瑞达期货苯乙烯产业日报-20250804

1. Report's Industry Investment Rating - No specific industry investment rating is provided in the report [1][2] 2. Core Viewpoints - The non - integrated profit of styrene has fallen to a loss level, and it may be difficult to maintain the high - operation state of the equipment in the future. The production and capacity utilization rate are expected to decline slightly this week [2]. - The downstream industries of styrene are mostly operating with increased loads this week, which may boost styrene consumption. The domestic supply - demand contradiction has eased, but the difficulty of inventory reduction remains high [2]. - International oil prices are expected to be strong this week, and the price fluctuation range of pure benzene in East China is expected to be small. The styrene futures are expected to show a fluctuating trend. For EB2509, pay attention to the support around 7180 and the resistance around 7520 [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active styrene futures contract is 7291 yuan/ton, a decrease of 5 yuan; the trading volume is 219,741 lots, a decrease of 21,290 lots; the holding volume is 264,170 lots, a decrease of 11,498 lots [2]. - The closing price of the October styrene contract is 7307 yuan/ton, a decrease of 22 yuan [2]. - The net long position of the top 20 holders is - 8031 lots, an increase of 6461 lots; the long - order volume is 313,365 lots, a decrease of 4478 lots; the short - order volume is 321,396 lots, a decrease of 10,939 lots [2]. - The total number of styrene warehouse receipts is 1195 lots, with no change [2] 3.2 Spot Market - The spot price of styrene is 7610 yuan/ton, a decrease of 36 yuan [2]. - The FOB South Korea intermediate price of styrene is 901 US dollars/ton, a decrease of 1 US dollar; the CFR China intermediate price is 911 US dollars/ton, a decrease of 1 US dollar [2]. - The mainstream prices of styrene in different regions vary. For example, the mainstream price in South China is 7490 yuan/ton, a decrease of 25 yuan; the mainstream price in Northeast China is 7350 yuan/ton, with no change; the mainstream price in North China is 7325 yuan/ton, and the mainstream price in East China is 7350 yuan/ton, a decrease of 25 yuan [2] 3.3 Upstream Situation - The intermediate prices of ethylene in different regions have different changes. For example, the CFR Northeast Asia intermediate price is 821 US dollars/ton, with no change; the CFR Southeast Asia intermediate price is 831 US dollars/ton, with no change; the CIF Northwest Europe intermediate price is 805.5 US dollars/ton, an increase of 12.5 US dollars; the FD US Gulf price is 457 US dollars/ton, a decrease of 6 US dollars [2]. - The prices of pure benzene in different regions also change differently. For example, the CIF price in Taiwan is 755.98 US dollars/ton, a decrease of 7.85 US dollars; the FOB price in the US Gulf is 269 cents/gallon, a decrease of 4 cents; the FOB price in Rotterdam is 739 US dollars/ton, with no change [2]. - The mainstream prices of pure benzene in domestic markets vary. For example, the price in the South China market is 6050 yuan/ton, with no change; the price in the East China market is 6090 yuan/ton, an increase of 20 yuan; the price in the North China market is 6060 yuan/ton, a decrease of 30 yuan [2]. - The overall styrene production capacity utilization rate is 78.92%, an increase of 0.08 percentage points; the national styrene inventory is 217,339 tons, an increase of 12,056 tons [2] 3.4 Industry Situation - The total inventory of styrene in the main ports of East China is 16.4 tons, an increase of 1.33 tons; the trading inventory is 6.75 tons, an increase of 1.13 tons [2] 3.5 Downstream Situation - The operating rates of downstream industries change differently. The operating rate of EPS is 54.25%, a decrease of 0.96 percentage points; the operating rate of ABS is 65.9%, a decrease of 0.92 percentage points; the operating rate of PS is 53.3%, an increase of 1.7 percentage points; the operating rate of UPR is 29%, an increase of 1 percentage point; the operating rate of styrene - butadiene rubber is 73.42%, a decrease of 0.38 percentage points [2] 3.6 Industry News - From July 25th to 31st, the overall output of Chinese styrene plants was 361,500 tons, an increase of 400 tons compared with the previous period, a month - on - month increase of 0.11%; the plant capacity utilization rate was 78.92%, a month - on - month increase of 0.08% [2]. - From July 25th to 31st, the consumption of the main downstream products (EPS, PS, ABS) of Chinese styrene was 245,900 tons, an increase of 2100 tons compared with the previous week, a month - on - month increase of 0.86% [2]. - As of August 4th, the styrene in East China EB2509 fell and then rebounded, closing at 7291 yuan/ton. The inventory of East China ports was 159,000 tons, a month - on - month decrease of 3.05%; the inventory of South China ports was 15,500 tons, a month - on - month increase of 4.73% [2]