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纯苯、苯乙烯日报:纯苯苯乙烯短期震荡,难掩中期承压格局-20250826
Tong Hui Qi Huo· 2025-08-26 14:46
Report Summary 1) Report Industry Investment Rating No investment rating is provided in the report. 2) Core View of the Report - The pure benzene market shows short - term resilience but faces increasing supply - demand contradictions and price decline risks after September [3]. - The styrene market has a short - term strong and medium - term pressured pattern, with limited upward price movement and a long - term supply - surplus situation [4]. 3) Summary by Relevant Catalogs I. Daily Market Summary - **Fundamentals** - **Price**: On August 25, the styrene main contract closed down 0.65% at 7,330 yuan/ton with a basis of 25 (+28 yuan/ton); the pure benzene main contract closed down 0.03% at 6,206 yuan/ton [2]. - **Cost**: On August 25, Brent crude closed at 63.7 (+0.1 dollars/barrel), WTI crude at 67.7 dollars/barrel, and East China pure benzene spot was 6,072.5 yuan/ton (-17.5 yuan/ton) [2]. - **Inventory**: Styrene sample factory inventory was 20.3 tons (-0.3 tons), a 1.1% de - stocking; Jiangsu port inventory was 16.2 tons (+1.3 tons), an 8.5% stocking. Pure benzene port inventory was 14.4 tons (-0.2 tons), a 1.1% de - stocking [2]. - **Supply**: Styrene may have reduced supply due to plant maintenance at the end of August. Currently, the weekly styrene output is 37.1 tons (+0.2 tons) with a plant capacity utilization of 78.5% (+0.3%) [2]. - **Demand**: The downstream 3S开工率 varies. EPS capacity utilization is 61.0% (+2.9%), ABS 71.1% (+0%), and PS 57.5% (+1.1%), showing a continuous increase [2]. - **Views** - **Pure Benzene**: In the short - term, it maintains resilience due to plant fluctuations and low inventory, but after September, supply - demand contradictions may intensify, and prices may decline [3]. - **Styrene**: It has a short - term strong and medium - term pressured pattern. Short - term price increase is limited, and the medium - term is in an oversupply situation [4]. II. Industrial Chain Data Monitoring - **Price**: The report provides price data for styrene and pure benzene from August 22 to August 25, including futures, spot, and various price differences [6]. - **Output and Inventory**: From August 15 to August 22, styrene output increased by 0.45% to 37.1 tons, and pure benzene output increased by 1.26% to 45.1 tons. Styrene port inventory in Jiangsu increased by 8.53% to 16.2 tons, and pure benzene port inventory decreased by 1.37% to 14.4 tons [7]. - **Capacity Utilization**: From August 15 to August 22, the capacity utilization of styrene increased by 0.35% to 78.5%, and that of some downstream products changed to varying degrees [8]. III. Industry News - On the 22nd, the Russia - Ukraine peace talks faced difficulties, causing international oil prices to rise [9]. - Global diesel shortages support refinery profits, affecting the crude oil and chemical industry chain [9]. - India plans to expand petrochemical production to counter China's dominance in the global petrochemical market [9]. IV. Industrial Chain Data Charts The report includes charts on pure benzene and styrene prices, production, inventory, and capacity utilization from 2020 - 2025 [15][18][21]
纯苯苯乙烯日报:纯苯去库而苯乙烯再度累库-20250826
Hua Tai Qi Huo· 2025-08-26 05:16
Report Industry Investment Rating No relevant content provided. Core Viewpoints - Korean petrochemical companies may cut 270 - 370 million tons of naphtha cracking capacity, potentially affecting EB supply more than BZ as Korean styrene accounts for 16% of overseas styrene capacity while Korean cracked pure benzene only accounts for 3.5% of overseas pure benzene capacity [3]. - For pure benzene, port inventory is slightly decreasing from a high level but still at a high absolute level, and the port basis is waiting to strengthen further. Attention should be paid to the inventory pressure in the CPL - PA6 - nylon industry chain and the MDI inventory pressure in the aniline downstream [3]. - For styrene, port inventory is accumulating due to high current operating rates, but there are concentrated maintenance plans in September, which may lead to destocking. The operating rates of EPS and PS in the downstream continue to rise, but inventory has not continued to decline, indicating slow downstream follow - up, and ABS maintains a state of high inventory and low operating rate [3]. Summary