1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - EB2510 oscillated strongly, closing at 7,087 yuan/ton. Supply decreased last week, with styrene output down 5.98% to 354,000 tons and capacity utilization down 4.76% to 74.98%. Demand increased, with downstream styrene开工率 rising and consumption of EPS, PS, and ABS up 6.52% to 277,900 tons. Inventory situation was mixed, with factory inventory up 2.52% to 220,300 tons, East China port inventory down 10.18% to 176,500 tons, and South China port inventory down 20.83% to 19,000 tons. New production capacity is expected to increase this week, but supply reduction is limited. EPS, PS, and ABS device loads are expected to adjust slightly. ABS is slightly loss - making and inventory is at a historical high. Styrene inventory pressure remains high. Cost - wise, geopolitical conflicts have limited short - term impact, and international oil prices face pressure. Industrial products rose due to expected policies. Technically, EB2510's daily K - line has support around 7,000 and resistance around 7,130 [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The trading volume of styrene futures (active contract) was 369,534, with an increase of 28,213; the closing price of the active contract was 7,087 yuan/ton, up 67; the 11 - month contract closed at 7,097 yuan/ton, up 67. The open interest of the active contract was 220,017, down 35,506. The long position of the top 20 was 218,394, up 28,213; the net long position was - 30,154, down 2,856; the short position was 399,688, down 9,576. The warehouse receipt quantity was 1,498, down 283 [2] 3.2 Spot Market - The spot price of styrene was 7,314 yuan/ton, down 80. FOB South Korea's intermediate price was 862 US dollars/ton, down 7; CFR China's intermediate price was 872 US dollars/ton, down 7. The mainstream prices in Northeast, South, North, and East China were 7,080, 7,285, 7,015, and 7,070 yuan/ton respectively, with changes of 0, 60, - 15, and - 55 [2] 3.3 Upstream Situation - The intermediate price of ethylene CFR Northeast Asia was 851 US dollars/ton, up 10; CFR Southeast Asia was 841 US dollars/ton, unchanged; CIF Northwest Europe was 743.5 US dollars/ton, down 1.5; FD US Gulf was 457 US dollars/ton, down 6. The spot price of pure benzene in the US Gulf was 723.17 cents/gallon, down 3.76; in Taiwan was 261 US dollars/ton, unchanged; in Rotterdam was 666 US dollars/ton, unchanged. The market prices of pure benzene in South, East, and North China were 5,900, 5,910, and 5,990 yuan/ton respectively, with changes of 0, - 20, and 80 [2] 3.4 Industry Situation - The overall styrene operating rate was 74.98%, down 4.76%. The national inventory was 220,277 tons, up 5,420. The total inventory in East China's main ports was 176,500 tons, down 20,000; the trade inventory was 87,000 tons, down 9,500 [2] 3.5 Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 61.02%, 70%, 61.9%, 34%, and 69.57% respectively, with changes of 8.5, 1, 0.9, 1, and 1.92 [2] 3.6 Industry News - From September 5th to 11th, China's styrene factory output was 354,000 tons, down 5.98% from the previous period; the capacity utilization was 74.98%, down 4.76% from the previous period. The consumption of the main downstream products (EPS, PS, ABS) was 277,900 tons, up 6.52% from the previous period. As of September 11th, the sample inventory of Chinese styrene factories was 220,300 tons, up 2.52% from the previous cycle [2]

下游行业开工负荷预计小幅调整，目前下游利润偏低、库存偏高仍抑制苯乙烯需求端增长。短期来看供需 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 助理研究员: 徐天泽 期货从业资格号F03133092 矛盾难有改善，库存压力持续偏高。成本方面，全球原油供需偏弱，俄乌和谈持续推进，只是短期中东地 免责声明 缘恶化对油价仍有一定支撑。短期盘面趋势偏弱，技术上EB2510关注6800附近支撑。 