瑞达期货苯乙烯产业日报-20250806

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The non - integrated profit of styrene has fallen to a loss level, and it may be difficult to maintain the high - operation status of the equipment in the future. This week, an 80,000 - ton faulty and overhauled equipment in the Northeast will restart, and the operating load of some equipment will be reduced. It is expected that the production volume and capacity utilization rate will decline slightly. The downstream industries of styrene are mostly operating with increased loads this week, which may drive up styrene consumption. The domestic supply - demand contradiction has been alleviated, but the difficulty of inventory reduction is still high. In terms of cost, due to the continuous impact of OPEC+ production increase and the lower - than - expected US non - farm payroll data in July, international oil prices have dropped significantly; the market price of pure benzene in East China is expected to have a small fluctuation range. Technically, for EB2509, pay attention to the support around 7180 and the resistance around 7440 [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the active styrene futures contract is 7285 yuan/ton, and the trading volume is 190,047 lots, a net increase of 33,369 lots. The long - position volume of the top 20 holders is 309,216 lots, a decrease of 6946 lots; the short - position volume is 321,772 lots, a decrease of 7174 lots; the net long - position volume is - 12,556 lots, an increase of 228 lots. The closing price of the October contract is 7314 yuan/ton, an increase of 6 yuan. The futures open interest is 249,986 lots, a decrease of 13,961 lots. The total number of warehouse receipts is 1067 lots, a decrease of 128 lots [2] Spot Market - The spot price of styrene is 7570 yuan/ton. The FOB South Korea intermediate price is 910 US dollars/ton, a decrease of 1 US dollar; the CFR China intermediate price is 7485 yuan/ton, a decrease of 5 yuan. In different regions, the mainstream prices in the South China, Northeast, North China, and East China are 900 yuan/ton (no change), 7250 yuan/ton (a decrease of 10 yuan), 7240 yuan/ton (an increase of 25 yuan), and 7300 yuan/ton (a decrease of 5 yuan) respectively [2] Upstream Situation - The intermediate prices of ethylene CFR Northeast Asia, CFR Southeast Asia, CIF Northwest Europe, and FD US Gulf are 821 US dollars/ton (no change), 831 US dollars/ton (no change), 809.5 US dollars/ton (an increase of 1.5 US dollars), and 457 US dollars/ton (a decrease of 6 US dollars) respectively. The spot prices of pure benzene in the US Gulf (FOB), Taiwan (CIF), Rotterdam (FOB) are 271 cents/gallon (an increase of 3 cents), 755.98 US dollars/ton (no change), 721 US dollars/ton (an increase of 4 US dollars) respectively. The market prices of pure benzene in the South China, East China, and North China markets are 6050 yuan/ton (no change), 6055 yuan/ton (an increase of 20 yuan), and 6030 yuan/ton (no change) respectively [2] Industry Situation - The overall styrene production rate is 78.92%, an increase of 0.08%. The national styrene inventory is 217,339 tons, an increase of 12,056 tons. The total inventory in the East China main port is 159,000 tons, a decrease of 5000 tons; the trade inventory in the East China main port is 66,500 tons, a decrease of 1000 tons [2] Downstream Situation - The production rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber are 54.25% (a decrease of 0.96%), 65.9% (a decrease of 0.92%), 53.3% (an increase of 1.7%), 29% (no change), and 73.42% (a decrease of 0.38%) respectively [2] Industry News - From July 25th to 31st, the overall production of Chinese styrene plants was 361,500 tons, a week - on - week increase of 400 tons or 0.11%; the plant capacity utilization rate was 78.92%, a week - on - week increase of 0.08%. The consumption of the main downstream products (EPS, PS, ABS) of styrene in China was 245,900 tons, an increase of 2100 tons or 0.86% compared with the previous week. As of August 4th, the inventory of styrene in the East China port was 159,000 tons, a week - on - week decrease of 3.05%; the inventory in the South China port was 15,500 tons, a week - on - week increase of 4.73% [2]