Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-05-28 10:10Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report - EB2507 dropped 1.06% to close at 7068 yuan/ton. The supply side saw a 2.82% week - on - week decrease in styrene production to 31.73 tons last week, with capacity utilization dropping 2% to 69.27%. The demand side had a 3.1% week - on - week decrease in consumption of EPS, PS, and ABS to 25.36 tons. In terms of inventory, factory inventory decreased 12.32% to 18.64 tons, while East China port inventory increased 43.19% to 7.46 tons, and South China port inventory decreased 13.04% to 2 tons. There are no planned shutdown or restart of plants this week. Currently, styrene profit is still high, indicating potential supply increase. As the terminal moves into the off - season, the low profit of downstream EPS, PS, and ABS will suppress styrene demand in the short term. Total inventory is at a neutral level with little pressure. Due to factors such as OPEC+ production increase and postponed US - EU tariff negotiations, international oil prices have been volatile recently, and the abundant supply of pure benzene will put pressure on its price. Fundamentally bearish, the EB2507 futures price is expected to remain weak in the short term, with an expected trading range of around 6960 - 7200 [2]. 3. Summary by Related Catalogs Futures Market - The closing price of the active styrene futures contract was 7068 yuan/ton, down 99 yuan; the trading volume was 388,976 lots, down 12,862 lots; the open interest was 302,805 lots, down 13,321 lots. The net long position of the top 20 holders was 1522 lots. The closing price of the July contract was 7068 yuan/ton, down 99 yuan [2]. Spot Market - The spot price of styrene was 8110 yuan/ton, unchanged. The FOB South Korea intermediate price was 884 dollars/ton, down 2 dollars; the CFR China intermediate price was 894 dollars/ton, down 2 dollars. The mainstream prices in different regions varied, with prices in Northeast and North China unchanged, that in East China up 75 yuan, and that in South China unchanged [2]. Upstream Situation - The intermediate price of ethylene CFR Northeast Asia was 781 dollars/ton, unchanged; that of CFR Southeast Asia was 851 dollars/ton, unchanged; that of CIF Northwest Europe was 746.5 dollars/ton, unchanged; the FD US Gulf price was 457 dollars/ton, down 6 dollars. The spot price of pure benzene in different regions showed a downward trend, with prices in the US Gulf up 3 cents/gallon, in Taiwan unchanged, and in Rotterdam down 5 dollars/ton. The market prices in South China, East China, and North China all decreased [2]. Industry Situation - The overall styrene production from May 16th to 22nd was 31.73 tons, down 0.92 tons from the previous period, a week - on - week decrease of 2.82%. The capacity utilization rate was 69.27%, down 2%. The total national styrene inventory was 186,399 tons, down 26,199 tons. The total inventory at the East China main port was 7.46 tons, up 2.25 tons; the trade inventory was 5.16 tons, up 1.47 tons. The operating rates of EPS, ABS decreased, while that of PS increased, and that of UPR remained unchanged [2]. Downstream Situation - The operating rates of PS and butadiene - styrene rubber increased, while those of EPS, ABS decreased, and that of UPR remained unchanged [2]. Industry News - From May 16th to 22nd, China's styrene factory production decreased by 2.82% to 31.73 tons, and the capacity utilization rate decreased by 2% to 69.27%. The consumption of the main downstream products (EPS, PS, ABS) decreased by 3.1% to 25.36 tons. As of May 22nd, the factory inventory was 18.64 tons, a 12.32% decrease from the previous period [2].