日本石化巨头：5月第五周石化价格普遍疲软，尽管利润率普遍改善

Petrochemical Majors| Japan Petchem Prices in 5th Week ofMay: Predominantly Weak, Kano FujitaResearch AssociateKano.Fujita@morganstanleymufg.com +81 3 6836-8932 Amid a sharp pullback in crude oil and naphtha prices, declineswere observed across most petrochemical products, with gainslimited to just two items. Margins generally improved, supported Japan Amid a sharp pullback in crude oil and naphtha prices, of the 21 petrochemicalproducts, prices were up for 2, flat for 4, and down for 15:Prices -10.5% WoW forDubai crude and -14.0% for Singapore naphtha. The spread between crude oil and Related report: Petrochemical Majors: JPCA Stats (Apr):Ethylene Capacity Utilization Below 70% forSecond Straight Month Amid Middle East Monomer prices - mostly down:WoW (unless otherwise specified), ethylene was -7.7%, propylene flat, BZ (benzene) -4.3%, toluene -7.1%, SM (styrene monomer) -6.3%, BD (butadiene) -3.2%, phenol +2.7%, -6.4% for acetone. No weekly update forBPA (bisphenol A). VCM (vinyl chloride monomer) -2.1%. MMA -2.4%. No weekly Polymer prices - also mostly down:LDPE (low density polyethylene) flat, HDPE(high density polyethylene) -2.0%. PP (polypropylene) -1.5%, PS (polystyrene) -2.8%,ABS flat. PVC (vinyl chloride resin) -2.3%. No weekly update for PC (polycarbonate Fiber intermediates - same story, mostly down:-1.7% for PX (paraxylene), -1.2% forPTA (purified terephthalic acid), -2.8% for EG (ethylene glycol), flat for AN Margins - improvement overall, except for SM:The ethylene margin (naphthacracker margin) was +$102 to $301. Margins, which broadly price in co-productcredits, come out looking higher than the overall data. BD-naphtha spread was +$35to $771. In BZ derivatives, SM -$20, phenol (incl. byproduct acetone) +$28; noweekly update for pMDI or mMDI. CPL +$119. No weekly update for BPA. MMA +$5. 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 Stanley 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 2025, we have listed the top production capacity of Japanese chemical Spread calculation method:Calculated by subtracting the raw material pricemultiplied by the basic unit from the product price based on the Asian market Exhibit 2:Domestic Ethylene Capacity Source: Bloomberg, ICIS, Morgan Stanley Research Source: Bloomberg, ICIS, Morgan Stanley Research Source: Bloomberg, ICIS, Morgan Stanley Research Source: Bloomberg, ICIS, Morgan Stanley Research Source: Bloomberg, ICIS, Morgan Stanley Research Exhibit 24:HDPE Capacity Exhibit 26:PP Capacity Exhibit 28:PS Capacity Source: Bloomberg, ICIS, Morgan Stanley Research Source: Bloomberg, ICIS, Morgan Stanley Research Source: Bloomberg, ICIS, Morgan Stanley Research 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: Research 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 The following analysts hereby certify that their views about the companies and their securities discussed in this report are accurately expressed and that they have not received and will not Global Research Conflict Management Policy Morgan Stanley Research has been published in accordance with our conflict management policy, which is available at www.morganstanley.com/institutional/research/conflictpolicies. APortuguese version of the policy can be found at www.morganstanley.com.br Important Regulatory Disclosu