苯乙烯产业日报 2025-09-01 | 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) | 7013 392772 | -71 期货成交量(活跃:成交量):苯乙烯(EB)(日, | 268617 7036 | 36043 -71 | | | 前20名持仓:买单量:苯乙烯(日,手) | | 21811 11月合约收盘价:苯乙烯(日,元/吨) 手) | | | | | 期货持仓量(活跃:成交量):苯乙烯(EB)(日, | ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The supply - demand situation in the styrene spot market is expected to remain with supply exceeding demand, and inventory pressure may continue to rise. The cost side shows that the supply - demand situation of crude oil remains with supply exceeding demand, and international oil prices are expected to fluctuate weakly. Technically, EB2510 should focus on the support around 7130 and the pressure around 7380 [2][3] Group 3: Summary According to Relevant Catalogs Futures Market - The closing price of the active styrene futures contract is 7,285 yuan/ton, with a month - on - month increase of 59 yuan/ton. The trading volume is 360,058 lots, with a month - on - month increase of 238,288 lots. The long positions of the top 20 holders are 314,773 lots, with a month - on - month increase of 21,036 lots. The closing price of the November contract is 7,295 yuan/ton, with a month - on - month increase of 36 yuan/ton. The open interest of the active contract is 256,661 lots, with a month - on - month increase of 47,741 lots. The net long positions of the top 20 holders are - 27,402 lots, with a month - on - month increase of 11,380 lots. The short positions of the top 20 holders are 342,175 lots, with a month - on - month increase of 32,416 lots [2] 现货市场 - The spot price of styrene is 7,572 yuan/ton. The FOB South Korea intermediate price is 887 US dollars/ton, with a month - on - month decrease of 1 US dollar/ton. The CFR China intermediate price is 897 US dollars/ton, with a month - on - month decrease of 1 US dollar/ton. The mainstream prices in Northeast, South, North, and East China are 7,350 yuan/ton (unchanged), 7,430 yuan/ton (a decrease of 10 yuan/ton), 7,315 yuan/ton (an increase of 10 yuan/ton), and 7,280 yuan/ton (an increase of 10 yuan/ton) respectively [2] Upstream Situation - The CFR Northeast Asia, CFR Southeast Asia, CIF Northwest Europe, and FD US Gulf intermediate prices of ethylene are 826 US dollars/ton (unchanged), 821 US dollars/ton (unchanged), 852 US dollars/ton (a decrease of 0.5 US dollars/ton), and 457 US dollars/ton (a decrease of 6 US dollars/ton) respectively. The spot prices of pure benzene in the US Gulf, Taiwan, and Rotterdam are 261 US cents/gallon (a decrease of 5 US cents/gallon), 744.67 US dollars/ton (unchanged), and 686 US dollars/ton (a decrease of 18 US dollars/ton) respectively. The market prices of pure benzene in South, East, and North China are 6,150 yuan/ton (unchanged), 6,095 yuan/ton (a decrease of 5 yuan/ton), and 6,130 yuan/ton (unchanged) respectively [2] Industrial Situation - The overall styrene plant production capacity utilization rate is 78.18%, with a month - on - month increase of 0.45%. The national styrene inventory is 208,717 tons, with a month - on - month decrease of 2,738 tons. The total inventory in the East China main port is 161,500 tons, with a month - on - month increase of 12,700 tons. The trade inventory in the East China main port is 76,500 tons, with a month - on - month increase of 7,000 tons [2] Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber are 58.08% (a month - on - month increase of 14.41%), 71.1% (unchanged), 56.4% (a month - on - month increase of 1.4%), 32% (a month - on - month increase of 2%), and 72.1% (a month - on - month decrease of 1.25%) respectively [2] Industry News - Bloomberg reported that the Chinese government is about to conduct a comprehensive rectification of the petrochemical and refining industries, gradually phasing out small - scale facilities and upgrading backward production capacity, while directing investment towards advanced materials. From August 8th to 14th, the overall output of Chinese styrene plants was 369,100 tons, a month - on - month increase of 2.76%, and the plant capacity utilization rate was 78.18%, a month - on - month increase of 0.45%. The main styrene contract changed to the October contract. EB2510 fell and then rebounded, closing at 7,285 yuan/ton. The consumption of the main downstream products (EPS, PS, ABS) of styrene was 263,200 tons, a month - on - month increase of 10.54%. As of August 14th, the sample inventory of Chinese styrene plants was 208,700 tons, a month - on - month decrease of 1.29% [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The non - integrated profit of styrene has fallen to a loss level, and it may be difficult to maintain the high - operation status of the equipment in the future. This week, an 80,000 - ton faulty and overhauled equipment in the Northeast will restart, and the operating load of some equipment will be reduced. It is expected that the production volume and capacity utilization rate will decline