Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-08-12 09:18Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - EB2509 oscillated strongly, closing at 7,322 yuan/ton. The supply side shows a week-on-week decrease in styrene production and capacity utilization. The demand side indicates varying changes in the downstream operating rates, with a week-on-week decrease in consumption. In terms of inventory, there were week-on-week decreases in factory and East China port inventories, and an increase in South China port inventory. This week, production and capacity utilization are expected to rise week-on-week. The non-integrated profit has fallen to a loss level, and in the long term, the high operating state of the devices may not be sustainable. In the short term, demand is expected to increase, but weak downstream demand and inventory accumulation expectations may restrain demand growth. The supply and demand of styrene will both increase, but the situation of supply exceeding demand is expected to continue, and inventory pressure may continue to rise. In terms of cost, international oil prices are expected to oscillate. Driven by macro-level positives, industrial products rose during the day. The EB2509 futures price has a small premium or discount, and it is expected to oscillate in the short term, with the range around 7,200 - 7,400 yuan/ton [2] Group 3: Summary by Related Catalogs Futures Market - The closing price of the active styrene futures contract was 7,322 yuan/ton, a week-on-week increase of 72 yuan/ton; the trading volume was 214,365 lots, a week-on-week increase of 19,003 lots; the open interest was 210,323 lots, a week-on-week decrease of 16,855 lots. The closing price of the October contract was 7,348 yuan/ton, a week-on-week increase of 76 yuan/ton. The long positions of the top 20 holders were 314,868 lots, and the net long positions were -17,227 lots, a week-on-week decrease of 4,811 lots; the short positions were 332,095 lots, a week-on-week increase of 13,674 lots. The spot price of styrene was 7,610 yuan/ton. The total number of warehouse receipts was 6 lots. The FOB South Korea intermediate price was 889 US dollars/ton, a week-on-week decrease of 2 US dollars/ton; the CFR China intermediate price was 899 US dollars/ton [2] 现货市场 - The mainstream price of styrene in the Northeast region was 7,350 yuan/ton, unchanged; in the South China region, it was 7,465 yuan/ton, unchanged; in the North China region, it was 7,275 yuan/ton, a week-on-week decrease of 50 yuan/ton; in the East China region, it was 7,305 yuan/ton, a week-on-week increase of 10 yuan/ton [2] Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 826 US dollars/ton, a week-on-week increase of 5 US dollars/ton; the CFR Southeast Asia intermediate price was 831 US dollars/ton, unchanged; the CIF Northwest Europe intermediate price was 869 US dollars/ton, a week-on-week decrease of 6.5 US dollars/ton; the FD US Gulf price was 457 US dollars/ton, a week-on-week decrease of 6 US dollars/ton. The spot price of pure benzene in Taiwan's CIF was 744.81 US dollars/ton; the FOB price in the US Gulf was 273 US cents/gallon; the FOB price in Rotterdam was 720 US dollars/ton, a week-on-week decrease of 4 US dollars/ton. The market price of pure benzene in the South China market was 6,050 yuan/ton, unchanged; in the East China market, it was 6,115 yuan/ton, a week-on-week decrease of 20 yuan/ton; in the North China market, it was 6,160 yuan/ton, unchanged [2] Industrial Situation - The overall operating rate of styrene was 77.73%, a week-on-week decrease of 1.19%. The national inventory of styrene was 211,455 tons, a week-on-week decrease of 5,884 tons. The total inventory in the East China main port was 148,800 tons, a week-on-week decrease of 10,200 tons; the trade inventory was 69,500 tons, a week-on-week increase of 3,000 tons [2] Downstream Situation - The operating rate of EPS was 43.67%, a week-on-week decrease of 10.58%; the operating rate of ABS was 71.1%, a week-on-week increase of 5.2%; the operating rate of PS was 55%, a week-on-week increase of 1.7%; the operating rate of UPR was 30%, a week-on-week increase of 1%; the operating rate of styrene-butadiene rubber was 73.35%, a week-on-week decrease of 0.07% [2] Industry News - The Ministry of Finance, the Central Bank and other departments issued the Implementation Plan for the Loan Interest Subsidy Policy for Service Industry Business Entities, providing interest subsidies for eligible service industry business loans. According to Xinhua News Agency, China and the US agreed to suspend the implementation of the 24% tariff for 90 days starting from August 12, 2025. From August 1 to August 7, the overall output of Chinese styrene plants was 359,200 tons, a week-on-week decrease of 0.64%; the plant capacity utilization rate was 77.73%, a week-on-week decrease of 1.19%. The consumption of the main downstream products (EPS, PS, ABS) of styrene in China was 238,100 tons, a week-on-week decrease of 3.17%. As of August 7, the sample inventory of Chinese styrene plants was 211,500 tons, a week-on-week decrease of 2.71% [2]