Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-04-09 09:04Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - On April 9, the US imposed a 104% tariff on China, and China will take measures to safeguard its rights [2]. - In the short - term, EB2505 is expected to be weak following the oil price due to OPEC+ over - production and the US tariff weakening the global economic growth outlook [2]. - In April, large - scale benzene - ethylene plant maintenance plans may partially relieve supply pressure, but short - term demand growth is expected to be limited as PS and ABS inventory accumulation problems remain unsolved [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main futures contract of benzene - ethylene was 7034 yuan/ton, down 171 yuan; trading volume was 440,643, down 46,246; the long position of the top 20 was 365,018 hands, an increase of 12,557 hands; the net long position was 729 hands, an increase of 1,897 hands; the short position was 364,289 hands, an increase of 10,660 hands; the warehouse receipt quantity was 0 hands, a decrease of 2,363 hands [2]. - The closing price of the March contract was 6,921 yuan/ton, down 236 yuan [2]. 3.2 Spot Market - The spot price of benzene - ethylene was 7,960 yuan/ton, down 200 yuan; FOB Korea was 875 dollars/ton, down 21 dollars; CFR China was 885 dollars/ton, down 21 dollars [2]. - Market prices in different regions decreased, with the largest drop of 350 yuan/ton in the Northeast region [2]. 3.3 Upstream Situation - Ethylene prices were mostly stable, with a 2 - dollar/ton decrease in CIF Northwest Europe and a 6 - dollar/ton decrease in FD US Gulf [2]. - Pure benzene prices showed mixed trends, with a 17 - dollar/ton increase in Rotterdam FOB and a 550 - yuan/ton decrease in the South China market [2]. 3.4 Industry Situation - The overall benzene - ethylene plant operating rate was 73.28%, down 2.02 percentage points; national inventory was 205,118 tons, down 18,623 tons; East China main port inventory was 119,000 tons, down 27,600 tons; trade inventory was 83,000 tons, down 15,100 tons [2]. 3.5 Downstream Situation - The operating rates of EPS, ABS, and UPR decreased, while those of PS and butadiene - styrene rubber changed little [2]. 3.6 Industry News - From March 28 to April 3, China's benzene - ethylene factory output was 335,700 tons, down 9,200 tons (2.67% MoM), and the capacity utilization rate was 73.28%, down 2.02 percentage points [2]. - As of April 7, Jiangsu port inventory decreased by 18.83% to 119,000 tons, and South China port inventory increased by 37.25% to 35,000 tons [2].