瑞达期货苯乙烯产业日报-20250701

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - EB2508 oscillated weakly, closing at 7,275 yuan/ton. The supply side saw an increase in styrene production and capacity utilization last week. The demand side had a rise in downstream consumption, but downstream demand is in the off - season with high finished - product inventories and shrinking profits, which restrains demand growth. Total inventory is at a relatively high level in the same period of history, making de - stocking difficult. Cost factors are bearish, but the deep discount of the futures main contract restricts the downside space. Attention should be paid to the support around 7,200 and the pressure around 7,400 on the daily K - line of EB2508 [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active styrene futures contract was 7,275 yuan/ton, a decrease of 12 yuan; the trading volume was 313,250 lots, a decrease of 379 lots. The long positions of the top 20 holders increased by 11,875 lots to 369,587 lots, and the net long positions decreased by 1,424 lots to - 21,961 lots. The short positions of the top 20 holders increased by 13,299 lots to 391,548 lots. The closing price of the July contract was 7,408 yuan/ton, unchanged [2]. - The futures open interest of the active styrene contract was 287,004 lots, an increase of 6,038 lots. The total number of styrene warehouse receipts was 0 lots, a decrease of 7,245 lots [2]. 3.2 Spot Market - The spot price of styrene was 8,050 yuan/ton, a decrease of 34 yuan. The FOB South Korea intermediate price of styrene was 906 US dollars/ton, a decrease of 5 US dollars. The CFR China intermediate price of styrene was 916 US dollars/ton, a decrease of 5 US dollars [2]. - The mainstream prices of styrene in different regions showed different changes: in the South China region, it was 7,725 yuan/ton, a decrease of 100 yuan; in the Northeast region, it was 7,875 yuan/ton, unchanged; in the North China region, it was 7,775 yuan/ton, a decrease of 90 yuan; in the East China region, it was 7,800 yuan/ton, a decrease of 185 yuan [2]. 3.3 Upstream Situation - The intermediate prices of ethylene in different regions: CFR Northeast Asia was 851 US dollars/ton, unchanged; CFR Southeast Asia was 861 US dollars/ton, unchanged; CIF Northwest Europe was 814 US dollars/ton, a decrease of 9.5 US dollars; FD US Gulf was 457 US dollars/ton, a decrease of 6 US dollars [2]. - The spot prices of pure benzene in different regions: the CIF price in Taiwan was 736.5 US dollars/ton, unchanged; the FOB price in the US Gulf was not provided with a change; the FOB price in Rotterdam was 705 US dollars/ton, a decrease of 5 US dollars. The market prices of pure benzene in different domestic markets: in the South China market, it was 6,100 yuan/ton, unchanged; in the East China market, it was 5,955 yuan/ton, a decrease of 30 yuan; in the North China market, it was 5,950 yuan/ton, unchanged [2]. 3.4 Industry Situation - The overall styrene operating rate was 80.08%, an increase of 1.07 percentage points. The national styrene inventory was 199,923 tons, an increase of 11,141 tons. The total inventory in the East China main port was 98,800 tons, an increase of 13,800 tons, and the trade inventory in the East China main port was 31,300 tons, a decrease of 35,000 tons [2]. 3.5 Downstream Situation - The operating rates of downstream products: EPS was 59.72%, an increase of 6.09 percentage points; ABS was 66%, an increase of 2.03 percentage points; PS was 57.4%, a decrease of 1.3 percentage points; UPR was 30%, unchanged; and the operating rate of styrene - butadiene rubber was 74.09%, unchanged [2]. 3.6 Industry News - From June 20th to 26th, the overall output of Chinese styrene factories was 366,800 tons, a 1.35% increase from the previous period, and the factory capacity utilization rate was 80.08%, a 1.07% increase month - on - month [2]. - From June 20th to 26th, the consumption of the main downstream products (EPS, PS, ABS) of Chinese styrene was 257,000 tons, an increase of 9,700 tons from the previous week, a 3.92% increase month - on - month [2]. - As of June 26th, the sample inventory of Chinese styrene factories was 199,900 tons, a 5.90% increase from the previous cycle [2].