【PS Morning Briefing】With ongoing industry shipment pressures, the PS market may stabilize and adopt a wait-and-see approach in the short term.

I. Focus Points

1, 3/3: The market is concerned that the additional tariffs imposed by the US will drag down the global economy and demand, and it is still uncertain whether OPEC+ can postpone its production increase plan, leading to a decline in international oil prices. The NYMEX crude oil futures 04 contract fell by $1.39 per barrel to $68.37, a decrease of -1.99% month-over-month; the ICE Brent crude futures 05 contract (which has rolled over) fell by $1.19 per barrel to $71.62, a decrease of -1.63% month-over-month. China's INE crude oil futures main contract 2504 fell by 3.3 to 539.2 yuan per barrel, and during the night session, it further declined by 12.7 to 526.5 yuan per barrel.

Core Logic: The recovery speed of small and medium-sized downstream factories does not match the supply, with the industry still under pressure to move inventory.

II. Price List

III. Market Outlook

The raw material styrene has stopped falling and is trading within a narrow range, with unclear cost direction. The recovery speed of small and medium-sized downstream factories is not keeping up with the supply, and the industry still faces pressure to sell off inventory. In the short term, the PS market may stabilize and adopt a wait-and-see approach, focusing on sales. It is estimated that the transparent modified benzene in the East China market may be in the range of 8800-10300 yuan per ton.

IV. Data Calendar