瑞达期货苯乙烯产业日报-20250506

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Due to the restart of some devices, the weekly output of styrene before the holiday increased by 3.76% to 322,900 tons, and the capacity utilization rate increased by 2.56% to 70.49%. The consumption of downstream EPS, PS, and ABS decreased by 2.73% to 252,600 tons. Factory inventory decreased by 4.30% to 218,400 tons, East China port inventory decreased by 9.52% to 86,500 tons, and South China port inventory increased by 2.31% to 26,600 tons. With the successive restart of 1.25 million - ton devices of Wanhua and Zheshi, the supply pressure of styrene spot increased. The demand for EPS, PS, and ABS was average, and the finished - product inventory was still high. - There is no sign of relief in the US tariff policy during the May Day holiday, and the export of terminal products is continuously suppressed. OPEC+ decided to accelerate production increase, and international oil prices dropped significantly during the holiday. In the short term, EB2506 is expected to fluctuate weakly [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the active contract of styrene futures was 6,944 yuan/ton, a decrease of 39 yuan; the trading volume was 293,446 lots, a decrease of 40,899 lots. - The long - position volume of the top 20 holders was 397,330 lots, an increase of 22,891 lots; the net long - position volume was - 8,544 lots, a decrease of 6,217 lots; the short - position volume was 405,874 lots, an increase of 29,108 lots. - The 3 - month contract closing price of styrene was 6,739 yuan/ton, a decrease of 106 yuan; the total number of warehouse receipts was 0 lots, a decrease of 805 lots [2]. 3.2 Spot Market - The spot price of styrene was 7,680 yuan/ton, an increase of 20 yuan. - The FOB South Korea intermediate price of styrene was 850 US dollars/ton, a decrease of 7 US dollars; the CFR China intermediate price was 860 US dollars/ton, a decrease of 7 US dollars. - The mainstream prices in different regions varied: South China was 7,680 yuan/ton (up 20 yuan), Northeast China was 7,275 yuan/ton (unchanged), North China was 7,425 yuan/ton (up 90 yuan), and East China was 7,195 yuan/ton (down 55 yuan) [2]. 3.3 Upstream Situation - The intermediate price of ethylene CFR Northeast Asia was 791 US dollars/ton (unchanged), CFR Southeast Asia was 871 US dollars/ton (unchanged), CIF Northwest Europe was 799 US dollars/ton (up 4 US dollars), and FD US Gulf was 457 US dollars/ton (down 6 US dollars). - The spot price of pure benzene in Taiwan's CIF was 675.83 US dollars/ton (down 46.44 US dollars), the FOB price in the US Gulf was 249 cents/gallon (unchanged), and the FOB price in Rotterdam was 626 US dollars/ton (up 1 US dollar). The market prices in different regions of pure benzene also changed: South China was 6,000 yuan/ton (unchanged), East China was 5,725 yuan/ton (down 110 yuan), and North China was 5,650 yuan/ton (down 250 yuan) [2]. 3.4 Industry Situation - The total styrene operating rate was 67.93%, an increase of 1.16 percentage points. - The national styrene inventory was 216,307 tons, a decrease of 2,177 tons; the total inventory in the East China main port was 85,200 tons, a decrease of 1,300 tons; the trade inventory in the East China main port was 58,200 tons, a decrease of 6,900 tons [2]. 3.5 Downstream Situation - The operating rates of downstream products changed: EPS was 49.28% (down 7.76 percentage points), ABS was 67.14% (up 2.06 percentage points), PS was 58.8% (up 0.1 percentage point), UPR was 30% (up 2 percentage points), and styrene - butadiene rubber was 67.86% (down 4.09 percentage points) [2]. 3.6 Industry News - From April 25th to May 1st, the overall output of Chinese styrene plants was 322,900 tons, a 3.76% increase from the previous period; the plant capacity utilization rate was 70.49%, a 2.56% increase from the previous period. - From April 18th to 24th, the consumption of the main downstream products (EPS, PS, ABS) of Chinese styrene was 252,600 tons, a 2.73% decrease from the previous week. - As of April 30th, the sample inventory of Chinese styrene plants was 209,900 tons, a 2.97% decrease from the previous period [2].