瑞达期货苯乙烯产业日报-20250728

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - The previous policy - driven market sentiment has declined, and most industrial product futures fell during the day. EB2509 dropped 1.97% to close at 7,358 yuan/ton. The domestic styrene market maintains a high - production state. Supply has increased, with last week's styrene output rising 0.67% to 361,100 tons and capacity utilization up 0.54% to 78.84%. Demand has also improved, with downstream EPS, PS, ABS consumption increasing 2.65% to 243,800 tons. In terms of inventory, the factory inventory decreased 1.46% to 205,300 tons, while the East China port inventory increased 8.81% to 150,700 tons and the South China port inventory decreased 2.04% to 19,200 tons. The styrene market is expected to maintain a supply - stronger - than - demand pattern. Next week, styrene production and capacity utilization are expected to remain stable or slightly increase. The improvement in downstream consumption may not be sustainable due to weak terminal demand. The overall inventory is at a relatively high level compared to the same period in history, and it is difficult to reduce inventory in the future. The cost support is limited, and the international oil price is expected to fluctuate. The market should pay attention to the latest progress of China - US tariff negotiations [2]. Group 3: Summary by Related Catalogs 1. Futures Market - The closing price of the active styrene futures contract was 7,358 yuan/ton, down 229 yuan; the trading volume was 431,585 lots, down 208 lots; the open interest of the active contract was 295,650 lots, down 21,424 lots; the net long position of the top 20 holders was - 23,626 lots, up 8,903 lots; the short position of the top 20 holders was 344,836 lots, down 53,457 lots; the total number of warehouse receipts was 1,900 lots, up 400 lots [2]. 2. Spot Market - The spot price of styrene was 7,736 yuan/ton, unchanged; the FOB South Korea intermediate price was 910 US dollars/ton, up 3.5 US dollars; the CFR China intermediate price was 920 US dollars/ton, up 3.5 US dollars. The mainstream prices in different regions showed variations: Northeast was 7,450 yuan/ton, down 200 yuan; South China was 7,555 yuan/ton, down 140 yuan; North China was 7,450 yuan/ton, unchanged; East China was 7,540 yuan/ton, up 90 yuan [2]. 3. Upstream Situation - The intermediate prices of ethylene in different regions were: CFR Northeast Asia was 821 US dollars/ton, unchanged; CIF Northwest Europe was 842.5 US dollars/ton, unchanged; CFR Southeast Asia was 831 US dollars/ton, unchanged; FD US Gulf was 457 US dollars/ton, down 6 US dollars. The spot prices of pure benzene also varied: Taiwan's CIF price was 763.83 US dollars/ton, up 26.33 US dollars; US Gulf's FOB price was 284 cents/gallon, unchanged; Rotterdam's FOB price was 755 US dollars/ton, unchanged. The market prices of pure benzene in different domestic markets were: South China was 5,950 yuan/ton, unchanged; East China was 6,095 yuan/ton, up 115 yuan; North China was 6,020 yuan/ton, unchanged [2]. 4. Industry Situation - The overall styrene operating rate was 78.84%, up 0.54%. The national inventory of styrene was 205,283 tons, down 3,036 tons; the total inventory in the East China main port was 150,700 tons, up 12,200 tons; the trade inventory in the East China main port was 56,200 tons, up 11,200 tons. The operating rates of downstream products changed: EPS was 55.21%, up 2.03%; ABS was 66.82%, up 0.92%; PS was 51.6%, up 1; UPR was 28%, unchanged; styrene - butadiene rubber was 73.8%, up 0.72% [2]. 5. Industry News - From July 18th to 24th, China's styrene factory output was 361,100 tons, up 2,400 tons from the previous period, a month - on - month increase of 0.67%, and the capacity utilization rate was 78.84%, up 0.54%. The consumption of the main downstream products (EPS, PS, ABS) was 243,800 tons, up 6,300 tons from last week, a month - on - month increase of 2.65%. As of July 24th, the sample inventory of Chinese styrene factories was 205,300 tons, down 3,000 tons from the previous cycle, a month - on - month decrease of 1.46% [2].