Project Category 1. Report Industry Investment Rating - Not mentioned in the content 2. Core Viewpoints of the Report - EB2508 showed a volatile upward trend, closing at 7,298 yuan/ton. The supply of styrene increased last week, with production up 7.04% to 361,900 tons and capacity utilization up 5.2% to 79.01%. The demand for downstream products such as EPS, PS, and ABS decreased by 0.88% to 247,300 tons. Factory inventory increased by 2.25% to 188,800 tons, East China port inventory increased by 28.21% to 85,000 tons, and South China port inventory increased by 44% to 18,000 tons. With the restart of Hengli and Shenghong's plants, the spot supply is expected to remain abundant. Downstream demand is in the off - season, mainly for rigid needs. High inventory and shrinking profits in downstream products limit demand growth. The overall inventory is at a relatively high level in the same period of history. In terms of cost, the cease - fire between Iran and Israel led to a significant drop in international oil prices, and pure benzene may decline under the influence of its own supply - demand contradictions. Although the spot supply - demand and cost are bearish, the deep discount of the futures main contract restricts the downside space. In the short term, EB2508 is expected to fluctuate within the range of 7,120 - 7,360 yuan/ton [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the active styrene futures contract was 7,298 yuan/ton, with a change of 72 yuan. The trading volume of the active styrene futures contract (EB) was 3,055. The closing price of the July contract was 84 yuan lower. The long position of the top 20 holders decreased by 18,126 hands to 280,451 hands, the net long position decreased by 4,144 hands, and the short position was 7,245 hands. The spot price of styrene was 900 yuan/ton, the total number of warehouse receipts was 20 hands. The FOB South Korea middle price of styrene was 1,445 US dollars/ton, down 35 US dollars; the CFR China middle price was also down 35 US dollars [2] 现货市场 - The mainstream price of styrene in Northeast China decreased by 240 yuan/ton, in South China decreased by 190 yuan/ton, and in East China decreased by 350 yuan/ton [2] Upstream Situation - The CFR Northeast Asia middle price of ethylene was 861 US dollars/ton, unchanged; the CFR Southeast Asia middle price was unchanged; the CIF Northwest Europe middle price was 457 US dollars/ton, up 7.5 US dollars; the FD US Gulf price was down 6 US dollars. The spot price of pure benzene in the US Gulf was down 65 cents/gallon, the CIF price in Taiwan was 789.83 US dollars/ton, down 15 US dollars, the FOB price in Rotterdam was 6400 US dollars/ton, and the market price of pure benzene in South China remained unchanged, while in East China it decreased by 320 yuan/ton and in North China it decreased by 100 yuan/ton [2] Industry Situation - The total styrene operating rate was 79.01%, up 5.2%. The national styrene inventory was up 4,149 tons. The total inventory of East China's main ports was 85,000 tons, up 18,700 tons; the trade inventory of East China's main ports was up 21,300 tons [2] Downstream Situation - The operating rate of EPS was 63.97%, down 1.84%; the operating rate of ABS decreased by 0.11%; the operating rate of PS was 58.7%, up 0.4%; the operating rate of UPR remained at 30%; the operating rate of styrene - butadiene rubber was 74.09%, up 2.95% [2] Industry News - From June 13th to 19th, the total output of Chinese styrene factories was 361,900 tons, a month - on - month increase of 7.04% or 23,800 tons, and the capacity utilization rate was 79.01%, a month - on - month increase of 5.2%. The consumption of the main downstream products (EPS, PS, ABS) of styrene was 247,300 tons, a month - on - month decrease of 0.88%. As of June 23rd, the sample inventory of Jiangsu