瑞达期货苯乙烯产业日报-20250422

Report Industry Investment Rating - Not provided Core Viewpoints - EB2506 oscillated weakly, closing at 7,236 yuan/ton. Supply decreased due to the expanded impact of previously shut - down plants, with last week's output down 2.43% to 305,800 tons and capacity utilization down 1.64% to 66.77%. Demand saw mixed changes in downstream operating rates, and consumption of EPS, PS, and ABS increased by 6.87% to 259,700 tons. Inventory decreased in factories and East - China ports but increased in South - China ports. Some plants are expected to shut down or reduce production this week, and output and capacity utilization are likely to decline. The restart of maintenance plants from late April to early May will provide a discount space for the 06 - contract. EPS demand is recovering in some regions, while PS and ABS demand is suppressed by US tariffs. International oil prices are oscillating, and pure benzene prices have short - term support. EB2506 is expected to oscillate in the range of 7,100 - 7,500 yuan/ton [2] Summary by Relevant Catalogs Futures Market - The closing price of the active futures contract for styrene was 7,236 yuan/ton, down 79 yuan. The trading volume was 24,715 lots. The long positions of the top 20 holders decreased by 532 lots to 391,767 lots. The 3 - month contract closing price was unchanged. The open interest of the active contract decreased by 4,868 lots to 282,446 lots. The net long positions of the top 20 holders decreased by 4,529 lots. The short positions of the top 20 holders increased by 3,997 lots to 396,635 lots. The total number of warehouse receipts decreased by 2,363 lots to 0 lots [2] Spot Market - The spot price of styrene was 912.5 yuan/ton. The mainstream price in South China decreased by 12 yuan to 7,862 yuan/ton. The FOB South Korea intermediate price was unchanged. The CFR China intermediate price was 922.5 dollars/ton, unchanged. The mainstream price in Northeast China was unchanged, that in North China decreased by 25 yuan to 7,575 yuan/ton, and that in East China was 7,525 yuan/ton, unchanged [2] Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 791 dollars/ton, unchanged; the CFR Southeast Asia was 871 dollars/ton, unchanged; the CIF Northwest Europe decreased by 5 dollars to 818.5 dollars/ton; the FD US Gulf decreased by 6 dollars to 457 dollars/ton. The spot price of pure benzene in Taiwan's CIF was 756.33 dollars/ton, unchanged; that in the US Gulf's FOB was 255 cents/gallon, unchanged; that in Rotterdam's FOB was 707 dollars/ton, unchanged. The market price in South China was unchanged, that in East China increased by 15 yuan to 6,370 yuan/ton, and that in North China increased by 100 yuan [2] Industry Situation - The overall styrene production rate was 66.77%, down 1.64 percentage points. The national inventory decreased by 9,807 tons. The total inventory at East - China's main ports decreased by 0.91 million tons to 8.65 million tons, and the trade inventory decreased by 0.5 million tons to 6.51 million tons. The EPS production rate increased by 11.98 percentage points to 66.99%, the ABS production rate decreased by 0.66 percentage points [2] Downstream Situation - The PS production rate decreased by 0.3 percentage points to 60.8%, the UPR production rate was 28%, unchanged, and the styrene - butadiene rubber production rate was 73.24%, unchanged [2] Industry News - From April 11th to 17th, China's styrene factory output was 305,800 tons, down 2.43% month - on - month, and the capacity utilization was 66.77%, down 1.64% month - on - month. The consumption of the main downstream products (EPS, PS, ABS) was 259,700 tons, up 6.87% month - on - month. As of April 17th, the factory inventory was 218,400 tons, down 4.30% month - on - month. As of April 21st, the inventory at Jiangsu ports was 865,000 tons, down 9.52% month - on - month, and that at South China ports was 266,000 tons, up 2.31% month - on - month [2]