瑞达期货苯乙烯产业日报-20260303

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The short - term international oil price is still dominated by geopolitical factors. In terms of styrene supply and demand, last week, the production and capacity utilization rate of styrene increased month - on - month. The operating rates of downstream EPS, ABS, UPR, and styrene - butadiene rubber increased to varying degrees, while the operating rate of PS decreased slightly. Factory and port inventories accumulated seasonally, and the inventory pressure was not large. In March, some devices such as Gulei and Hengli have maintenance plans, the capacity utilization rate of styrene is expected to change from rising to falling, and the supply pressure will gradually ease. The previously shutdown downstream devices are gradually resuming, and the demand side is seasonally recovering. However, the downstream is generally at a medium - high inventory and medium - low profit level, which may have a negative feedback on styrene. The supply - demand drive of styrene is not strong, and it is expected to fluctuate with the international oil price in the short term [2]. 3. Summary by Directory 3.1 Futures Market - The trading volume of the active futures contract of styrene was 1,059,462 lots, a decrease of 12,662 lots; the closing price of the main futures contract was 8,081 yuan/ton; the number of long positions of the top 20 holders was 456,885 lots, a decrease of 20,952 lots; the net long positions of the top 20 holders were 378,353 lots, a decrease of 40,732 lots; the number of short positions of the top 20 holders was 497,617 lots, a decrease of 2,960 lots; the total number of warehouse receipts was 0 lots, a decrease of 5,856 lots [2]. 3.2 Spot Market - The spot price of styrene was 7,890 yuan/ton, an increase of 300 yuan/ton. The mainstream prices in Northeast, South, North, and East China were 7,925 yuan/ton (an increase of 195 yuan/ton), 7,900 yuan/ton (an increase of 275 yuan/ton), 8,070 yuan/ton, and 7,905 yuan/ton (an increase of 230 yuan/ton) respectively [2]. 3.3 Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 751 US dollars/ton, an increase of 40 US dollars/ton; the FD US Gulf price of ethylene was 421 US dollars/ton, an increase of 18.85 US dollars/ton. The FOB price of pure benzene in the US Gulf was - 4.33 US cents/gallon; the CIF price of pure benzene in Taiwan was 780.67 US dollars/ton, an increase of 11 US dollars/ton; the FOB price of pure benzene in Rotterdam was 920 US dollars/ton, an increase of 31 US dollars/ton. The market prices of pure benzene in South, East, and North China were 6,300 yuan/ton (an increase of 150 yuan/ton), 6,360 yuan/ton, and 6,110 yuan/ton respectively [2]. 3.4 Industry Situation - The overall operating rate of styrene was 74.65%, a month - on - month increase of 1.45%. The national inventory of styrene was 209,130 tons, an increase of 48,270 tons; the total inventory in the main ports of East China was 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 were 12.17% (unchanged), 70.7% (an increase of 0.2%), 49% (a decrease of 0.7%), 15% (unchanged), and 80.25% (an increase of 0.05%) respectively [2]. 3.6 Industry News - From February 20th to 26th, the overall output of Chinese styrene factories was 372,400 tons, a month - on - month increase of 1.44%; the capacity utilization rate was 74.65%, a month - on - month increase of 1.45%. - From February 19th to 26th, the consumption of the main downstream products (EPS, PS, ABS) of styrene in China was 192,200 tons, a month - on - month increase of 10.4%. - As of February 26th, the inventory of styrene factories was 209,100 tons, a month - on - month increase of 30.01%. As of March 2nd, the inventory of styrene in East China ports was 175,600 tons, a month - on - month increase of 11.07%; the inventory in South China ports was 53,000 tons, a month - on - month increase of 70.97%. - As of February 28th, the non - integrated profit of styrene was 367.78 yuan/ton, and the integrated profit was 888.91 yuan/ton [2].