苯乙烯产业链早报-2025-04-02

1. Report Industry Investment Rating - There is no information provided about the industry investment rating in the report. 2. Core Viewpoints - The downward space of styrene is limited, with support at the price level of 7,600. The contract is eb2505. Looking ahead, styrene may show a pattern of having support below and pressure above. The support lies in the fact that as the maintenance season of pure benzene and styrene approaches, styrene inventory will gradually be depleted. The de - stocking degree of pure benzene is less than that of styrene, showing a mild de - stocking trend, so the price support in the second quarter is relatively strong. The upper - side pressure comes from the limited ability of the end - users to bear high prices. One should focus on the downstream profits of pure benzene and styrene. The price range is estimated to be between 7,600 and 8,150 [5]. 3. Summary by Related Catalogs 3.1产业链操作建议 - For refiners with high inventory and worried about styrene price decline, they can short - hedge a small proportion of unsold EB inventory using eb2505 at an entry price of 9,600 to prevent unexpected risks [6]. - For traders building inventory and seeking to buy styrene at low prices, they can buy call options (eb2505 - C - 8600) according to the procurement plan at an entry price of 77 [6]. - For traders with inventory and seeking to sell styrene at high prices, they can short - hedge a part of the inventory using eb2505 at an entry price of 9,600 to prevent short - term price decline [6]. - For end - customers purchasing styrene and worried about price increase, they can buy call options (eb2505 - C - 8600) according to the procurement plan at an entry price of 77 [6]. - For end - customers with inventory and worried about price decline, they can short - hedge a part of the inventory using eb2505 at an entry price of 9,600 to prevent short - term price decline [6]. 3.2日度描述 - Crude oil is generally running strongly. The domestic profit of pure benzene has recently continued to recover to a seasonal high, while the non - integrated profit of styrene is currently at a relatively low valuation level [8]. 3.3产业链每日数据 - Price Data: On April 1, 2025, compared with March 31, 2025, the price of naphtha CFR Japan decreased by 1 to 645.00; the price of ethylene CFR Northeast Asia remained unchanged at 855.00; the price of toluene CFR China increased by 12 to 747.00; the price of toluene FOB Korea increased by 4 to 730.00; the price of pure benzene China CFR increased by 17 to 853.00; the price of pure benzene Korea FOB increased by 12 to 832.00; the price of pure benzene in East China increased by 145 to 6,760.00; the spot price of styrene in East China increased by 146 to 8,153.00; the EPS price remained unchanged at 8,950.00; the PS price remained unchanged at 8,800.00; the ABS price remained unchanged at 11,275; the EB outer - disk US dollar price in China CFR decreased by 3 to 975.00; the US Gulf FOB remained unchanged at 1,100.00; the Korea FOB decreased by 3 to 965.00; the Rotterdam FOB increased by 47 to 1,264.00; the China Taiwan CFR remained unchanged at 1,006.50 [10]. - Profit Data: On April 1, 2025, compared with March 31, 2025, the domestic profit of pure benzene increased by 152.9 to 532.54; the import profit of pure benzene increased by 1.4 to - 331.18; the non - integrated profit of styrene increased by 31.2 to - 161.72; the integrated profit of styrene (ethylbenzene dehydrogenation) increased by 164.0 to 714.05; the import profit of styrene increased by 170.0 to - 106.69; the EPS profit increased by 73.73 to - 203; the PS profit decreased by 146.0 to - 353.00; the ABS profit decreased by 119.9 to 527.55 [21]. - Spread and Basis Data: On April 1, 2025, compared with March 31, 2025, the pure benzene paper - cargo spread decreased by 5 to 0.00; the EB04 closing price increased by 109 to 8,029.00; the EB05 closing price increased by 146 to 7,983.00; the EB4 - 5 spread decreased by 37 to 46.00; the EB04 East China basis increased by 37 to 124.00 [30].