Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-10-22 10:30Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - The cost of non - integrated styrene decreased and the loss deepened as the prices of pure benzene and ethylene remained weak. The supply of styrene is expected to decline slightly due to the expanding impact of previously shut - down plants. The mismatch between upstream and downstream production capacity launches may intensify the supply - demand contradiction. Terminal demand is weak, and the demand growth space of styrene may be limited. However, due to the low profit of integrated plants, the cost support is gradually strengthening. In the short term, styrene is expected to strengthen with the rise of oil prices [2] Group 3: Summary by Related Catalogs Futures Market - The closing price of the active styrene futures contract was 6538 yuan/ton, up 100 yuan; the trading volume was 205,417 lots, down 88,489 lots; the long position of the top 20 was 434,796 lots, down 15,741 lots; the short position was 442,328 lots, down 16,687 lots; the net long position was - 7,532 lots, up 946 lots; the open interest was 160,726 lots, down 45,267 lots; the warehouse receipt quantity was 1,107 lots, unchanged; the closing price of the November contract was 6538 yuan/ton, up 100 yuan [2] 现货市场 - The spot price of styrene was 6834 yuan/ton, unchanged; FOB South Korea was 791.5 dollars/ton, down 1.5 dollars; CFR China was 801.5 dollars/ton, down 1.5 dollars; the mainstream price in the Northeast was 6450 yuan/ton, down 50 yuan; in the South China was 6550 yuan/ton, down 20 yuan; in the North China was 6395 yuan/ton; in the East China was 6465 yuan/ton, up 35 yuan [2] Upstream Situation - The CFR Northeast Asia price of ethylene was 781 dollars/ton, unchanged; CFR Southeast Asia was 771 dollars/ton, unchanged; CIF Northwest Europe was 683.5 dollars/ton, down 5 dollars; FD US Gulf was 457 dollars/ton, down 6 dollars. The spot price of pure benzene in Taiwan's CIF was 671.33 dollars/ton; in the US Gulf's FOB was 251 cents/gallon; in Rotterdam's FOB was 649 dollars/ton, down 1 dollar; the market price in the South China market was 5450 yuan/ton, down 200 yuan; in the East China market was 5435 yuan/ton, down 100 yuan; in the North China market was 5300 yuan/ton, down 40 yuan [2] Industry Situation - The total styrene operating rate was 71.88%, down 1.73 percentage points; the national inventory was 193,420 tons, down 443 tons; the total inventory in the East China main port was 202,500 tons, up 6,000 tons; the trade inventory in the East China main port was 122,500 tons, up 1,000 tons [2] Downstream Situation - The operating rate of EPS was 62.53%, up 21.79 percentage points; ABS was 73.1%, up 0.6 percentage points; PS was 53.8%, down 0.8 percentage points; UPR was 34%, up 14 percentage points; styrene - butadiene rubber was 70.28%, up 0.23 percentage points [2] Industry News - From October 10th to 16th, styrene production decreased by 2.33% to 339,400 tons, and capacity utilization decreased by 1.73% to 71.88%. The downstream operating rate of styrene mainly increased, and the consumption of EPS, PS, and ABS increased by 13.93% to 273,200 tons. As of October 16th, the factory inventory decreased by 0.23% to 193,400 tons, the East China port inventory increased by 3.05% to 202,500 tons, and the South China port inventory increased by 8.2% to 33,000 tons. The non - integrated cost decreased to 7128 yuan/ton, and the profit decreased to - 588 yuan/ton [2]