3月第4周石化产品价格：中东冲突持续推动几乎全面上涨

Petrochemical Majors| Japan Morgan Stanley MUFG Securities Co., Ltd.+ Takato WatabeEquity AnalystTakato.Watabe@morganstanleymufg.com+81 3 6836-5436 Petchem Prices in 4th Week ofMarch: Ongoing Middle EastConflict Fuels Virtually Across-the-Board Increases Ryoichi WatanabeEquity AnalystRyoichi.Watanabe@morganstanleymufg.com+81 3 6836-8929 Petrochemical Majors JapanIndustry View Related report: The continued Middle East conflict kept crude oil prices trendingupward. Virtually all petrochemical prices were up in the week;none were down. Margins mostly improved. Petrochemical Majors: JPCA Stats (Jan): EthyleneCapacity Utilization Declines Further (19 Feb2026) Amid the continued increases in crude oil prices, of the 21 petrochemicalproducts, prices were up for 19, flat for 2, and down for 0:Prices +1.2% WoW forDubai crude and -1.0% for Singapore naphtha. The spread between crude oil andnaphtha was a positive $35.8, -$2.6 WoW. Natural gas flat, methanol +18.0%. Monomer prices up basically across the board:WoW (unless otherwise specified),ethylene was +0.4%, propylene +8.8%, BZ (benzene) -6.2%, toluene flat, SM(styrene monomer) +4.9%, BD (butadiene) +10.0%, phenol +1.3%, +12.7% foracetone. No weekly update for BPA. VCM (vinyl chloride monomer) +3.1%. MMA+4.3%. No weekly updates for pMDI (polymeric MDI), mMDI (monomeric MDI) orTDI . The ongoing conflict in the Middle East resulted in virtually across-the-boardincreases in monomer prices during the week. Polymer prices - All up:LDPE (low density polyethylene) +6.3%, HDPE (highdensity polyethylene) +9.5%. PP (polypropylene) +6.0%, PS (polystyrene) +12.0%,ABS +7.6%. PVC (vinyl chloride resin) +8.5%. No weekly update for PC. Fiber intermediates - Also basically entirely up:+4.9% for PX (paraxylene), +3.8%for PTA (purified terephthalic acid), +3.2% for EG (ethylene glycol), flat for AN(acrylonitrile). CPL (caprolactam) +2.1%. Margins mostly improved:The ethylene margin (naphtha cracker margin) was +$100 at $77. Margins, which broadly price in co-product credits, come out lookinghigher than the overall data. BD-naphtha spread was +$227 to $1,392. In BZderivatives, SM +$10, phenol (incl. byproduct acetone) -$22; no weekly update forpMDI or mMDI . CPL -$27. No weekly update for BPA. MMA -$23. No weekly updatefor TDI. For polymers, +$86 for LDPE, +$126 for HDPE. PP +$76, PS +$122, ABS +$51PVC +$88, no weekly update for PC. Synthetic fiber raw materials saw PTA -$5. EG +$17, AN -$108. Morgan Stanley does and seeks to do business withcompanies covered in Morgan Stanley Research. As a result,investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of Morgan StanleyResearch. Investors should consider Morgan StanleyResearch as only a single factor in making their investmentdecision. For analyst certification and other important disclosures,refer to the Disclosure Section, located at the end of thisreport. += Analysts employed by non-U.S. affiliates are not registeredwith FINRA, may not be associated persons of the memberand may not be subject to FINRA restrictions oncommunications with a subject company, public appearancesand trading securities held by a research analyst account. Spread tables Production capacity calculation method:Based on the production capacity datain 2024, we have listed the top production capacity of Japanese chemicalcompanies. For the JV companies, production capacity is calculated by countingaccording to the share holding ratio. Spread calculation method:Calculated by subtracting the raw material pricemultiplied by the basic unit from the product price based on the Asian marketprice. Only for the naphtha cracker margin, fuel costs and co-products were takeninto account. Butadiene Capacity (1000t) Styrene Monomer Capacity (1000t) Polypropylene Capacity (1000t) Disclosure Section The information and opinions in Morgan Stanley Research were prepared by Morgan Stanley MUFG Securities Co., Ltd. and its affiliates (collectively, "Morgan Stanley").For important disclosures, stock price charts and equity rating histories regarding companies that are the subject of this report, please see the Morgan Stanley Research Disclosure Websiteat www.morganstanley.com/eqr/disclosures/webapp/generalresearch, or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: ResearchManagement), New York, NY, 10036 USA. For valuation methodology and risks associated with any recommendation, rating or price target referenced in this research report, please contact the Client Support Team as follows: US/Canada+1 800 303-2495; Hong Kong +852 2848-5999; Latin America +1 718 754-5444 (U.S.); London +44 (0)20-7425-8169; Singapore +65 6834-6860; Sydney +61 (0)2-9770-1505; Tokyo +81(0)3-6836-9000. Alternatively you may contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY 10036 USA.Analyst Certification