瑞达期货苯乙烯产业日报-20250902

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - EB2510 fell 1.20% to close at 6,934 yuan/ton. On the supply side, last week's styrene production decreased by 0.59% to 368,600 tons, and the capacity utilization rate decreased by 0.46% to 78.07%. On the demand side, last week's downstream styrene operating rates mostly declined, and the consumption of the EPS, PS, and ABS industries decreased by 0.18% to 270,100 tons. In terms of inventory, styrene factory inventory increased by 2.35% to 211,300 tons, East China port inventory increased by 9.78% to 179,000 tons, and South China port inventory decreased by 11.11% to 24,000 tons. In September, multiple large - scale plants will undergo centralized maintenance, which will have a greater impact than the planned new 600,000 - ton Jilin Petrochemical plant, and the industry's supply pressure may ease. This week, the 320,000 - ton Xinpu Chemical plant is planned to stop for maintenance, and production and capacity utilization are expected to decline month - on - month. The downstream industry's operating load is expected to be slightly adjusted. Currently, low downstream profits and high inventory still restrain the growth of styrene demand. In the short term, the supply - demand contradiction is difficult to improve, and inventory pressure remains high. In terms of cost, global crude oil supply and demand are weak, and the Russia - Ukraine peace talks are continuing, but the short - term deterioration of the Middle East geopolitical situation still provides some support for oil prices. The short - term market trend is weak, and technically, EB2510 should pay attention to the support around 6,800 [2][3] 3. Summary by Directory 3.1 Futures Market - The futures closing price of the active styrene contract was 6,934 yuan/ton, a decrease of 79 yuan; the trading volume was 18,792, and the closing price of the November contract was 6,962 yuan/ton, a decrease of 74 yuan. The long positions of the top 20 holders were 392,840 lots, an increase of 13,604 lots; the net long positions were - 29,389 lots, a decrease of 987 lots; the short positions were 440,953 lots, an increase of 19,779 lots; the total warehouse receipt quantity was 2,900 lots, an increase of 400 lots [2] 3.2 Spot Market - The spot price of styrene was 7,490 yuan/ton, a decrease of 20 yuan. The FOB South Korea intermediate price was 862 US dollars/ton, a decrease of 6.5 US dollars; the CFR China intermediate price was 872 US dollars/ton, a decrease of 6.5 US dollars. The mainstream prices in Northeast, South, North, and East China were 7,000 yuan/ton (a decrease of 225 yuan), 7,200 yuan/ton (a decrease of 125 yuan), 7,065 yuan/ton, and 7,035 yuan/ton (a decrease of 115 yuan) respectively [2] 3.3 Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 841 US dollars/ton, unchanged; the CFR Southeast Asia intermediate price was 836 US dollars/ton, an increase of 5 US dollars; the CIF Northwest Europe intermediate price was 821 US dollars/ton, an increase of 4.5 US dollars; the FD US Gulf price was 457 US dollars/ton, a decrease of 6 US dollars. The spot prices of pure benzene in Taiwan (CIF), Rotterdam (FOB), South China market, East China market, and North China market were 734.76 US dollars/ton (unchanged), 663 US dollars/ton (a decrease of 6 US dollars), 6,000 yuan/ton (unchanged), 5,930 yuan/ton (a decrease of 30 yuan), and 6,000 yuan/ton (a decrease of 50 yuan) respectively [2] 3.4 Industry Situation - The overall styrene operating rate was 78.07%, a decrease of 0.46%. The national styrene inventory was 211,326 tons, an increase of 4,850 tons; the total inventory in the East China main port was 196,500 tons, an increase of 17,500 tons; the trade inventory in the East China main port was 96,500 tons, an increase of 12,500 tons [2] 3.5 Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 58.35% (a decrease of 2.63%), 70.8% (a decrease of 0.3%), 59.9% (an increase of 2.4%), 34% (unchanged), and 67.04% (a decrease of 1.12%) respectively [2] 3.6 Industry News - From August 22nd to August 28th, China's total styrene factory output was 368,600 tons, a decrease of 0.59% from the previous period; the factory capacity utilization rate was 78.07%, a month - on - month increase of 0.46%. From August 22nd to 29th, the consumption of China's main styrene downstream industries (EPS, PS, ABS) was 270,100 tons, a decrease of 0.18% from the previous week. As of August 28th, the sample inventory of Chinese styrene factories was 211,300 tons, a month - on - month increase of 2.35% [2]