瑞达期货苯乙烯产业日报-20260325

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The supply of styrene may maintain a downward trend due to the gradual realization of the domestic spring maintenance expectations and the contraction of upstream ethylene supply, which restricts the upward space of the industry's operating rate [2] - The downstream industries have shown differentiation recently. The EPS industry has increased its operating load due to good profits, while the PS and ABS industries have lower profits and reduced their operations [2] - Overall, the supply and demand of styrene in China are performing well. The visible inventory is expected to remain at a neutral level and be smoothly destocked [2] - Currently, the cost side is still the dominant factor for styrene prices. In the short term, styrene futures are expected to fluctuate with oil prices [2] Summary by Relevant Catalogs Futures Market - The trading volume of styrene futures (active: trading volume) was 268,794, a decrease of 127,616 compared to the previous period. The closing price of the main futures contract was 10,105 yuan/ton [2] - The long positions of the top 20 holders in styrene futures decreased by 4,576 hands, and the net long positions decreased by 8,984 hands [2] - The short positions of the top 20 holders in styrene futures decreased by 7,043 hands, and the total number of warehouse receipts decreased by 206 hands [2] Spot Market - The spot price of styrene was 10,925 yuan/ton, with a decrease of 275 yuan/ton compared to the previous period [2] - The mainstream prices of styrene in the Northeast, South, North, and East regions were 10,720 yuan/ton, 10,675 yuan/ton, 10,525 yuan/ton, and 10,470 yuan/ton respectively, with decreases of 275 yuan/ton, 275 yuan/ton, and 380 yuan/ton compared to the previous period [2] Upstream Situation - The intermediate price of ethylene CFR Northeast Asia was 1,451 US dollars/ton, an increase of 52 US dollars/ton compared to the previous period [2] - The price of ethylene FD US Gulf was 1,064.5 US dollars/ton, an increase of 1 US dollar/ton compared to the previous period [2] - The CIF price of pure benzene in Taiwan was 1,178 US dollars/ton, and the FOB price of pure benzene in the US Gulf was 411 US dollars/ton [2] - The FOB price of pure benzene in Rotterdam was 8,500 yuan/ton, an increase of 100 yuan/ton compared to the previous period [2] - The market prices of pure benzene in the South, East, and North markets were 8,435 yuan/ton, 8,350 yuan/ton, and 8,350 yuan/ton respectively, with a decrease of 100 yuan/ton compared to the previous period [2] Industry Situation - The overall operating rate of styrene was 70.46%, a decrease of 1.33% compared to the previous period [2] - The national inventory of styrene was 178,210 tons, a decrease of 13,640 tons compared to the previous period [2] - The total inventory of styrene in the East China main port was 168,400 tons, an increase of 0.59% compared to the previous period [2] - The operating rates of EPS, ABS, PS, UPR, and styrene-butadiene rubber were 61%, 67.1%, 51.6%, 37%, and 74.06% respectively, with changes of +3.22%, -0.3%, -0.1%, -1%, and -1.59% compared to the previous period [2] Industry News - From March 13th to 19th, the overall output 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% compared to the previous period [2] - From March 13th to 19th, the consumption of EPS, PS, and ABS in the styrene downstream was 265,800 tons, an increase of 1.8% compared to the previous week [2] - As of March 19th, the inventory of styrene factories was 178,200 tons, a decrease of 7.11% compared to the previous week. As of March 23rd, the inventory of styrene in the East China port was 168,400 tons, an increase of 3.63% compared to the previous week, and the inventory in the South China port was 50,000 tons, an increase of 35.14% compared to the previous week [2] - 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]