Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-07-22 09:39Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The styrene market shows a situation of weak reality versus strong expectations. The EB2509 daily K - line should pay attention to the pressure around 7560 yuan/ton. The domestic styrene is still in a high - production state. With the impact of restarting devices expanding this week, production and capacity utilization are expected to rise slightly. Terminal demand is in the off - season, and downstream demand is mainly for rigid needs. The profits of downstream "three S" products have been repaired due to the decline in styrene prices, but the high inventory of "three S" finished products is difficult to reduce. The total styrene inventory is at a relatively high level in the same period of history, and the difficulty of inventory reduction increases. In terms of cost, international oil prices are expected to fluctuate weakly, and the supply - demand of pure benzene is expected to remain loose, providing limited support [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active contract of styrene futures is 7481 yuan/ton, a decrease of 11 yuan/ton. The trading volume is 401499 lots, an increase of 64988 lots. The long positions of the top 20 holders are 356805 lots, a decrease of 17918 lots. The net long positions are - 21917 lots, an increase of 479 lots. The short positions of the top 20 holders are 378722 lots, a decrease of 18397 lots. The warehouse receipt quantity is 0 lots, a decrease of 7245 lots. The closing price of the October contract is 7426 yuan/ton, an increase of 66 yuan/ton [2]. 3.2 Spot Market - The spot price of styrene is 7856 yuan/ton, an increase of 10 yuan/ton. The FOB South Korea middle price is 911.5 dollars/ton, an increase of 14.5 dollars/ton. The CFR China middle price is 921.5 dollars/ton, an increase of 14.5 dollars/ton. The mainstream prices in Northeast, South, North, and East China are 7750 yuan/ton (up 100 yuan/ton), 7670 yuan/ton (down 70 yuan/ton), 7525 yuan/ton, and 7560 yuan/ton (up 120 yuan/ton) respectively [2]. 3.3 Upstream Situation - The middle prices of ethylene CFR Northeast Asia, CFR Southeast Asia, CIF Northwest Europe, and FD US Gulf are 821 dollars/ton (unchanged), 831 dollars/ton (unchanged), 815 dollars/ton (up 2.5 dollars/ton), and 457 dollars/ton (down 6 dollars/ton) respectively. The spot prices of pure benzene in Taiwan (CIF), US Gulf (FOB), and Rotterdam (FOB) are 737.5 dollars/ton, 284 cents/gallon (down 2 cents/gallon), and 768 dollars/ton respectively. The market prices of pure benzene in South, East, and North China are 5950 yuan/ton (unchanged), 6010 yuan/ton (up 65 yuan/ton), and 5860 yuan/ton (unchanged) respectively [2]. 3.4 Industry Situation - The overall styrene production rate is 78.3%, a decrease of 0.91%. The national styrene inventory is 208319 tons, a decrease of 1376 tons. The total inventory in the East China main port is 15.07 tons, an increase of 1.22 tons. The trade inventory in the East China main port is 5.62 tons, an increase of 1.12 tons [2]. 3.5 Downstream Situation - The production rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber are 53.18% (up 2.12%), 65.9% (up 0.9%), 50.6% (down 0.5%), 28% (down 1%), and 73.08% (unchanged) respectively [2]. 3.6 Industry News - From July 11th to 17th, China's styrene factory production was 35.87 tons, a decrease of 0.41 tons compared with the previous period, a month - on - month decrease of 1.13%. The factory capacity utilization rate was 78.3%, a month - on - month decrease of 0.91%. The consumption of the main downstream products (EPS, PS, ABS) was 23.75 tons, an increase of 0.34 tons compared with the previous week, a month - on - month increase of 1.45%. As of July 17th, the sample inventory of Chinese styrene factories was 20.83 tons, a decrease of 0.14 tons compared with the previous cycle, a month - on - month decrease of 0.66% [2].