Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-11-12 10:30Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - EB2512 oscillated strongly and closed at 6,306 yuan/ton. The restart of new - capacity devices led to an increase in styrene production and capacity utilization. The downstream EPS and ABS operating rates decreased, while PS, UPR, and styrene - butadiene rubber operating rates increased, with significant consumption reduction in EPS, PS, and ABS. Factory and port inventories declined, and the high - level visible inventory decreased. The upstream raw material prices were weak, but the decline in styrene spot prices was higher than the cost, deepening the losses of non - integrated processes and keeping integrated processes in a slight loss state. This week, the domestic styrene supply may decrease slightly, and the downstream demand will provide some support. The spot market is expected to remain in a tight - balance state, slowly consuming high - inventory pressure, but it is difficult to form a driving force for price increases. In the short term, EB2512 is expected to oscillate weakly, and attention should be paid to the support around 6,160 [2]. Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the active styrene futures contract was 6,306 yuan/ton, up 75 yuan; the trading volume was down 2,982 lots. The closing price of the January contract was 6,340 yuan/ton, up 71 yuan. The long - position volume of the top 20 holders was not provided, the net long - position volume was - 28,540 lots, up 7,340 lots, and the short - position volume was 481,272 lots, down 10,322 lots. The total number of warehouse receipts was 2,060 lots, up 600 lots [2]. Spot Market - The spot price of styrene was 6,686 yuan/ton, unchanged. The FOB South Korea intermediate price was 768 US dollars/ton, down 11 US dollars; the CFR China intermediate price was 778 US dollars/ton, down 11 US dollars. The mainstream prices in the Northeast, South, North, and East China regions were 6,040 yuan/ton (unchanged), 6,420 yuan/ton (down 30 yuan), 6,225 yuan/ton, and 6,295 yuan/ton (down 10 yuan) respectively [2]. Upstream Situation - The CFR Northeast Asia, CFR Southeast Asia, CIF Northwest Europe, and FD US Gulf intermediate prices of ethylene were 741 US dollars/ton (unchanged), 731 US dollars/ton (unchanged), 644 US dollars/ton (up 2.5 US dollars), and 457 US dollars/ton (down 6 US dollars) respectively. The spot prices of pure benzene in Taiwan (CIF), the US Gulf (FOB), and Rotterdam (FOB) were 650.86 US dollars/ton (unchanged), 259 cents/gallon (up 10 cents), and 685 US dollars/ton (unchanged) respectively. The market prices of pure benzene in the South, East, and North China markets were 5,300 yuan/ton (unchanged), 5,260 yuan/ton (down 25 yuan), and 5,220 yuan/ton (up 40 yuan) respectively [2]. Industry Situation - The overall styrene operating rate was 66.94%, up 0.22%. The national styrene inventory was 180,032 tons, down 6,004 tons. The total inventory in the East China main port was 174,800 tons, down 45,000 tons, and the trade inventory was 101,800 tons, down 80,000 tons [2]. Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 53.95% (down 8.29%), 71.6% (down 0.5%), 53.5% (up 1.5%), 36% (up 1%), and 72.24% (up 5.53%) respectively [2]. Industry News - From October 31 to November 6, styrene production increased by 2.94% to 332,900 tons, and capacity utilization increased by 0.22% to 66.94%. From November 1 to 7, the consumption of downstream EPS, PS, and ABS decreased by 3.9% to 260,900 tons. As of November 6, the styrene factory inventory was 180,000 tons, down 3.23% from last week; as of November 10, the pure benzene inventory in the East China port was 174,800 tons, down 2.51% from last week. As of November 5, the non - integrated cost of styrene decreased to 6,791.18 yuan/ton, the non - integrated device profit decreased to - 476 yuan/ton, and the integrated profit was around - 126.46 yuan/ton [2].