Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-08-20 09:11Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The supply - demand situation in the styrene spot market is expected to remain with supply exceeding demand, and inventory pressure may continue to rise. The cost side shows that the supply - demand situation of crude oil remains with supply exceeding demand, and international oil prices are expected to fluctuate weakly. Technically, EB2510 should focus on the support around 7130 and the pressure around 7380 [2][3] Group 3: Summary According to Relevant Catalogs Futures Market - The closing price of the active styrene futures contract is 7,285 yuan/ton, with a month - on - month increase of 59 yuan/ton. The trading volume is 360,058 lots, with a month - on - month increase of 238,288 lots. The long positions of the top 20 holders are 314,773 lots, with a month - on - month increase of 21,036 lots. The closing price of the November contract is 7,295 yuan/ton, with a month - on - month increase of 36 yuan/ton. The open interest of the active contract is 256,661 lots, with a month - on - month increase of 47,741 lots. The net long positions of the top 20 holders are - 27,402 lots, with a month - on - month increase of 11,380 lots. The short positions of the top 20 holders are 342,175 lots, with a month - on - month increase of 32,416 lots [2] 现货市场 - The spot price of styrene is 7,572 yuan/ton. The FOB South Korea intermediate price is 887 US dollars/ton, with a month - on - month decrease of 1 US dollar/ton. The CFR China intermediate price is 897 US dollars/ton, with a month - on - month decrease of 1 US dollar/ton. The mainstream prices in Northeast, South, North, and East China are 7,350 yuan/ton (unchanged), 7,430 yuan/ton (a decrease of 10 yuan/ton), 7,315 yuan/ton (an increase of 10 yuan/ton), and 7,280 yuan/ton (an increase of 10 yuan/ton) respectively [2] Upstream Situation - The CFR Northeast Asia, CFR Southeast Asia, CIF Northwest Europe, and FD US Gulf intermediate prices of ethylene are 826 US dollars/ton (unchanged), 821 US dollars/ton (unchanged), 852 US dollars/ton (a decrease of 0.5 US dollars/ton), and 457 US dollars/ton (a decrease of 6 US dollars/ton) respectively. The spot prices of pure benzene in the US Gulf, Taiwan, and Rotterdam are 261 US cents/gallon (a decrease of 5 US cents/gallon), 744.67 US dollars/ton (unchanged), and 686 US dollars/ton (a decrease of 18 US dollars/ton) respectively. The market prices of pure benzene in South, East, and North China are 6,150 yuan/ton (unchanged), 6,095 yuan/ton (a decrease of 5 yuan/ton), and 6,130 yuan/ton (unchanged) respectively [2] Industrial Situation - The overall styrene plant production capacity utilization rate is 78.18%, with a month - on - month increase of 0.45%. The national styrene inventory is 208,717 tons, with a month - on - month decrease of 2,738 tons. The total inventory in the East China main port is 161,500 tons, with a month - on - month increase of 12,700 tons. The trade inventory in the East China main port is 76,500 tons, with a month - on - month increase of 7,000 tons [2] Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber are 58.08% (a month - on - month increase of 14.41%), 71.1% (unchanged), 56.4% (a month - on - month increase of 1.4%), 32% (a month - on - month increase of 2%), and 72.1% (a month - on - month decrease of 1.25%) respectively [2] Industry News - Bloomberg reported that the Chinese government is about to conduct a comprehensive rectification of the petrochemical and refining industries, gradually phasing out small - scale facilities and upgrading backward production capacity, while directing investment towards advanced materials. From August 8th to 14th, the overall output of Chinese styrene plants was 369,100 tons, a month - on - month increase of 2.76%, and the plant capacity utilization rate was 78.18%, a month - on - month increase of 0.45%. The main styrene contract changed to the October contract. EB2510 fell and then rebounded, closing at 7,285 yuan/ton. The consumption of the main downstream products (EPS, PS, ABS) of styrene was 263,200 tons, a month - on - month increase of 10.54%. As of August 14th, the sample inventory of Chinese styrene plants was 208,700 tons, a month - on - month decrease of 1.29% [2]