瑞达期货苯乙烯产业日报-20251203

Report Industry Investment Rating - Not provided Core Viewpoints - The supply and demand of styrene gradually shift from tight balance to wide balance with weakening price support The short - term EB2601 is expected to show an oscillating trend, with the daily K - line focusing on the support near 6470 and the pressure near 6660 [2] Summary by Relevant Catalogs Futures Market - The closing price of the active styrene futures contract is 6585 yuan/ton, up 21 from the previous period The trading volume is 407,376, up 11,322 The long - position volume of the top 20 holders is 326,171 hands, up 5581, and the net long - position volume is - 46,726 hands, down 6493 The short - position volume of the top 20 holders is 372,897 hands, up 12,074 The open interest is 296,579 hands, down 1427 The 1 - month contract closing price is 6585 yuan/ton, up 21 The warehouse receipt quantity is 100 hands, up 100 [2] Spot Market - The spot price of styrene is 6654 yuan/ton, down 2 The FOB South Korea intermediate price is 814 dollars/ton, up 4 The CFR China intermediate price is 824 dollars/ton, up 4 The mainstream prices in Northeast, South, North, and East China are 6325 yuan/ton (down 50), 6800 yuan/ton (up 15), 6500 yuan/ton (down 5), and 6615 yuan/ton (up 15) respectively [2] Upstream Situation - The intermediate prices of ethylene CFR Northeast Asia, CFR Southeast Asia, CIF Northwest Europe, and FD US Gulf are 741 dollars/ton (unchanged), 721 dollars/ton (unchanged), 642 dollars/ton (down 1), and 457 dollars/ton (down 6) respectively The spot prices of pure benzene in Taiwan (CIF), Rotterdam (FOB), and the US Gulf (FOB) are 658 dollars/ton (unchanged), 714 dollars/ton (unchanged), and 280 cents/gallon (up 5) respectively The market prices of pure benzene in South, East, and North China are 5300 yuan/ton (unchanged), 5335 yuan/ton (up 15), and 5270 yuan/ton (unchanged) respectively [2] Industry Situation - The overall styrene plant operating rate is 67.29%, down 1.66% The national styrene inventory is 190,430 tons, up 2334 The total inventory at the main ports in East China is 16.06 tons, down 0.36 The trade inventory at the main ports in East China is 9.64 tons, up 0.22 [2] Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber are 54.75% (down 1.52), 71.2% (down 1.2), 57.6% (up 1.7), 37% (unchanged), and 75.99% (up 1.23) respectively [2] Industry News - From November 21st to 27th, China's styrene plant output was 334,700 tons, down 2.39% from the previous period, and the plant capacity utilization rate was 67.29%, down 1.66% From November 21st to 28th, the consumption of downstream EPS, PS, and ABS was 268,800 tons, down 0.3% As of November 27th, the styrene plant inventory was 190,400 tons, up 1.24% from the previous week As of December 1st, the styrene inventory at East China ports was 160,600 tons, down 2.19% from the previous week, and at South China ports was 95,000 tons, down 39.1% from the previous week [2] Viewpoint Summary - The non - integrated process losses are reduced, and the integrated process profitability deepens The recent launch of a 200,000 - ton new device in Dongming and the restart of a 600,000 - ton device in Lianyungang Petrochemical are expected to restore domestic styrene supply In December, the impact of styrene maintenance is expected to weaken, and the capacity utilization rate is expected to rise The short - term downstream demand load is adjusted slightly, with little overall change [2]