slightly. The downstream industries of styrene are mostly operating with increased loads this week, which may drive up styrene consumption. The domestic supply - demand contradiction has been alleviated, but the difficulty of inventory reduction is still high. In terms of cost, due to the continuous impact of OPEC+ production increase and the lower - than - expected US non - farm payroll data in July, international oil prices have dropped significantly; the market price of pure benzene in East China is expected to have a small fluctuation range. Technically, for EB2509, pay attention to the support around 7180 and the resistance around 7440 [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the active styrene futures contract is 7285 yuan/ton, and the trading volume is 190,047 lots, a net increase of 33,369 lots. The long - position volume of the top 20 holders is 309,216 lots, a decrease of 6946 lots; the short - position volume is 321,772 lots, a decrease of 7174 lots; the net long - position volume is - 12,556 lots, an increase of 228 lots. The closing price of the October contract is 7314 yuan/ton, an increase of 6 yuan. The futures open interest is 249,986 lots, a decrease of 13,961 lots. The total number of warehouse receipts is 1067 lots, a decrease of 128 lots [2] Spot Market - The spot price of styrene is 7570 yuan/ton. The FOB South Korea intermediate price is 910 US dollars/ton, a decrease of 1 US dollar; the CFR China intermediate price is 7485 yuan/ton, a decrease of 5 yuan. In different regions, the mainstream prices in the South China, Northeast, North China, and East China are 900 yuan/ton (no change), 7250 yuan/ton (a decrease of 10 yuan), 7240 yuan/ton (an increase of 25 yuan), and 7300 yuan/ton (a decrease of 5 yuan) respectively [2] Upstream Situation - The intermediate prices of ethylene CFR Northeast Asia, CFR Southeast Asia, CIF Northwest Europe, and FD US Gulf are 821 US dollars/ton (no change), 831 US dollars/ton (no change), 809.5 US dollars/ton (an increase of 1.5 US dollars), and 457 US dollars/ton (a decrease of 6 US dollars) respectively. The spot prices of pure benzene in the US Gulf (FOB), Taiwan (CIF), Rotterdam (FOB) are 271 cents/gallon (an increase of 3 cents), 755.98 US dollars/ton (no change), 721 US dollars/ton (an increase of 4 US dollars) respectively. The market prices of pure benzene in the South China, East China, and North China markets are 6050 yuan/ton (no change), 6055 yuan/ton (an increase of 20 yuan), and 6030 yuan/ton (no change) respectively [2] Industry Situation - The overall styrene production rate is 78.92%, an increase of 0.08%. The national styrene inventory is 217,339 tons, an increase of 12,056 tons. The total inventory in the East China main port is 159,000 tons, a decrease of 5000 tons; the trade inventory in the East China main port is 66,500 tons, a decrease of 1000 tons [2] Downstream Situation - The production rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber are 54.25% (a decrease of 0.96%), 65.9% (a decrease of 0.92%), 53.3% (an increase of 1.7%), 29% (no change), and 73.42% (a decrease of 0.38%) respectively [2] Industry News - From July 25th to 31st, the overall production of Chinese styrene plants was 361,500 tons, a week - on - week increase of 400 tons or 0.11%; the plant capacity utilization rate was 78.92%, a week - on - week increase of 0.08%. The consumption of the main downstream products (EPS, PS, ABS) of styrene in China was 245,900 tons, an increase of 2100 tons or 0.86% compared with the previous week. As of August 4th, the inventory of styrene in the East China port was 159,000 tons, a week - on - week decrease of 3.05%; the inventory in the South China port was 15,500 tons, a week - on - week increase of 4.73% [2]