by Directory I. Pure Benzene and EB's Basis Structure and Inter - Period Spreads - Figures include pure benzene's main contract basis, spot - M2 paper cargo spread, and inter - period spreads between contracts, as well as EB's main contract basis and inter - period spreads [9][13][17] II. Pure Benzene and Styrene Production Profits and Domestic - Foreign Spreads - Figures cover naphtha processing fees, pure benzene's FOB spreads in different regions, styrene's non - integrated production profits, and import profits of pure benzene and styrene [20][23][33] III. Pure Benzene and Styrene Inventory and Operating Rates - Figures show pure benzene's East China port inventory and operating rate, and styrene's East China port inventory, commercial inventory, factory inventory, and operating rate [40][42][45] IV. Styrene Downstream Operating Rates and Production Profits - Figures present the operating rates and production profits of EPS, PS, and ABS in the styrene downstream [52][54][57] V. Pure Benzene Downstream Operating Rates and Production Profits - Figures display the operating rates and production profits of caprolactam, phenol - acetone, aniline, adipic acid, and other downstream products of pure benzene [60][67][71]
合成橡胶产业日报-20250825
Rui Da Qi Huo· 2025-08-25 09:36
1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The production of cis - butadiene rubber in China has increased, and the domestic supply may significantly increase with the release of the production capacity of some overhauled devices, and the finished - product inventory level is expected to rise. The capacity utilization rate of domestic tires increased last week, but there may be a slight decline this week due to factors such as high - temperature weather and limited overall order increments. The br2510 contract is expected to fluctuate in the range of 11,850 - 12,300 in the short term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of synthetic rubber is 12,010 yuan/ton, with a week - on - week increase of 310 yuan/ton; the position of the main contract is 46,705 lots, with a week - on - week increase of 10,950 lots. The 10 - 11 spread of synthetic rubber is 20 yuan/ton, with a week - on - week increase of 30 yuan/ton. The total number of warehouse receipts for butadiene rubber in the warehouse is 2,490 tons, with no week - on - week change [2] 3.2 Spot Market - The mainstream price of cis - butadiene rubber (BR9000) from different petrochemical companies in different regions ranges from 11,700 yuan/ton, with price decreases ranging from 50 - 100 yuan/ton. The basis of synthetic rubber is 90 yuan/ton, with a week - on - week increase of 115 yuan/ton. The price of Brent crude oil is 67.73 dollars/barrel, with a week - on - week increase of 0.06 dollars/barrel; the price of naphtha CFR Japan is 587 dollars/ton, with a week - on - week increase of 2.5 dollars/ton. The price of Northeast Asian ethylene is 830 dollars/ton, with no week - on - week change; the intermediate price of butadiene CFR China is 1,095 dollars/ton, with a week - on - week increase of 15 dollars/ton. The price of WTI crude oil is 63.66 dollars/barrel, with a week - on - week increase of 0.14 dollars/barrel; the mainstream price of butadiene in the Shandong market is 9,315 yuan/ton, with a week - on - week decrease of 110 yuan/ton [2] 3.3 Upstream Situation - The weekly production capacity of butadiene is 15.11 million tons/week, with no week - on - week change; the weekly capacity utilization rate is 68.15%, with a week - on - week decrease of 1.54 percentage points. The terminal port inventory of butadiene is 27,300 tons, with a week - on - week increase of 6,900 tons; the daily operating rate of Shandong local refineries' atmospheric and vacuum distillation units is 49.13%, with a week - on - week increase of 1.61 percentage points. The monthly output of cis - butadiene rubber is 129,200 tons, with a month - on - month increase of 6,700 tons; the weekly capacity utilization rate is 69.15%, with a week - on - week increase of 4.63 percentage points. The weekly production profit of cis - butadiene rubber is - 458 yuan/ton, with a week - on - week increase of 24 yuan/ton. The terminal social inventory of cis - butadiene rubber is 30,600 tons, with a week - on - week increase of 200 tons; the terminal manufacturer inventory is 23,200 tons, with a week - on - week decrease of 250 tons; the terminal