瑞达期货苯乙烯产业日报-20260105

1. Industry Investment Rating - Not provided in the report 2. Core View - In January, the supply - demand of styrene is gradually shifting from tight balance to wide balance, with limited cost - side support, and it is expected to show weak fluctuations in the short term. Technically, attention should be paid to the support around 6,580 for the daily K - line of EB2602 [2] 3. Summary by Directory Futures Market - The closing price of the active styrene futures contract was 6,739 yuan/ton, a decrease of 52 yuan; the trading volume was 269,802 lots, a decrease of 30,737 lots; the long positions of the top 20 holders were 351,194 lots, an increase of 14,043 lots; the open interest of the active contract was 302,675 lots, a decrease of 8,653 lots; the net long positions of the top 20 holders were - 32,741 lots, a decrease of 6,219 lots; the short positions of the top 20 holders were 383,935 lots, an increase of 20,262 lots; the total number of warehouse receipts was 0 lots, a decrease of 757 lots; the closing price of the March contract was 6,794 yuan/ton, a decrease of 47 yuan [2] Spot Market - The spot price of styrene was 6,760 yuan/ton, an increase of 32 yuan; the FOB South Korea intermediate price was 848 US dollars/ton, unchanged; the CFR China intermediate price was 858 US dollars/ton, unchanged; the mainstream prices in the Northeast, South, North, and East China regions were 6,625 yuan/ton (up 50 yuan), 7,065 yuan/ton (up 50 yuan), 6,695 yuan/ton (unchanged), and 6,915 yuan/ton (up 35 yuan) respectively [2] Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 746 US dollars/ton, unchanged; the CFR Southeast Asia intermediate price was 726 US dollars/ton, unchanged; the CIF Northwest Europe intermediate price was 675.5 US dollars/ton, a decrease of 0.5 US dollars; the FD US Gulf price was 430 US dollars/ton, unchanged; the CIF Taiwan price of pure benzene was 661.17 US dollars/ton, unchanged; the FOB US Gulf price was 53 US cents/gallon, unchanged; the FOB Rotterdam price was 738 US dollars/ton, a decrease of 1 US dollar; the market prices in the South, East, and North China pure benzene markets were 5,300 yuan/ton (unchanged), 5,350 yuan/ton (up 10 yuan), and 5,250 yuan/ton (up 30 yuan) respectively [2] Industry Situation - The overall styrene operating rate was 70.23%, a decrease of 0.47 percentage points; the national styrene inventory was 171,760 tons, an increase of 800 tons; the total inventory at the main ports in East China was 132,300 tons, a decrease of 6,500 tons; the trade inventory at the main ports in East China was 77,300 tons, a decrease of 6,000 tons [2] Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 43.64% (a decrease of 8.92 percentage points), 69.9% (an increase of 0.5 percentage points), 60.4% (an increase of 1.8 percentage points), 36% (a decrease of 2 percentage points), and 80.52% (an increase of 1.14 percentage points) respectively [2] Industry News - From December 26th to January 1st, the styrene factory output was 352,200 tons, a decrease of 0.68% month - on - month; the capacity utilization rate was 70.23%, a decrease of 0.47% month - on - month. The operating rate of downstream EPS decreased by 8.92% to 43.64%, PS increased by 1.8% to 60.4%, ABS increased by 0.5% to 69.9%, UPR decreased by 2% to 36%, and styrene - butadiene rubber increased by 1.14% to 80.52%. As of December 25th, the styrene factory inventory was 171,800 tons, an increase of 0.47% month - on - month. As of January 5th, the East China port inventory was 132,300 tons, a decrease of 4.68% month - on - month; the South China port inventory was 20,600 tons, an increase of 10.16% month - on - month. On January 4th, the non - integrated profit of styrene was 139.35 yuan/ton. On December 31st, the integrated profit of styrene was 723.78 yuan/ton [2]