Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-07-15 09:35Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View of the Report - The spot price of styrene is under pressure due to weak supply - demand. The futures price of the 08 contract is expected to be stronger than the spot price because the basis of the 08 contract is still relatively high. Technically, attention should be paid to the support around 7270 for EB2508. The supply side is expected to remain in a high - production state, the demand side has not improved, the total inventory is at a relatively high level in the same period of history and difficult to deplete, and the cost lacks support [2]. 3. Summary by Related Catalogs Futures Market - Futures trading volume (active: trading volume) of styrene (EB) is 420,738, with a daily increase of 125,804. The futures closing price (active contract) of styrene is 7,340 yuan/ton. The 9 - month contract closing price of styrene is 7,255 yuan/ton, down 112 yuan/ton. The futures holding volume (active: trading volume) of styrene (EB) decreased by 15,310. The net long position of the top 20 holders of styrene decreased by 4,506 to 18,033 hands. The short position of the top 20 holders of styrene increased by 7,432 to 411,972 hands. The warehouse receipt quantity of styrene is 0 [2]. 现货市场 - The spot price of styrene is 7,936 yuan/ton. The FOB South Korea intermediate price of styrene is 915 US dollars/ton. The CFR China intermediate price of styrene is 925 US dollars/ton. The mainstream prices in the northeast, south, north, and east regions are 7,750 yuan/ton, 7,850 yuan/ton, 7,705 yuan/ton, and 7,715 yuan/ton respectively, with the north and east regions decreasing by 5 yuan/ton and 10 yuan/ton respectively [2]. Upstream Situation - The CFR Northeast Asia intermediate price of ethylene is 821 US dollars/ton, the CFR Southeast Asia intermediate price is 831 US dollars/ton, the CIF Northwest Europe intermediate price is 802 US dollars/ton, and the FD US Gulf price is 457 US dollars/ton, down 6 US dollars/ton. The spot prices of pure benzene in the US Gulf, Taiwan, Rotterdam are 290 US cents/gallon, 735.83 US dollars/ton, and 779 US dollars/ton respectively. The market prices of pure benzene in the south, east, and north regions are 5,950 yuan/ton, 5,965 yuan/ton, and 5,860 yuan/ton respectively [2]. Industry Situation - The total styrene inventory in the country is 209,695 tons, an increase of 15,745 tons. The total inventory in the East China main port is 138,500 tons, an increase of 27,000 tons, and the trade inventory is 45,000 tons, an increase of 6,000 tons. The overall styrene production from July 4th to 10th was 362,800 tons, a month - on - month decrease of 1.04%, and the capacity utilization rate was 79.21%, a month - on - month decrease of 0.82% [2]. Downstream Situation - The operating rates of styrene, EPS, ABS, PS, UPR, and styrene - butadiene rubber are 79.21% (down 0.82%), 51.06% (down 4.82%), 65% (down 0.04%), 51.1% (down 1.3%), 29%, and 73.08% (down 0.58%) respectively. From July 4th to 10th, the consumption of the main downstream products (EPS, PS, ABS) of styrene was 234,100 tons, a month - on - month decrease of 3.9% [2]. Industry News - From July 4th to 10th, the overall production of Chinese styrene factories was 362,800 tons, a month - on - month decrease of 1.04%, and the factory capacity utilization rate was 79.21%, a month - on - month decrease of 0.82%. The consumption of the main downstream products (EPS, PS, ABS) of styrene was 234,100 tons, a month - on - month decrease of 3.9%. As of July 10th, the sample inventory of Chinese styrene factories was 209,700 tons, a month - on - month increase of 8.12% [2].