1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - EB2508 oscillated strongly and closed at 7350 yuan/ton. The supply side saw a 0.05% week-on-week decrease in styrene output to 366,600 tons last week, with capacity utilization down 0.05% week-on-week to 80.03%. The demand side witnessed a 5.21% week-on-week decline in the consumption of major downstream products (EPS, PS, ABS) to 243,600 tons. In terms of inventory, the factory inventory decreased 2.99% week-on-week to 194,000 tons, while the inventory at East China ports increased 12.85% week-on-week to 1.115 million tons, and the inventory at South China ports decreased 40% week-on-week to 9,000 tons. After the concentrated restart of large - scale plants, the styrene operating rate has remained high. This week, a 300,000 - ton plant in Hebei is planned to shut down, and a 350,000 - ton plant in the Northeast and a 120,000 - ton plant in Central China will restart, with output and capacity utilization expected to rise slightly. Terminal demand is in the off - season, with downstream demand mainly for rigid needs. The finished product inventory of "Three S" downstream is high, and the profits of EPS and PS are still low; although the profit of ABS has recovered due to weak costs, the demand has not improved. The overall inventory is at a relatively high level in the same period of history, making de - stocking more difficult. In terms of cost, the US may maintain sanctions on some oil - producing countries, and market concerns about US tariff negotiation issues have weakened, causing recent international oil prices to fluctuate strongly; the supply - demand of pure benzene is expected to remain loose, and its price lacks support. Overall, the styrene spot price still faces certain pressure this week; for futures, the basis logic of the July 08 contract has a greater impact, and the discounted futures price provides some support for EB2508, with the price likely to be stronger than the spot. Daily attention should be paid to the support around 7200 and the resistance around 7400 [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the active styrene futures contract was 7350 yuan/ton, up 74 yuan. The trading volume was 295,912 lots, down 120,401 lots. The long positions of the top 20 holders were 383,288 lots, down 2062 lots; the net long positions were - 13,915 lots, up 8848 lots; the short positions were 397,203 lots, down 10,910 lots. The closing price of the September contract was 7263 yuan/ton. The open interest of the active contract was 263,168 lots, down 9774 lots. The spot price of styrene was 7914 yuan/ton. The FOB South Korea intermediate price was 895 US dollars/ton, down 10 US dollars; the CFR China intermediate price was 905 US dollars/ton, down 10 US dollars [2]. 现货市场 - The mainstream price of styrene in the Northeast region was 7675 yuan/ton, unchanged; in the South China region, it was 7755 yuan/ton, up 15 yuan; in the North China region, it was 7625 yuan/ton, unchanged; in the East China region, it was 7605 yuan/ton, down 35 yuan [2]. Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 821 US dollars/ton, unchanged; the CIF Northwest Europe intermediate price was 819.5 US dollars/ton, down 3.5 US dollars; the CFR Southeast Asia intermediate price was 831 US dollars/ton, unchanged; the FD US Gulf price was 457 US dollars/ton, down 6 US dollars. The spot price of pure benzene in the US Gulf was 278 US cents/gallon, up 4 US cents; the CIF Taiwan price was 728.83 US dollars/ton, unchanged; the FOB Rotterdam price was 762 US dollars/ton, unchanged. The market price of pure benzene in the South China market was 5850 yuan/ton, down 150 yuan; in the East China market, it was 5875 yuan/ton, up 15 yuan; in the North China market, it was 5800 yuan/ton, down 20 yuan [2]. 产业情况 - The overall styrene operating rate was 80.03%, down 0.05%. The national styrene inventory was 193,950 tons, down 5973 tons; the total inventory at the East China main port was 111,500 tons, up 12,700 tons; the trade inventory at the East China main port was 39,000 tons, up 7700 tons [2]. 下游情况 - The operating rate of EPS was 55.88%, down 3.84%; the operating rate of ABS was 65.04%, down 0.96%; the operating rate of PS was 52.4%, down 5%; the operating rate of UPR was 29%, down 1%; the operating rate of styrene - butadiene rubber was 73.66%, down 0.43% [2]. 