瑞达期货苯乙烯产业日报-20260127

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - As the Spring Festival approaches, the visible inventory of styrene enters the seasonal accumulation stage, and the current inventory pressure is not significant. Affected by the strong styrene spot, the profitability of integrated and non - integrated processes deepens. With the gradual resumption of plants, the tight supply - demand situation of styrene spot eases. In terms of cost, the market's concern about the Iranian situation has subsided, the troubled oil field in Kazakhstan is recovering, and international oil prices have fallen from high levels. In the short term, EB2603 is expected to show a volatile trend, with the daily range expected to be around 7470 - 7700 [2] 3. Summary According to Relevant Catalogs Futures Market - The closing price of the futures main contract of styrene was 7649 yuan/ton, a decrease of 53 yuan; the trading volume was down 56,375; the long position of the top 20 holders was 444,140 lots, a decrease of 420; the closing price of the March contract of styrene was 7649 yuan/ton, a decrease of 53 yuan; the open interest was down 28,663; the net long position of the top 20 holders was up 2,739; the short position of the top 20 holders was 472,803 lots, a decrease of 3,159; the total number of warehouse receipts was 2,480 lots, an increase of 500 [2] Spot Market - The spot price of styrene was 7,748 yuan/ton, a decrease of 6 yuan; the mainstream price in Northeast China was 7,675 yuan/ton, an increase of 175 yuan; the mainstream price in South China was 7,940 yuan/ton, an increase of 70 yuan; the mainstream price in North China was 7,775 yuan/ton, a decrease of 50 yuan; the mainstream price in East China was 7,905 yuan/ton, an increase of 85 yuan [2] Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 706 US dollars/ton, unchanged; the FD US Gulf price of ethylene was 424 US dollars/ton, a decrease of 8.5 US dollars; the CIF price of pure benzene in Taiwan was 776.29 US dollars/ton, unchanged; the FOB price of pure benzene in the US Gulf was 285 cents/gallon, unchanged; the FOB price of pure benzene in Rotterdam was 899 US dollars/ton, a decrease of 12 US dollars; the market price of pure benzene in South China was 5,900 yuan/ton, unchanged; the market price of pure benzene in East China was 6,025 yuan/ton, an increase of 85 yuan; the market price of pure benzene in North China was 5,940 yuan/ton, unchanged [2] Industry Situation - The total styrene operating rate was 69.63%, a decrease of 1.23 percentage points; the national styrene inventory was down 9,950 tons; the total inventory of the East China main port was 100,600 tons, an increase of 7,100 tons [2] Downstream Situation - The operating rate of EPS was 58.71%, an increase of 4.66 percentage points; the operating rate of ABS was 66.8%, a decrease of 3 percentage points; the operating rate of PS was 57.3%, a decrease of 0.1 percentage point; the operating rate of UPR was 38%, a decrease of 1 percentage point; the operating rate of styrene - butadiene rubber was 82.92%, unchanged [2] Industry News - From January 16th to 22nd, the overall output of Chinese styrene plants was 349,300 tons, a month - on - month decrease of 1.72%; the plant capacity utilization rate was 69.63%, a month - on - month decrease of 1.23%. From January 16th to 22nd, the consumption of EPS, PS, and ABS increased by 1.2% month - on - month to 270,800 tons. As of January 22nd, the styrene plant inventory was 151,200 tons, a month - on - month decrease of 6.17%. As of January 26th, the styrene inventory at the East China port was 100,600 tons, a month - on - month increase of 7.59%; the styrene inventory at the South China port was 15,000 tons, a month - on - month increase of 25%. EB2603 fell and then rebounded, closing at 7,649 yuan/ton. A 300,000 - ton plant in North China had a fault and shut down last week, and the load of some plants in Northeast and South China was adjusted, resulting in a month - on - month decrease in styrene production and capacity utilization. The EPS operating rate increased significantly, while the operating rates of other downstream products mainly decreased. The consumption of EPS, PS, and ABS increased month - on - month. As of January 26th, the non - integrated profit of styrene was 682.07 yuan/ton, and the integrated profit of styrene was 1,477.16 yuan/ton [2]