苯乙烯产业日报-20251223

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The EB2602 contract is expected to show a volatile trend in the short term, with technical support around 6390 and resistance around 6690. The domestic styrene supply - demand is shifting towards a looser balance, and the pace of visible inventory depletion is expected to slow down. The non - integrated process losses are deepening, while the integrated process profitability is expanding. The overall demand is difficult to see significant growth [2][3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active styrene futures contract is 6509 yuan/ton, down 31 yuan; the trading volume is 445526 lots, up 59642 lots. The long positions of the top 20 holders are 351589 lots, down 18663 lots; the net long positions are - 24911 lots, down 9610 lots. The short positions of the top 20 holders are 376500 lots, down 9053 lots. The contract price for January is 6467 yuan/ton, down 36 yuan. The open interest is 314602 lots, down 228 lots, and the total warehouse receipt quantity is 600 lots, up 500 lots [2] 3.2 Spot Market - The spot price of styrene is 6642 yuan/ton, up 6 yuan. The FOB South Korea middle price is 812.5 dollars/ton, up 17 dollars; the CFR China middle price is 822.5 dollars/ton, up 17 dollars. The mainstream prices in the Northeast, South, North, and East China regions are 6325 yuan/ton (up 50 yuan), 6720 yuan/ton (up 65 yuan), 6525 yuan/ton (unchanged), and 6550 yuan/ton (up 50 yuan) respectively [2] 3.3 Upstream Situation - The CFR Northeast Asia middle price of ethylene is 746 dollars/ton (unchanged), the CFR Southeast Asia middle price is 726 dollars/ton (unchanged), the CIF Northwest Europe middle price is 661.5 dollars/ton, up 3 dollars, and the FD US Gulf price is 408 dollars/ton, up 19.5 dollars. The spot prices of pure benzene in Taiwan (CIF), Rotterdam (FOB), and the South China, East China, and North China markets are 661.17 dollars/ton (unchanged), 739 dollars/ton (unchanged), 5300 yuan/ton (unchanged), 5325 yuan/ton (up 40 yuan), and 5150 yuan/ton (unchanged) respectively. The US Gulf FOB price is 279 cents/gallon (unchanged) [2] 3.4 Industry Situation - The overall styrene operating rate is 69.13%, up 0.84 percentage points. The national inventory is 170960 tons, down 7550 tons. The total inventory at the main ports in East China is 13.93 million tons, up 0.46 million tons; the trade inventory is 8.46 million tons, up 0.22 million tons. The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber are 51.81% (down 1.96 percentage points), 70.1% (down 0.43 percentage points), 54.5% (down 3.8 percentage points), 36% (unchanged), and 79.23% (down 0.94 percentage points) respectively [2] 3.5 Downstream Situation - From December 12th to 18th, the overall output of Chinese styrene factories was 346800 tons, up 2.38% from the previous period, and the factory capacity utilization rate was 69.13%, up 1.02% month - on - month. The consumption of EPS, PS, and ABS in the styrene downstream was 261800 tons, down 3.89% month - on - month. As of December 18th, the styrene factory inventory was 171000 tons, down 4.23% from the previous week. As of December 22nd, the styrene inventory at the East China ports was 139300 tons, up 3.41% from the previous week; the South China port inventory was 11000 tons, down 26.67% from the previous week. As of December 17th, the non - integrated profit of styrene was - 203 yuan/ton, and the integrated profit was 421.08 yuan/ton [2]