瑞达期货苯乙烯产业日报-20260107

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The styrene market is gradually shifting from a tight balance to a wide balance in January, with weak supply - demand drivers. The short - term EB2602 is expected to show a volatile trend, with the range estimated to be around 6700 - 6900 [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active styrene futures contract is 6828 yuan/ton, up 17 yuan; the trading volume is 340567, up 85359; the long position of the top 20 holders is 353376 hands, down 7848 hands; the net long position of the top 20 holders is - 39597 hands, down 6094 hands; the short position of the top 20 holders is 392973 hands, down 1754 hands; the total number of warehouse receipts is 200 hands, unchanged. The closing price of the March contract is 6895 yuan/ton, up 33 yuan; the open interest of the active contract is 278675 hands, down 21449 hands [2] 3.2 Spot Market - The spot price of styrene is 6792 yuan/ton, unchanged. The FOB South Korea intermediate price is 848 dollars/ton, up 9 dollars; the CFR China intermediate price is 858 dollars/ton, up 9 dollars. The mainstream prices in Northeast, South, North, and East China are 6575 yuan/ton (down 50 yuan), 7015 yuan/ton (up 50 yuan), 6725 yuan/ton (up 15 yuan), and 6875 yuan/ton (up 15 yuan) respectively [2] 3.3 Upstream Situation - The intermediate prices of ethylene CFR Northeast Asia, CFR Southeast Asia, CIF Northwest Europe, and FD US Gulf are 746 dollars/ton (unchanged), 726 dollars/ton (unchanged), 670 dollars/ton (down 5 dollars), and 430 dollars/ton (unchanged) respectively. The spot prices of pure benzene in Taiwan, Rotterdam, and the US Gulf are 661.17 dollars/ton (unchanged), 798 dollars/ton (up 34 dollars), and 274 cents/gallon (up 2 cents) respectively. The market prices of pure benzene in South, East, and North China are 5300 yuan/ton (unchanged), 5295 yuan/ton (up 5 yuan), and 5220 yuan/ton (down 30 yuan) respectively [2] 3.4 Industry Conditions - The overall styrene operating rate is 70.23%, down 0.47%. The national styrene inventory is 171760 tons, up 800 tons; the total inventory at the main ports in East China is 13.23 tons, down 0.65 tons; the trade inventory at the main ports in East China is 7.73 tons, down 0.6 tons [2] 3.5 Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber are 43.64% (down 8.92%), 69.9% (up 0.5%), 60.4% (up 1.8%), 36% (down 2%), and 80.52% (up 1.14%) respectively [2] 3.6 Industry News - From December 26 to January 1, the styrene factory output was 35.22 tons, a month - on - month decrease of 0.68%; the capacity utilization rate was 70.23%, a month - on - month decrease of 0.47%. The operating rates of downstream EPS, PS, ABS, UPR, and styrene - butadiene rubber changed from December 26 to January 1. As of December 25, the styrene factory inventory was 17.18 tons, a month - on - month increase of 0.47%. As of January 5, the inventory at East China ports was 13.23 tons, a month - on - month decrease of 4.68%; the inventory at South China ports was 2.06 tons, a month - on - month increase of 10.16%. On January 4, the non - integrated profit of styrene was 139.35 yuan/ton; on December 31, the integrated profit of styrene was 723.78 yuan/ton [2]