瑞达期货苯乙烯产业日报-20260401

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The fundamentals show that the Hengli 720,000 - tonne plant restarted, and the load of some plants in North and South China was adjusted. The styrene output decreased by 0.71% to 350,900 tonnes, and the capacity utilization rate decreased by 0.51% to 69.95%. The downstream operating rates mainly declined, with the consumption of the EPS, PS, and ABS industries decreasing by 0.98% to 263,200 tonnes. Factory inventory decreased by 7.47% to 164,900 tonnes, East China port inventory decreased by 4.63% to 160,600 tonnes, and South China port inventory decreased by 4.00% to 48,000 tonnes. Recently, there are both shutdown and restart of styrene plants. The tight supply of upstream ethylene restricts the operating load of downstream plants, and the styrene supply is not expected to increase significantly. The downstream industries are polarized, with the EPS industry increasing its operating load due to good profits, while the PS and ABS industries have low profits and reduced operations. The Middle - East raw material supply issue impacts the overseas chemical market, and there are positive news on the export side. EB2605 is expected to open lower in the morning and fluctuate with oil prices during the day [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the futures main contract for styrene was 9,856 yuan/tonne, a decrease of 741 yuan. The trading volume was 885,149 lots, an increase of 93,769 lots. The long positions of the top 20 holders were 301,088 lots, a decrease of 5,453 lots. The 3 - month contract closing price was 8,512 yuan/tonne, a decrease of 496 yuan. The open interest was 207,278 lots, a decrease of 16,331 lots. The net long positions of the top 20 holders were - 5,641 lots, a decrease of 4,843 lots. The short positions of the top 20 holders were 306,729 lots, a decrease of 610 lots. The total warehouse receipts were 0 lots [2] 3.2 Spot Market - The spot price of styrene was 10,890 yuan/tonne, an increase of 330 yuan. The mainstream price in Northeast China was 10,925 yuan/tonne, an increase of 400 yuan. The mainstream price in South China was 11,150 yuan/tonne, a decrease of 300 yuan. The mainstream price in North China was 10,550 yuan/tonne, a decrease of 300 yuan. The mainstream price in East China was 10,775 yuan/tonne, a decrease of 300 yuan [2] 3.3 Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 1,501 US dollars/tonne, an increase of 60 US dollars. The FD US Gulf price of ethylene was 716 US dollars/tonne, unchanged. The FOB price of pure benzene in the US Gulf was 429 US cents/gallon, an increase of 16 US cents. The CIF price of pure benzene in Taiwan was 1,154.64 US dollars/tonne, unchanged. The FOB price of pure benzene in Rotterdam was 1,199 US dollars/tonne, a decrease of 1 US dollar. The market price of pure benzene in the South China market was 9,000 yuan/tonne, unchanged. The market price of pure benzene in the East China market was 8,805 yuan/tonne, a decrease of 135 yuan. The market price of pure benzene in the North China market was 8,600 yuan/tonne, unchanged [2] 3.4 Industry Situation - The overall styrene operating rate was 69.95%, a decrease of 0.51 percentage points. The national styrene inventory was 164,900 tonnes, a decrease of 13,310 tonnes. The total inventory at the East China main port was 160,600 tonnes, a decrease of 7,800 tonnes. The EPS operating rate was 63.27%, an increase of 2.27 percentage points. The ABS operating rate was 62.6%, a decrease of 4.5 percentage points [2] 3.5 Downstream Situation - The PS operating rate was 51.4%, a decrease of 0.2 percentage points. The UPR operating rate was 35%, a decrease of 2 percentage points. The butadiene - styrene rubber operating rate was 73.53%, a decrease of 0.53 percentage points [2] 3.6 Industry News - From March 20th to March 26th, the total output of Chinese styrene plants was 350,900 tonnes, a decrease of 0.71% from the previous week, and the plant capacity utilization rate dropped to 69.95%, a decrease of 0.51 percentage points. The consumption of the main downstream industries (EPS, PS, ABS) of styrene in China was 263,200 tonnes, a decrease of 0.98% from the previous week. As of March 26th, the inventory of Chinese styrene plants was 164,900 tonnes, a decrease of 7.47% from the previous week. As of March 30th, the inventory at the East China port was 160,600 tonnes, a decrease of 4.63% from the previous week, and the inventory at the South China port was 48,000 tonnes, a decrease of 4.00%. EB2605 fell 7.38% to close at 9,856 yuan/tonne. The US President said that the war against Iran would end in "two to three weeks", and the Iranian President said that he was willing to end the war on the premise that his demands were met. The market expected the geopolitical situation in the Middle East to ease, and domestic crude oil and petrochemicals declined [2]