瑞达期货苯乙烯产业日报-20260324

Report Industry Investment Rating - Not provided Core Viewpoints - EB2605 fluctuated and declined, closing at 10,242 yuan/ton with a 3.67% drop. International oil prices rebounded after a sharp decline. In China, the supply of styrene may maintain a downward trend as the spring maintenance expectations are gradually realized and the upstream ethylene supply contraction restricts the increase in industry operating rates. The downstream industries are showing differentiation, with the EPS industry increasing its operating load due to good profits, while the PS and ABS industries have low profits and reduced operating rates. Overall, the supply and demand of styrene in China are performing well, and the visible inventory is expected to remain at a neutral level and be smoothly destocked. Currently, the cost side is still the dominant factor for styrene prices, and short - term styrene futures are expected to fluctuate with oil prices [2] Summary by Directory Futures Market - The closing price of the futures main contract of styrene is 10,242 yuan/ton, with a change of 888,114 compared to the previous period. The 3 - month contract closing price is 10,631 yuan/ton, a decrease of 219. The trading volume of the active futures contract of styrene is not fully provided. The long position volume of the top 20 holders is - 32,284, the net long position volume is 205,118 (a decrease of 11,451), and the short position volume is - 35,605. The total number of warehouse receipts is 284,821 (an increase of 3,046) [2] Spot Market - The spot price of styrene is 10,610 yuan/ton, with no change. The mainstream prices in Northeast, South, North, and East China are 10,950 yuan/ton, 11,250 yuan/ton, 10,800 yuan/ton, and 10,850 yuan/ton respectively, with changes of 925, 825, and 785 [2] Upstream Situation - The intermediate price of ethylene CFR Northeast Asia is 25 US dollars/ton, and the price of ethylene FD US Gulf is 1,451 US dollars/ton (a decrease of 66.5). The spot prices of pure benzene in the US Gulf (FOB), Taiwan (CIF), and Rotterdam (FOB) are 1064.5 US dollars/ton, 410 US dollars/ton, and - 20 US dollars/ton respectively. The market prices of pure benzene in South, East, and North China are 8,400 yuan/ton, 8,760 yuan/ton, and 8,450 yuan/ton respectively, with changes of 0 and 700 [2] Industry Situation - The overall operating rate of styrene is 70.46% (a decrease of 1.33%), and the national inventory is 178,210 tons (a decrease of 13,640). The total inventory in the East China main port is 168,400 tons (an increase of 5,900) [2] Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber are 3.22%, 61% (a decrease of 0.3), - 0.1, 51.6% (a decrease of 1), and 74.06% (a decrease of 1.59) respectively [2] Industry News - From March 13th to 19th, the overall production of Chinese styrene factories was 353,400 tons, a decrease of 1.86% compared to the previous period, and the factory capacity utilization rate was 70.46%, a decrease of 1.33%. The consumption of downstream EPS, PS, and ABS was 265,800 tons, an increase of 1.8% compared to the previous week. As of March 19th, the factory inventory of styrene was 178,200 tons, a decrease of 7.11%. As of March 23rd, the inventory in the East China port was 168,400 tons, an increase of 3.63%, and the inventory in the South China port was 50,000 tons, an increase of 35.14%. As of March 20th, the non - integrated profit of styrene was - 99.05 yuan/ton, and the integrated profit was 761.89 yuan/ton [2]