瑞达期货苯乙烯产业日报-20251223

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - EB2602 showed a weak oscillation and closed at 6,509 yuan/ton. New production from a 200,000 - ton new device in Dongming and the restart of 600,000 - ton and 70,000 - ton devices in Lianyungang Petrochemical and Guangzhou Petrochemical respectively, along with an expanded impact from the maintenance of a 350,000 - ton device in Baolai, led to an increase in styrene production and capacity utilization rate. Downstream operating rates mostly decreased, and the consumption of EPS, PS, and ABS declined. The visible inventory generally maintained a downward trend. Non - integrated process losses deepened, while integrated process profits expanded. With the supply - demand balance of domestic styrene shifting to a looser state, the pace of visible inventory reduction is expected to slow. In the short term, EB2602 is expected to oscillate. Technically, attention should be paid to the support around 6,390 and the resistance around 6,690 [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The futures closing price of the active styrene contract was 6,509 yuan/ton, down 31 yuan. The trading volume was 445,526 lots, up 59,642 lots. The long positions of the top 20 holders were 351,589 lots, down 18,663 lots; the net long positions were - 24,911 lots, down 9,610 lots; the short positions were 376,500 lots, down 9,053 lots. The 1 - month contract closing price was 6,467 yuan/ton, down 36 yuan. The futures open interest of the active contract was 314,602 lots, down 228 lots. The total number of warehouse receipts was 600 lots, up 500 lots [2]. 3.2 Spot Market - The spot price of styrene was 6,642 yuan/ton, up 6 yuan. The FOB South Korea intermediate price was 812.5 US dollars/ton, up 17 US dollars; the CFR China intermediate price was 822.5 US dollars/ton, up 17 US dollars. The mainstream prices in North China, Northeast, South, and East China were 6,812.5 yuan/ton, 6,325 yuan/ton, 6,720 yuan/ton, and 6,550 yuan/ton respectively, with increases of 17 yuan, 50 yuan, 0 yuan, and 50 yuan [2]. 3.3 Upstream Situation - The intermediate prices of ethylene CFR Northeast Asia, CFR Southeast Asia, CIF Northwest Europe, and FD US Gulf were 746 US dollars/ton, 726 US dollars/ton, 661.5 US dollars/ton, and 408 US dollars/ton respectively, with changes of 0 US dollars, 0 US dollars, 3 US dollars, and 19.5 US dollars. The spot prices of pure benzene in Taiwan (CIF), Rotterdam (FOB), and the US Gulf (FOB) were 661.17 US dollars/ton, 739 US dollars/ton, and 279 cents/gallon respectively, with changes of 0 US dollars, 0 US dollars, and 0 cents. The market prices of pure benzene in South, East, and North China were 5,300 yuan/ton, 5,325 yuan/ton, and 5,150 yuan/ton respectively, with changes of 0 yuan, 40 yuan, and 0 yuan [2]. 3.4 Industry Situation - The overall styrene operating rate was 69.13%, up 0.84 percentage points. The national styrene inventory was 170,960 tons, down 7,550 tons. The total inventory in the East China main port was 139,300 tons, up 4,600 tons; the trade inventory in the East China main port was 84,600 tons, up 2,200 tons [2]. 3.5 Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 51.81%, 70.1%, 54.5%, 36%, and 79.23% respectively, with changes of - 1.96 percentage points, - 0.43 percentage points, - 3.8 percentage points, 0 percentage points, and - 0.94 percentage points [2]. 3.6 Industry News - From December 12th to 18th, the total output of Chinese styrene plants was 346,800 tons, up 2.38% from the previous period; the plant capacity utilization rate was 69.13%, up 1.02% month - on - month. The consumption of EPS, PS, and ABS in styrene downstream was 261,800 tons, down 3.89% month - on - month. As of December 18th, the styrene plant inventory was 171,000 tons, down 4.23% from the previous week. As of December 22nd, the styrene inventory in the East China port was 139,300 tons, up 3.41% from the previous week; the inventory in the South China port was 11,000 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].