瑞达期货苯乙烯产业日报-20250610

Report Summary 1. Report Industry Investment Rating - The investment rating for the styrene industry is neutral [2] 2. Core View of the Report - The styrene futures contract EB2507 rose 2.60% to close at 7,346 yuan/ton. On the supply side, last week's styrene production increased by 0.39% to 331,100 tons, and the capacity utilization rate rose 0.3% to 72.29%. On the demand side, the downstream operating rates mostly declined, with consumption of EPS, PS, and ABS decreasing by 8.1% to 237,100 tons. In terms of inventory, factory inventory increased by 12.16% to 191,400 tons, East China port inventory decreased by 10.21% to 80,000 tons, and South China port inventory decreased by 18.75% to 13,000 tons. There are no planned shutdown devices in the near future, and the large - scale maintenance capacity that was shut down earlier is scheduled to restart in mid - June, so supply pressure is expected to increase. Although downstream profits have recovered, terminal demand is seasonally weak, and some downstream finished product inventories are high, so demand is unlikely to grow significantly. The overall inventory pressure is not large. Recently, international oil prices have strengthened due to positive factors, but the continuous supply - demand surplus of pure benzene may weaken the positive impact of strong oil prices. The styrene market has strengthened recently due to rising oil prices and continuous inventory drawdown in the spot market, but the room for further rebound may be limited under the expectation of weakening supply - demand [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active styrene futures contract was 7,346 yuan/ton, up 135 yuan. The trading volume of the active contract decreased by 1,438 lots. The closing price of the July contract was 7,705 yuan/ton, up 287,165 yuan. The long positions of the top 20 holders were 266,363 lots, down 8,507 lots; the net long positions were - 16,705 lots, up 6,029 lots; the short positions were 389,594 lots, down 7,467 lots. The number of warehouse receipts was 0 lots [2] 3.2 Spot Market - The spot price of styrene was 7,870 yuan/ton. The FOB South Korea intermediate price was 881 US dollars/ton, down 16 US dollars; the CFR China intermediate price was 891 US dollars/ton. The mainstream prices in Northeast, South, North, and East China were 7,700 yuan/ton (unchanged), 7,825 yuan/ton (up 150 yuan), 7,535 yuan/ton (up 20 yuan), and 7,505 yuan/ton (up 70 yuan) respectively [2] 3.3 Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 781 US dollars/ton (unchanged), the CFR Southeast Asia intermediate price was 851 US dollars/ton (unchanged), the CIF Northwest Europe intermediate price was 737 US dollars/ton (up 0.5 US dollars), and the FD US Gulf price was 457 US dollars/ton (down 6 US dollars). The spot prices of pure benzene in Taiwan (CIF), Rotterdam (FOB), and the US Gulf (FOB) were 719.83 US dollars/ton (unchanged), 683 US dollars/ton, and 258 US cents/gallon (up 4 US cents) respectively. The market prices of pure benzene in South China, East China, and North China were 5,850 yuan/ton (unchanged), 5,920 yuan/ton (up 65 yuan), and 5,990 yuan/ton (up 170 yuan) respectively [2] 3.4 Industry Situation - The overall styrene operating rate was 72.29%, up 0.3%. The national styrene inventory was 191,416 tons, up 20,757 tons. The total inventory in the East China main port was 80,000 tons, down 9,100 tons; the trade inventory in the East China main port was 58,100 tons, down 12,400 tons [2] 3.5 Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 46.42% (down 12.25%), 64.02% (up 1.7%), 59.2% (down 2.6%), 25% (down 7%), and 70.09% (up 1.39%) respectively [2] 3.6 Industry News - From May 30 to June 5, China's total styrene production was 331,100 tons, up 0.39% from the previous period, and the capacity utilization rate was 72.29%, up 0.3% from the previous period. The consumption of the main downstream products (EPS, PS, ABS) was 237,100 tons, down 8.1% from the previous period. As of June 9, the sample inventory in Jiangsu's styrene ports was 80,000 tons, down 10.21% from the previous period; the total inventory in the mainstream storage areas in South China was 13,000 tons, down 18.75% from the previous period [2]