行业消息 - The National Development and Reform Commission estimates that China's GDP in 2025 will be around 140 trillion yuan. From June 27 to July 3, China's styrene plant output was 366,600 tons, down 0.05% from the previous period, and the plant capacity utilization was 80.03%, down 0.05% month - on - month. The consumption of the main downstream products (EPS, PS, ABS) of styrene was 243,600 tons, down 5.21% month - on - month. As of July 3, the sample inventory of Chinese styrene plants was 194,000 tons, down 2.99% from the previous period [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - EB2508 oscillated weakly, closing at 7,275 yuan/ton. The supply side saw an increase in styrene production and capacity utilization last week. The demand side had a rise in downstream consumption, but downstream demand is in the off - season with high finished - product inventories and shrinking profits, which restrains demand growth. Total inventory is at a relatively high level in the same period of history, making de - stocking difficult. Cost factors are bearish, but the deep discount of the futures main contract restricts the downside space. Attention should be paid to the support around 7,200 and the pressure around 7,400 on the daily K - line of EB2508 [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active styrene futures contract was 7,275 yuan/ton, a decrease of 12 yuan; the trading volume was 313,250 lots, a decrease of 379 lots. The long positions of the top 20 holders increased by 11,875 lots to 369,587 lots, and the net long positions decreased by 1,424 lots to - 21,961 lots. The short positions of the top 20 holders increased by 13,299 lots to 391,548 lots. The closing price of the July contract was 7,408 yuan/ton, unchanged [2]. - The futures open interest of the active styrene contract was 287,004 lots, an increase of 6,038 lots. The total number of styrene warehouse receipts was 0 lots, a decrease of 7,245 lots [2]. 3.2 Spot Market - The spot price of styrene was 8,050 yuan/ton, a decrease of 34 yuan. The FOB South Korea intermediate price of styrene was 906 US dollars/ton, a decrease of 5 US dollars. The CFR China intermediate price of styrene was 916 US dollars/ton, a decrease of 5 US dollars [2]. - The mainstream prices of styrene in different regions showed different changes: in the South China region, it was 7,725 yuan/ton, a decrease of 100 yuan; in the Northeast region, it was 7,875 yuan/ton, unchanged; in the North China region, it was 7,775 yuan/ton, a decrease of 90 yuan; in the East China region, it was 7,800 yuan/ton, a decrease of 185 yuan [2]. 3.3 Upstream Situation - The intermediate prices of ethylene in different regions: CFR Northeast Asia was 851 US dollars/ton, unchanged; CFR Southeast Asia was 861 US dollars/ton, unchanged; CIF Northwest Europe was 814 US dollars/ton, a decrease of 9.5 US dollars; FD US Gulf was 457 US dollars/ton, a decrease of 6 US dollars [2]. - The spot prices of pure benzene in different regions: the CIF price in Taiwan was 736.5 US dollars/ton, unchanged; the FOB price in the US Gulf was not provided with a change; the FOB price in Rotterdam was 705 US dollars/ton, a decrease of 5 US dollars. The market prices of pure benzene in different domestic markets: in the South China market, it was 6,100 yuan/ton, unchanged; in the East China market, it was 5,955 yuan/ton, a decrease of 30 yuan; in the North China market, it was 5,950 yuan/ton, unchanged [2]. 3.4 Industry Situation - The overall styrene operating rate was 80.08%, an increase of 1.07 percentage points. The national styrene inventory was 199,923 tons, an increase of 11,141 tons. The total inventory in the East China main port was 98,800 tons, an increase of 13,800 tons, and the trade inventory in the East China main port was 31,300 tons, a decrease of 35,000 tons [2]. 3.5 Downstream Situation - The operating rates of downstream products: EPS was 59.72%, an increase of 6.09 percentage points; ABS was 66%, an increase of 2.03 percentage points; PS was 57.4%, a decrease of 1.3 percentage points; UPR was 30%, unchanged; and the operating rate of styrene - butadiene rubber was 74.09%, unchanged [2]. 3.6 Industry News - From June 20th to 26th, the overall output of Chinese styrene factories was 366,800 tons, a 1.35% increase from the previous period, and the factory capacity utilization rate was 80.08%, a 1.07% increase month - on - month [2]. - From June 20th to 26th, the consumption of the main downstream products (EPS, PS, ABS) of Chinese styrene was 257,000 tons, an increase of 9,700 tons from the previous week, a 3.92% increase month - on - month [2]. - As of June 26th, the sample inventory of Chinese styrene factories was 199,900 tons, a 5.90% increase from the previous cycle [2].

