瑞达期货苯乙烯产业日报-20250915

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - EB2510 oscillated strongly, closing at 7,087 yuan/ton. Supply decreased last week, with styrene output down 5.98% to 354,000 tons and capacity utilization down 4.76% to 74.98%. Demand increased, with downstream styrene开工率 rising and consumption of EPS, PS, and ABS up 6.52% to 277,900 tons. Inventory situation was mixed, with factory inventory up 2.52% to 220,300 tons, East China port inventory down 10.18% to 176,500 tons, and South China port inventory down 20.83% to 19,000 tons. New production capacity is expected to increase this week, but supply reduction is limited. EPS, PS, and ABS device loads are expected to adjust slightly. ABS is slightly loss - making and inventory is at a historical high. Styrene inventory pressure remains high. Cost - wise, geopolitical conflicts have limited short - term impact, and international oil prices face pressure. Industrial products rose due to expected policies. Technically, EB2510's daily K - line has support around 7,000 and resistance around 7,130 [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The trading volume of styrene futures (active contract) was 369,534, with an increase of 28,213; the closing price of the active contract was 7,087 yuan/ton, up 67; the 11 - month contract closed at 7,097 yuan/ton, up 67. The open interest of the active contract was 220,017, down 35,506. The long position of the top 20 was 218,394, up 28,213; the net long position was - 30,154, down 2,856; the short position was 399,688, down 9,576. The warehouse receipt quantity was 1,498, down 283 [2] 3.2 Spot Market - The spot price of styrene was 7,314 yuan/ton, down 80. FOB South Korea's intermediate price was 862 US dollars/ton, down 7; CFR China's intermediate price was 872 US dollars/ton, down 7. The mainstream prices in Northeast, South, North, and East China were 7,080, 7,285, 7,015, and 7,070 yuan/ton respectively, with changes of 0, 60, - 15, and - 55 [2] 3.3 Upstream Situation - The intermediate price of ethylene CFR Northeast Asia was 851 US dollars/ton, up 10; CFR Southeast Asia was 841 US dollars/ton, unchanged; CIF Northwest Europe was 743.5 US dollars/ton, down 1.5; FD US Gulf was 457 US dollars/ton, down 6. The spot price of pure benzene in the US Gulf was 723.17 cents/gallon, down 3.76; in Taiwan was 261 US dollars/ton, unchanged; in Rotterdam was 666 US dollars/ton, unchanged. The market prices of pure benzene in South, East, and North China were 5,900, 5,910, and 5,990 yuan/ton respectively, with changes of 0, - 20, and 80 [2] 3.4 Industry Situation - The overall styrene operating rate was 74.98%, down 4.76%. The national inventory was 220,277 tons, up 5,420. The total inventory in East China's main ports was 176,500 tons, down 20,000; the trade inventory was 87,000 tons, down 9,500 [2] 3.5 Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 61.02%, 70%, 61.9%, 34%, and 69.57% respectively, with changes of 8.5, 1, 0.9, 1, and 1.92 [2] 3.6 Industry News - From September 5th to 11th, China's styrene factory output was 354,000 tons, down 5.98% from the previous period; the capacity utilization was 74.98%, down 4.76% from the previous period. The consumption of the main downstream products (EPS, PS, ABS) was 277,900 tons, up 6.52% from the previous period. As of September 11th, the sample inventory of Chinese styrene factories was 220,300 tons, up 2.52% from the previous cycle [2]