瑞达期货苯乙烯产业日报-20260225

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The short - term styrene operating rate is expected to maintain a low - level recovery trend as there are no domestic device maintenance plans and restarted devices are operating stably [2]. - After the Spring Festival, the demand side of styrene is expected to be strong considering the inventory reduction and profit repair of EPS, PS, and ABS industries before the festival [2]. - The inventory in East and South China ports has seasonally accumulated, but the scale of inventory accumulation is small and the inventory pressure is low. Attention should be paid to the future inventory removal rhythm [2]. - In the short term, styrene is expected to fluctuate with oil prices, and the daily range of EB2604 is expected to be around 7500 - 7700 [2]. 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the main futures contract of styrene is 7578 yuan/ton, a decrease of 91 yuan; the buying order volume of the top 20 positions is 412,337 hands; the trading volume is 407,910 hands, an increase of 156,084 hands; the 3 - month contract closing price is 7584 yuan/ton, a decrease of 85 yuan; the holding volume is 333,389 hands, an increase of 41,525 hands; the net buying order volume of the top 20 positions is - 22,239 hands, a decrease of 21,063 hands; the selling order volume of the top 20 positions is 434,576 hands, an increase of 23,443 hands; the warehouse receipt quantity is 5002 hands, unchanged [2]. 3.2 Spot Market - The spot price of styrene is 7530 yuan/ton, a decrease of 64 yuan. The mainstream prices in Northeast, South, North, and East China are 7525 yuan/ton (an increase of 250 yuan), 7950 yuan/ton (an increase of 225 yuan), 7675 yuan/ton (an increase of 195 yuan), and 7750 yuan/ton (an increase of 230 yuan) respectively [2]. 3.3 Upstream Situation - The intermediate price of ethylene CFR Northeast Asia is 706 US dollars/ton, unchanged; the spot price of pure benzene in Taiwan's CIF is 785 US dollars/ton, unchanged; the price of ethylene FD US Gulf is 388.55 US dollars/ton, unchanged; the spot price of pure benzene in the US Gulf FOB is 307 cents/gallon, a decrease of 1 cent; the spot price of pure benzene in Rotterdam FOB is 910 US dollars/ton, unchanged; the market prices of pure benzene in South, East, and North China are 6150 yuan/ton (unchanged), 6150 yuan/ton (an increase of 145 yuan), and 6200 yuan/ton (an increase of 80 yuan) respectively [2]. 3.4 Industry Situation - The operating rate of styrene is 73.2%, an increase of 2.12%. The national inventory of styrene is 160,860 tons, an increase of 3055 tons; the total inventory in the East China main port is 158,100 tons, an increase of 61,900 tons [2]. 3.5 Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber are 48.02% (a decrease of 8.22%), 68.9% (an increase of 4.5%), 54% (a decrease of 1.2%), 20% (a decrease of 18%), and 80.73% (a decrease of 2.27%) respectively [2]. 3.6 Industry News - From February 14th to 20th, the operating rate of styrene plants was 73.2%, a 2.12% increase compared to before the festival [2]. - As of February 24th, the inventory of styrene in East China ports was 158,100 tons, a 64.35% increase; the inventory in South China ports was 31,000 tons, a 158.33% increase [2]. - As of February 24th, the non - integrated profit of styrene was 478.11 yuan/ton, and the integrated profit was 1046.92 yuan/ton. The main contract of styrene has changed to the 04 contract. EB2604 fluctuated weakly and closed at 7578 yuan/ton [2].