trader inventory is 7,410 tons, with a week - on - week increase of 420 tons [2] 3.4 Downstream Situation - The weekly operating rate of domestic semi - steel tires is 73.13%, with a week - on - week increase of 1.06 percentage points; the weekly operating rate of domestic all - steel tires is 64.76%, with a week - on - week increase of 1.67 percentage points. The monthly output of all - steel tires is 12.75 million pieces, with a month - on - month increase of 130,000 pieces; the monthly output of semi - steel tires is 56.97 million pieces, with a month - on - month increase of 1.74 million pieces. The terminal inventory days of all - steel tires in Shandong are 39.76 days, with a week - on - week increase of 0.25 days; the terminal inventory days of semi - steel tires in Shandong are 47.05 days, with a week - on - week increase of 0.32 days [2] 3.5 Industry News - As of August 21, the inventory of high - cis cis - butadiene rubber sample enterprises in China was 30,600 tons, with a week - on - week increase of 200 tons and a week - on - week growth rate of 0.56%. As of August 21, the capacity utilization rate of semi - steel tire sample enterprises in China was 71.87%, with a week - on - week increase of 2.76 percentage points and a year - on - year decrease of 7.81 percentage points; the capacity utilization rate of all - steel tire sample enterprises in China was 64.97%, with a week - on - week increase of 2.35 percentage points and a year - on - year increase of 7.01 percentage points. Most of the previously overhauled cis - butadiene rubber devices have been restarted, and the domestic output has increased. Affected by the surrounding market, the mainstream supply price has further increased, but the strong price - pressing procurement sentiment of downstream customers has led to slow terminal sales [2]
沪锌期货早报-20250825
Da Yue Qi Huo· 2025-08-25 02:57
1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The short - term view is that the Shanghai zinc futures (ZN2510) are expected to fluctuate and consolidate. The previous trading day saw a rebound in Shanghai zinc with increased trading volume. Both long and short positions reduced, with the reduction of short positions being slightly more. Technically, the price is above the 60 - day moving average with weak support, short - term indicator KDJ is rising and operating in the weak area, the trend indicator is declining, long - position strength is rising, short - position strength is falling, and the long - short forces are starting to be in a stalemate [20]. 3. Summary According to Relevant Catalogs 3.1 Fundamentals - In April 2025, global zinc plate production was 1153000 tons, consumption was 1130200 tons, with a supply surplus of 22700 tons. From January to April, production was 4451400 tons, consumption was 4507900 tons, with a supply shortage of 56500 tons. From January to April, global zinc ore production was 4040600 tons, which is a bullish factor [2]. 3.2 Basis - The spot price is 22240, and the basis is - 35, indicating a neutral situation [2]. 3.3 Inventory - On August 22, LME zinc inventory decreased by 1300 tons to 68075 tons compared to the previous day, and the SHFE zinc inventory warrants increased by 503 tons to 32791 tons compared to the previous day, showing a neutral situation. The LME inventory warrants continue to decrease, and the SHFE warrants remain at a high level [2][6][7]. 3.4 Market Trends - The previous trading day, Shanghai zinc showed a fluctuating rebound trend, closing below the 20 - day moving average, and the 20 - day moving average was downward, which is a bearish factor [2]. 3.5 Main Positions - The main net position is long, changing from short to long, which is a bullish factor [2]. 3.6 Futures Market Quotes on August 22 - For different delivery months of zinc futures, there were price changes. For example, for the 2510 contract, the previous settlement was 22285, the opening price was 22215, the highest price was 22290, the lowest price was 22200, the settlement reference price was 22245, down 10 from the previous settlement and down 40 from another reference. The trading volume was 88662 lots, and the open interest was 107792 lots, a decrease of 2634 lots [3]. 3.7 Domestic Spot Market Quotes on August 22 - The prices of various zinc - related products such as zinc concentrate, zinc ingot, galvanized sheet, etc. showed different degrees of decline. For example, the price of zinc concentrate in Linzhou was 16930 yuan/ton, down 20 yuan/ton; the price of zinc ingot in Aoshang was 22240 yuan/ton, down 20 yuan/ton [4]. 