瑞达期货苯乙烯产业日报-20250527

Report Summary - Report Date: May 27, 2025 [1] - Report Type: Styrene Industry Daily Report - Researcher: Lin Jingyi (Futures Practitioner Qualification No. F03139610, Futures Investment Consulting Practitioner Certificate No. Z0021558) - Assistant Researcher: Xu Tianze (Futures Practitioner Qualification No. F03133092) Industry Investment Rating - Not provided Core Viewpoints - The fundamentals of the styrene market are bearish, and the EB2507 contract still shows a weakening trend. The short - term operating range is expected to be around 7000 - 7200 yuan/ton [2] - The current profit of styrene is still relatively high, which implies an expected increase in supply. However, the terminal is transitioning to the off - season, and the low profit levels of downstream EPS, PS, and ABS are suppressing styrene demand in the short term. The total inventory is at a neutral level with little pressure [2] Summary by Directory 1. Futures Market - The closing price of the active futures contract for styrene was 7167 yuan/ton, a decrease of 28 yuan. The trading volume was 401,838 lots, a decrease of 66,285 lots. The 7 - month contract closing price was also 7167 yuan/ton, a decrease of 28 yuan [2] - The long positions of the top 20 holders were 386,654 lots, a decrease of 6,348 lots; the short positions were 401,497 lots, a decrease of 19,801 lots; the net long positions were - 14,843 lots, an increase of 13,453 lots [2] - The futures open interest was 290,609 lots, a decrease of 4,393 lots, and the total number of warehouse receipts was 5,167 lots, an increase of 283 lots [2] 2. Spot Market - The spot price of styrene was 8,110 yuan/ton, a decrease of 20 yuan. The FOB South Korea intermediate price was 886 US dollars/ton, a decrease of 9.5 US dollars; the CFR China intermediate price was 896 US dollars/ton, a decrease of 9.5 US dollars [2] - The mainstream prices in different regions of China varied: 7,915 yuan/ton in North China (a decrease of 65 yuan), 7,900 yuan/ton in Northeast China (unchanged), 7,825 yuan/ton in East China (an increase of 25 yuan), etc. [2] 3. Upstream Situation - The intermediate prices of ethylene in different regions: CFR Northeast Asia was 781 US dollars/ton (unchanged), CFR Southeast Asia was 851 US dollars/ton (unchanged), CIF Northwest Europe was 746.5 US dollars/ton (a decrease of 10 US dollars), and FD US Gulf was 457 US dollars/ton (a decrease of 6 US dollars) [2] - The spot prices of pure benzene: the Taiwan CIF price was 722.33 US dollars/ton (unchanged), the Rotterdam FOB price was 683 US dollars/ton, the US Gulf FOB price was 0 US cents/gallon, and the domestic market prices in different regions also had different changes [2] 4. Industry Situation - The overall styrene production from May 16th to 22nd was 317,300 tons, a decrease of 9,200 tons compared to the previous period, with a month - on - month decrease of 2.82%. The capacity utilization rate was 69.27%, a month - on - month decrease of 2% [2] - The total national inventory of styrene was 186,399 tons, a decrease of 26,199 tons; the total inventory at the main ports in East China was 74,600 tons, an increase of 22,500 tons; the trade inventory at the main ports in East China was 51,600 tons, an increase of 14,700 tons [2] 5. Downstream Situation - The operating rates of downstream products: EPS was 59.52% (a decrease of 2.82%), ABS was 60.87% (a decrease of 6.52%), PS was 59.7% (an increase of 2.6%), UPR was 33% (unchanged), and butadiene - styrene rubber was 70.14% (an increase of 3.22%) [2] - From May 16th to 22nd, the consumption of the main downstream products (EPS, PS, ABS) of styrene in China was 253,600 tons, a decrease of 8,100 tons compared to the previous week, with a month - on - month decrease of 3.1% [2] 6. Industry News - From May 16th to 22nd, the overall production of Chinese styrene factories was 317,300 tons, with a capacity utilization rate of 69.27%, both showing month - on - month decreases [2] - From May 16th to 22nd, the consumption of the main downstream products of styrene was 253,600 tons, a month - on - month decrease of 3.1% [2] - As of May 22nd, the sample inventory of Chinese styrene factories was 186,400 tons, a decrease of 12.32% compared to the previous cycle; as of May 26th, the total inventory of the Jiangsu styrene port samples was 74,600 tons, an increase of 43.19% compared to the previous cycle, and the total inventory of the main storage areas in South China was 20,000 tons, a decrease of 13.04% compared to the previous cycle [2]