intermediate price was 802 US dollars/ton, unchanged; the CFR China intermediate price was 812 US dollars/ton, unchanged [2]. - The mainstream prices in Northeast, North, South, and East China were 6,275 yuan/ton (down 50 yuan/ton), 6,695 yuan/ton (unchanged), 6,430 yuan/ton (unchanged), and 6,510 yuan/ton (up 10 yuan/ton) respectively [2]. 3.3 Upstream Situation - The intermediate prices of ethylene CFR Northeast Asia, CFR Southeast Asia, CIF Northwest Europe, and FD US Gulf were 731 US dollars/ton (unchanged), 721 US dollars/ton (unchanged), 639 US dollars/ton (down 2.5 US dollars/ton), and 457 US dollars/ton (down 6 US dollars/ton) respectively [2]. - The spot prices of pure benzene in the US Gulf (FOB), Taiwan (CIF), Rotterdam (FOB) were 661.33 cents/gallon (unchanged), 273 US dollars/ton (down 3 US dollars/ton), and 721 US dollars/ton (down 15 US dollars/ton) respectively. The market prices in South, East, and North China were 5,300 yuan/ton (unchanged), 5,300 yuan/ton (down 25 yuan/ton), and 5,290 yuan/ton (unchanged) respectively [2]. 3.4 Industry Situation - The overall styrene plant operating rate was 68.95%, a decrease of 0.3%. The national styrene inventory was 188,096 tons, a decrease of 1,335 tons. The total inventory at the East China main port was 164,200 tons, an increase of 15,900 tons, and the trade inventory was 94,200 tons, an increase of 6,900 tons [2]. 3.5 Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 56.27% (up 4.64%), 72.4% (up 0.6%), 55.9% (up 0.5%), 37% (up 1%), and 74.76% (unchanged) respectively [2]. 3.6 Industry News - From November 14th to 20th, China's styrene plant output was 342,900 tons, a decrease of 0.44% from the previous period, and the plant capacity utilization rate was 68.95%, a decrease of 0.3% [2]. - From November 14th to 20th, the consumption of EPS, PS, and ABS in the styrene downstream was 269,600 tons, an increase of 3.45% [2]. - As of November 20th, the styrene plant inventory was 188,100 tons, a decrease of 0.70% from the previous week. As of November 24th, the East China port inventory was 164,200 tons, an increase of 10.72% from the previous week, and the South China port inventory was 15,600 tons, an increase of 11.43% from the previous week [2]. - As of November 19th, the non - integrated profit of styrene was - 225 yuan/ton, and the integrated profit was 139.67 yuan/ton [2].