3.8 National Main Market Zinc Ingot Inventory Statistics (August 11 - 21, 2025) - The total inventory of zinc ingots in major Chinese markets increased from 99000 tons on August 11 to 117400 tons on August 21. Compared with August 14, it increased by 7200 tons; compared with August 18, it increased by 2300 tons [5]. 3.9 Futures Exchange Zinc Warehouse Receipt Report on August 22 - The total zinc warehouse receipts in the futures exchange were 32791 tons, an increase of 503 tons. In different regions, the warehouse receipts in Guangdong decreased by 475 tons, and those in Tianjin increased by 978 tons [6]. 3.10 LME Zinc Inventory Distribution and Statistics on August 22 - The LME zinc inventory was 68075 tons, a decrease of 1300 tons compared to the previous day, with a registered warrant of 41825 tons and a cancelled warrant of 26250 tons, and the cancellation ratio was 38.56% [7]. 3.11 National Main City Zinc Concentrate Price Summary on August 22 - The prices of zinc concentrate in different regions such as Jiyuan, Kunming, etc. mostly decreased by 20 yuan/ton, with the price in most regions being 16930 yuan/ton [9]. 3.12 National Market Zinc Ingot Smelter Price Quotes on August 22 - The prices of zinc ingots from different smelters such as Chengshan Yunda, Liaoning Huludao Zinc Industry, etc. all decreased by 30 yuan/ton [13]. 3.13 June 2025 Domestic Refined Zinc Production - The planned production value in June was 459700 tons, the actual production was 471800 tons, a month - on - month increase of 11.67%, a year - on - year decrease of 2.36%, and 2.63% higher than the planned value. The capacity utilization rate was 87.10%, and the planned production in July was 470300 tons [15]. 3.14 Shanghai Futures Exchange Member Zinc Trading and Position Ranking on August 22 - For the zn2510 contract, in terms of trading volume, the top three were CITIC Futures (23380 lots, a decrease of 512 lots), Dongzheng Futures (21436 lots, a decrease of 359 lots), and Guotai Junan (16197 lots, a decrease of 2421 lots). In terms of long positions, the top three were CITIC Futures (15360 lots, a decrease of 633 lots), Guotai Junan (5620 lots, an increase of 70 lots), and Dongzheng Futures (5377 lots, a decrease of 66 lots). In terms of short positions, the top three were CITIC Futures (11446 lots, an increase of 93 lots), Dongzheng Futures (8542 lots, a decrease of 790 lots), and Guotai Junan (7752 lots, an increase of 73 lots) [18].
钢材期货行情展望:库存压力不大 钢价维持高位震荡走势
Jin Tou Wang· 2025-08-25 02:08
Price and Basis - Futures prices have declined while the basis has strengthened, with steel billet prices down by 10 to 3080 yuan. The actual transaction price for rebar in East China is 3170 yuan per ton, with the October futures contract at a discount of 51 yuan to the spot price. Hot-rolled coil is priced at 3400 yuan per ton, with the main contract at a discount of 39 yuan to the spot price [1]. Cost and Profit - On the cost side, coking coal production has seen fluctuations, with overall operating rates and output not recovering significantly. After a decline in inventory, there are signs of a potential accumulation again. Iron ore inventories at ports have slightly increased, while steel production remains high, and seasonal demand for steel is declining. Expectations for a contraction in coking coal supply persist, and while iron ore demand remains high, a slight accumulation is expected, leading to a weaker cost support on a month-on-month basis. As prices weaken, steel profits are declining, with profits ranked from high to low as follows: steel billet > hot-rolled coil > rebar > cold-rolled coil [1]. Supply - From January to July, iron element production increased by 18 million tons, a growth rate of 3.1%. Month-on-month, August production rebounded compared to July, mainly due to a significant increase in daily scrap steel consumption. Current molten iron production is stable at 2.41 million tons, with daily scrap steel consumption at 55800 tons, up by 0.6% month-on-month. The total production of the five major materials increased by 64000 tons to 8.78 million tons. By product type, rebar production decreased by 58000 tons to 2.15 million tons, while hot-rolled coil production increased by 96000 tons