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].

Report Summary - **Report Date**: May 27, 2025 [1] - **Report Type**: Styrene Industry Daily Report - **Researcher**: Lin Jingyi (Futures Practitioner Qualification No. F03139610, Futures Investment Consulting Practitioner Certificate No. Z0021558) - **Assistant Researcher**: Xu Tianze (Futures Practitioner Qualification No. F03133092) Industry Investment Rating - Not provided Core Viewpoints - The fundamentals of the styrene market are bearish, and the EB2507 contract still shows a weakening trend. The short - term operating range is expected to be around 7000 - 7200 yuan/ton [2] - The current profit of styrene is still relatively high, which implies an expected increase in supply. However, the terminal is transitioning to the off - season, and the low profit levels of downstream EPS, PS, and ABS are suppressing styrene demand in the short term. The total inventory is at a neutral level with little pressure [2] Summary by Directory 1. Futures Market - The closing price of the active futures contract for styrene was 7167 yuan/ton, a decrease of 28 yuan. The trading volume was 401,838 lots, a decrease of 66,285 lots. The 7 - month contract closing price was also 7167 yuan/ton, a decrease of 28 yuan [2] - The long positions of the top 20 holders were 386,654 lots, a decrease of 6,348 lots; the short positions were 401,497 lots, a decrease of 19,801 lots; the net long positions were - 14,843 lots, an increase of 13,453 lots [2] - The futures open interest was 290,609 lots, a decrease of 4,393 lots, and the total number of warehouse receipts was 5,167 lots, an increase of 283 lots [2] 2. Spot Market - The spot price of styrene was 8,110 yuan/ton, a decrease of 20 yuan. The FOB South Korea intermediate price was 886 US dollars/ton, a decrease of 9.5 US dollars; the CFR China intermediate price was 896 US dollars/ton, a decrease of 9.5 US dollars [2] - The mainstream prices in different regions of China varied: 7,915 yuan/ton in North China (a decrease of 65 yuan), 7,900 yuan/ton in Northeast China (unchanged), 7,825 yuan/ton in East China (an increase of 25 yuan), etc. [2] 3. Upstream Situation - The intermediate prices of ethylene in different regions: CFR Northeast Asia was 781 US dollars/ton (unchanged), CFR Southeast Asia was 851 US dollars/ton (unchanged), CIF Northwest Europe was 746.5 US dollars/ton (a decrease of 10 US dollars), and FD US Gulf was 457 US dollars/ton (a decrease of 6 US dollars) [2] - The spot prices of pure benzene: the Taiwan CIF price was 722.33 US dollars/ton (unchanged), the Rotterdam FOB price was 683 US dollars/ton, the US Gulf FOB price was 0 US cents/gallon, and the domestic market prices in different regions also had different changes [2] 4. Industry Situation - The overall styrene production from May 16th to 22nd was 317,300 tons, a decrease of 9,200 tons compared to the previous period, with a month - on - month decrease of 2.82%. The capacity utilization rate was 69.27%, a month - on - month decrease of 2% [2] - The total national inventory of styrene was 186,399 tons, a decrease of 26,199 tons; the total inventory at the main ports in East China was 74,600 tons, an increase of 22,500 tons; the trade inventory at the main ports in East China was 51,600 tons, an increase of 14,700 tons [2] 5. Downstream Situation - The operating rates of downstream products: EPS was 59.52% (a decrease of 2.82%), ABS was 60.87% (a decrease of 6.52%), PS was 59.7% (an increase of 2.6%), UPR was 33% (unchanged), and butadiene - styrene rubber was 70.14% (an increase of 3.22%) [2] - From May 16th to 22nd, the consumption of the main downstream products (EPS, PS, ABS) of styrene in China was 253,600 tons, a decrease of 8,100 tons compared to the previous week, with a month - on - month decrease of 3.1% [2] 6. Industry News - From May 16th to 22nd, the overall production of Chinese styrene factories was 317,300 tons, with a capacity utilization rate of 69.27%, both showing month - on - month decreases [2] - From May 16th to 22nd, the consumption of the main downstream products of styrene was 253,600 tons, a month - on - month decrease of 3.1% [2] - As of May 22nd, the sample inventory of Chinese styrene factories was 186,400 tons, a decrease of 12.32% compared to the previous cycle; as of May 26th, the total inventory of the Jiangsu styrene port samples was 74,600 tons, an increase of 43.19% compared to the previous cycle, and the total inventory of the main storage areas in South China was 20,000 tons, a decrease of 13.04% compared to the previous cycle [2]