styrene ports was 85,000 tons, a month - on - month increase of 28.21%; the total inventory of the mainstream storage areas in South China was 18,000 tons, a month - on - month increase of 44% [2]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report - EB2507 dropped 1.06% to close at 7068 yuan/ton. The supply side saw a 2.82% week - on - week decrease in styrene production to 31.73 tons last week, with capacity utilization dropping 2% to 69.27%. The demand side had a 3.1% week - on - week decrease in consumption of EPS, PS, and ABS to 25.36 tons. In terms of inventory, factory inventory decreased 12.32% to 18.64 tons, while East China port inventory increased 43.19% to 7.46 tons, and South China port inventory decreased 13.04% to 2 tons. There are no planned shutdown or restart of plants this week. Currently, styrene profit is still high, indicating potential supply increase. As the terminal moves into the off - season, the low profit of downstream EPS, PS, and ABS will suppress styrene demand in the short term. Total inventory is at a neutral level with little pressure. Due to factors such as OPEC+ production increase and postponed US - EU tariff negotiations, international oil prices have been volatile recently, and the abundant supply of pure benzene will put pressure on its price. Fundamentally bearish, the EB2507 futures price is expected to remain weak in the short term, with an expected trading range of around 6960 - 7200 [2]. 3. Summary by Related Catalogs Futures Market - The closing price of the active styrene futures contract was 7068 yuan/ton, down 99 yuan; the trading volume was 388,976 lots, down 12,862 lots; the open interest was 302,805 lots, down 13,321 lots. The net long position of the top 20 holders was 1522 lots. The closing price of the July contract was 7068 yuan/ton, down 99 yuan [2]. Spot Market - The spot price of styrene was 8110 yuan/ton, unchanged. The FOB South Korea intermediate price was 884 dollars/ton, down 2 dollars; the CFR China intermediate price was 894 dollars/ton, down 2 dollars. The mainstream prices in different regions varied, with prices in Northeast and North China unchanged, that in East China up 75 yuan, and that in South China unchanged [2]. Upstream Situation - The intermediate price of ethylene CFR Northeast Asia was 781 dollars/ton, unchanged; that of CFR Southeast Asia was 851 dollars/ton, unchanged; that of CIF Northwest Europe was 746.5 dollars/ton, unchanged; the FD US Gulf price was 457 dollars/ton, down 6 dollars. The spot price of pure benzene in different regions showed a downward trend, with prices in the US Gulf up 3 cents/gallon, in Taiwan unchanged, and in Rotterdam down 5 dollars/ton. The market prices in South China, East China, and North China all decreased [2]. Industry Situation - The overall styrene production from May 16th to 22nd was 31.73 tons, down 0.92 tons from the previous period, a week - on - week decrease of 2.82%. The capacity utilization rate was 69.27%, down 2%. The total national styrene inventory was 186,399 tons, down 26,199 tons. The total inventory at the East China main port was 7.46 tons, up 2.25 tons; the trade inventory was 5.16 tons, up 1.47 tons. The operating rates of EPS, ABS decreased, while that of PS increased, and that of UPR remained unchanged [2]. Downstream Situation - The operating rates of PS and butadiene - styrene rubber increased, while those of EPS, ABS decreased, and that of UPR remained unchanged [2]. Industry News - From May 16th to 22nd, China's styrene factory production decreased by 2.82% to 31.73 tons, and the capacity utilization rate decreased by 2% to 69.27%. The consumption of the main downstream products (EPS, PS, ABS) decreased by 3.1% to 25.36 tons. As of May 22nd, the factory inventory was 18.64 tons, a 12.32% decrease from the previous period [2].

