瑞达期货苯乙烯产业日报-20251230

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The short - term supply - demand of domestic styrene is expected to remain in tight balance, and the visible inventory may maintain a downward trend. The non - integrated device losses decrease, and the integrated device profit is relatively considerable. In the short term, there are no news of large - scale device shutdown or restart, so the domestic styrene output and capacity utilization rate are expected to change little. The downstream EPS maintains low - level operation due to the off - season demand and high inventory, the PS device operation rate is expected to continue to increase, and the ABS pre - sale performance is good with the operation rate expected to increase slightly. The short - term EB2602 is expected to show a volatile trend, with the daily range expected to be around 6,650 - 6,850 [2][3] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the active styrene futures contract is 6,781 yuan/ton, up 44 yuan; the trading volume is 328,179, down 121,936; the long position of the top 20 holders is 336,085 hands, down 45 hands; the short position of the top 20 holders is 370,539 hands, up 1,635 hands; the net long position of the top 20 holders is - 34,454 hands, down 1,680 hands; the warehouse receipt quantity is 757 hands, down 600 hands; the closing price of the January contract is 6,700 yuan/ton [2] Spot Market - The spot price of styrene is 6,728 yuan/ton, up 40 yuan; the FOB South Korea intermediate price is 841.5 US dollars/ton, up 12.5 US dollars; the CFR China intermediate price is 851.5 US dollars/ton, up 12 US dollars; the mainstream price in Northeast China is 6,525 yuan/ton, up 50 yuan; the mainstream price in South China is 6,965 yuan/ton, up 70 yuan; the mainstream price in North China is 6,640 yuan/ton; the mainstream price in East China is 6,810 yuan/ton, up 35 yuan [2] Upstream Situation - The CFR Northeast Asia intermediate price of ethylene is 746 US dollars/ton; the CFR Southeast Asia intermediate price is 726 US dollars/ton; the CIF Northwest Europe intermediate price is 676 US dollars/ton, up 2.5 US dollars; the FD US Gulf price is 408 US dollars/ton. The spot price of pure benzene in the US Gulf is 280 cents/gallon, up 1 cent; the CIF Taiwan price is 661.17 US dollars/ton; the FOB Rotterdam price is 739 US dollars/ton; the South China market price is 5,300 yuan/ton; the East China market price is 5,360 yuan/ton, up 35 yuan; the North China market price is 5,170 yuan/ton [2] Industry Situation - The total styrene operating rate is 70.7%, up 1.57 percentage points; the national styrene inventory is 171,760 tons, up 800 tons; the total East China main port inventory is 13.88 tons, down 0.05 tons; the East China main port trade inventory is 8.33 tons, down 0.12 tons [2] Downstream Situation - The operating rate of EPS is 52.56%, up 0.75 percentage points; the operating rate of ABS is 69.4%, down 0.7 percentage points; the operating rate of PS is 58.6%, up 4.1 percentage points; the operating rate of UPR is 38%, up 2 percentage points; the operating rate of styrene - butadiene rubber is 79.38%, up 0.15 percentage points [2] Industry News - From December 19th to 25th, styrene output increased by 2.25% month - on - month to 354,600 tons, and capacity utilization increased by 1.57% month - on - month to 70.70%. The consumption of EPS, PS, and ABS increased by 2.79% month - on - month to 269,100 tons. As of December 25th, the styrene factory inventory increased by 0.47% month - on - month to 171,800 tons; as of December 29th, the East China port inventory decreased by 0.36% month - on - month to 138,800 tons, and the South China port inventory increased by 70% month - on - month to 18,700 tons. As of December 24th, the non - integrated profit increased to - 177 yuan/ton compared with last week; as of December 26th, the integrated profit was 627.63 yuan/ton [2]