Report Industry Investment Rating - Not provided Core Viewpoints - EB2506 oscillated weakly, closing at 7,236 yuan/ton. Supply decreased due to the expanded impact of previously shut - down plants, with last week's output down 2.43% to 305,800 tons and capacity utilization down 1.64% to 66.77%. Demand saw mixed changes in downstream operating rates, and consumption of EPS, PS, and ABS increased by 6.87% to 259,700 tons. Inventory decreased in factories and East - China ports but increased in South - China ports. Some plants are expected to shut down or reduce production this week, and output and capacity utilization are likely to decline. The restart of maintenance plants from late April to early May will provide a discount space for the 06 - contract. EPS demand is recovering in some regions, while PS and ABS demand is suppressed by US tariffs. International oil prices are oscillating, and pure benzene prices have short - term support. EB2506 is expected to oscillate in the range of 7,100 - 7,500 yuan/ton [2] Summary by Relevant Catalogs Futures Market - The closing price of the active futures contract for styrene was 7,236 yuan/ton, down 79 yuan. The trading volume was 24,715 lots. The long positions of the top 20 holders decreased by 532 lots to 391,767 lots. The 3 - month contract closing price was unchanged. The open interest of the active contract decreased by 4,868 lots to 282,446 lots. The net long positions of the top 20 holders decreased by 4,529 lots. The short positions of the top 20 holders increased by 3,997 lots to 396,635 lots. The total number of warehouse receipts decreased by 2,363 lots to 0 lots [2] Spot Market - The spot price of styrene was 912.5 yuan/ton. The mainstream price in South China decreased by 12 yuan to 7,862 yuan/ton. The FOB South Korea intermediate price was unchanged. The CFR China intermediate price was 922.5 dollars/ton, unchanged. The mainstream price in Northeast China was unchanged, that in North China decreased by 25 yuan to 7,575 yuan/ton, and that in East China was 7,525 yuan/ton, unchanged [2] Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 791 dollars/ton, unchanged; the CFR Southeast Asia was 871 dollars/ton, unchanged; the CIF Northwest Europe decreased by 5 dollars to 818.5 dollars/ton; the FD US Gulf decreased by 6 dollars to 457 dollars/ton. The spot price of pure benzene in Taiwan's CIF was 756.33 dollars/ton, unchanged; that in the US Gulf's FOB was 255 cents/gallon, unchanged; that in Rotterdam's FOB was 707 dollars/ton, unchanged. The market price in South China was unchanged, that in East China increased by 15 yuan to 6,370 yuan/ton, and that in North China increased by 100 yuan [2] Industry Situation - The overall styrene production rate was 66.77%, down 1.64 percentage points. The national inventory decreased by 9,807 tons. The total inventory at East - China's main ports decreased by 0.91 million tons to 8.65 million tons, and the trade inventory decreased by 0.5 million tons to 6.51 million tons. The EPS production rate increased by 11.98 percentage points to 66.99%, the ABS production rate decreased by 0.66 percentage points [2] Downstream Situation - The PS production rate decreased by 0.3 percentage points to 60.8%, the UPR production rate was 28%, unchanged, and the styrene - butadiene rubber production rate was 73.24%, unchanged [2] Industry News - From April 11th to 17th, China's styrene factory output was 305,800 tons, down 2.43% month - on - month, and the capacity utilization was 66.77%, down 1.64% month - on - month. The consumption of the main downstream products (EPS, PS, ABS) was 259,700 tons, up 6.87% month - on - month. As of April 17th, the factory inventory was 218,400 tons, down 4.30% month - on - month. As of April 21st, the inventory at Jiangsu ports was 865,000 tons, down 9.52% month - on - month, and that at South China ports was 266,000 tons, up 2.31% month - on - month [2]