苯乙烯产业日报 2025-05-27 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 环比 | | --- | --- | --- | --- | --- | | 期货市场 | 期货收盘价(活跃合约):苯乙烯(日,元/吨) | 7167 | -28 期货成交量(活跃:成交量):苯乙烯(EB)(日, | 401838 -66285 | | | 前20名持仓:买单量:苯乙烯(日,手) | 386654 | 手) -6348 7月合约收盘价:苯乙烯(日,元/吨) | 7167 -28 | | | 期货持仓量(活跃:成交量):苯乙烯(EB)(日, | | | | | | | 290609 | -4393 前20名持仓:净买单量:苯乙烯(日,手) | -14843 13453 | | | 手) 前20名持仓:卖单量:苯乙烯(日,手) | 401497 | -19801 仓单数量:苯乙烯:总计(日,手) | 5167 283 | | 现货市场 | 现货价:苯乙烯(日,元/吨) 市场价:苯乙烯:华南地区:主流价(日,元/吨 | 8110 | -20 苯乙烯:FOB韩国:中间价(日,美元/吨) ) -85 ...

偿计划，美伊就伊核问题举行谈判，中美贸易紧张削弱需求预期，国际油价震荡；纯苯下游部分装置重启 免责声明 ，节前采买提升，短期价格存在支撑。EB2506预计震荡走势，区间预计在7100-7500附近。 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 苯乙烯产业日报 2025-04-22 | 项目类别 | 数据指标 最新 | 最新 | 环比 数据指标 | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货收盘价(活跃合约):苯乙烯(日,元/吨) 342891 | 7236 | -79 期货成交量(活跃:成交量):苯乙烯(EB)(日, | | 24715 | | | 前20名持仓:买单量:苯乙烯(日,手) 7118 | 391767 | 手) -532 3月合约收盘价:苯乙烯(日,元/吨) | | 0 | | | 期货持仓量(活跃:成交量):苯乙烯(EB)(日, | | | | | | ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - On April 9, the US imposed a 104% tariff on China, and China will take measures to safeguard its rights [2]. - In the short - term, EB2505 is expected to be weak following the oil price due to OPEC+ over - production and the US tariff weakening the global economic growth outlook [2]. - In April, large - scale benzene - ethylene plant maintenance plans may partially relieve supply pressure, but short - term demand growth is expected to be limited as PS and ABS inventory accumulation problems remain unsolved [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main futures contract of benzene - ethylene was 7034 yuan/ton, down 171 yuan; trading volume was 440,643, down 46,246; the long position of the top 20 was 365,018 hands, an increase of 12,557 hands; the net long position was 729 hands, an increase of 1,897 hands; the short position was 364,289 hands, an increase of 10,660 hands; the warehouse receipt quantity was 0 hands, a decrease of 2,363 hands [2]. - The closing price of the March contract was 6,921 yuan/ton, down 236 yuan [2]. 3.2 Spot Market - The spot price of benzene - ethylene was 7,960 yuan/ton, down 200 yuan; FOB Korea was 875 dollars/ton, down 21 dollars; CFR China was 885 dollars/ton, down 21 dollars [2]. - Market prices in different regions decreased, with the largest drop of 350 yuan/ton in the Northeast region [2]. 3.3 Upstream Situation - Ethylene prices were mostly stable, with a 2 - dollar/ton decrease in CIF Northwest Europe and a 6 - dollar/ton decrease in FD US Gulf [2]. - Pure benzene prices showed mixed trends, with a 17 - dollar/ton increase in Rotterdam FOB and a 550 - yuan/ton decrease in the South China market [2]. 3.4 Industry Situation - The overall benzene - ethylene plant operating rate was 73.28%, down 2.02 percentage points; national inventory was 205,118 tons, down 18,623 tons; East China main port inventory was 119,000 tons, down 27,600 tons; trade inventory was 83,000 tons, down 15,100 tons [2]. 3.5 Downstream Situation - The operating rates of EPS, ABS, and UPR decreased, while those of PS and butadiene - styrene rubber changed little [2]. 3.6 Industry News - From March 28 to April 3, China's benzene - ethylene factory output was 335,700 tons, down 9,200 tons (2.67% MoM), and the capacity utilization rate was 73.28%, down 2.02 percentage points [2]. - As of April 7, Jiangsu port inventory decreased by 18.83% to 119,000 tons, and South China port inventory increased by 37.25% to 35,000 tons [2].