to 3.25 million tons. Since July, production of the five major materials has exceeded demand, leading to inventory pressure due to last year's low production base in August [1][2]. Demand - From January to July, the apparent demand for the five major materials remained flat year-on-year (-0.2%), while the production decline was greater than the apparent demand (-1.3%). The increase in iron element production (+3%) is primarily directed towards non-five major materials and steel billets. Domestic demand has decreased year-on-year, while external demand has increased significantly, with direct and indirect steel exports rising. Overall steel demand has increased year-on-year, with average daily production rising and apparent demand remaining flat, while inventory has decreased year-on-year. Month-on-month, the seasonal decline was not significant, and the impact of tariffs on demand was offset by the increase in direct exports. Apparent demand for rebar has decreased, dragging down overall apparent demand. The apparent demand for the five major materials decreased by 22000 tons to 8.53 million tons, with rebar demand down by 5000 tons to 1.95 million tons, while hot-rolled coil demand increased by 6500 tons to 3.21 million tons [2]. Inventory - This week saw a significant accumulation of inventory, primarily among traders, with little increase in steel mill inventories. The inventory of the five major materials increased by 25000 tons to 14.41 million tons, with rebar inventory up by 20000 tons to 6.07 million tons and hot-rolled coil inventory up by 4000 tons to 3.6144 million tons. By product type, rebar supply has increased while demand has decreased, leading to significant inventory accumulation; for sheet materials, both supply and demand are weak, resulting in minimal inventory accumulation [2]. Outlook - Molten iron production remains stable, with weekly data indicating a slight increase in the production of the five major materials and a slowdown in inventory accumulation, alongside a rebound in apparent demand. Data shows signs of a bottoming out, but levels remain within the off-peak season. August demand saw a significant month-on-month decline, primarily due to poor rebar demand, affecting the spread between rebar and hot-rolled coil, which has widened to around 290. The market remains weak, with steel prices declining. There is an expectation for a rebound in demand during the peak season from September to October, and considering the situation of steel demand and coking coal supply, steel prices are expected to maintain a high-level oscillation pattern. A long position is suggested for trading, with October hot-rolled coil and rebar prices referenced at 3350 yuan and 3150 yuan, respectively [3][4].
橡胶产业数据日报-20250822
Guo Mao Qi Huo· 2025-08-22 05:36
Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The rubber market shows a volatile performance. As the commodity market approaches the September delivery, it returns to the fundamental logic. The previous "anti - involution" trading expectation has cooled down, leading to weak commodity sentiment. Rubber may follow a volatile and weak trend. The recommended operation is to stay on the sidelines for single - side trading and focus on the arbitrage of going long on RU2509 and short on RU2601 [3]. 3) Summary by Related Catalogs Futures Disk - **Domestic Futures**: RU主力 price is 15720, up 45 from the previous value; NR主力 is 12600, up 75; BR主力 is 11775, up 60 [3]. - **Foreign Futures**: Tocom RSS3 is 316.5 yen/kg, up 2.7; Sicom TF is 170.8 cents/kg, unchanged [3]. - **Inter - period Spreads**: RU2601 - RU2509 is 1000, up 45; RU2605 - RU2601 is 95, down 10; NR主力 - 次主力 is - 20, down 70; BR主力 - 次主力 is 20, up 10 [3]. - **Futures Spreads**: RU - NR is 3120, down 30; RU - BR is 3945, down 15; NR - BR is 825, up 15 [3]. - **Cross - market Spreads**: RU - Tocom RSS3 ($) is 42, down 12; NR - Sicom TF ($) is 47, up 11 [3]. Raw Material Prices - **Thailand**: Glue price is 54.70 baht/kg, cup - rubber price is 49.20 baht/kg, down 0.15 [3][5]. - **Hainan and Yunnan**: Hainan glue for concentrated latex is 14400 yuan/ton, unchanged; Hainan glue for whole - milk is 13200 yuan/ton, down 200; Yunnan glue for concentrated latex is 14500 yuan/ton, unchanged; Yunnan rubber block for whole - milk is 14200 yuan/ton, up 100 [3]. Factory Costs and Profits - **Concentrated Latex Production Profits**: Thailand is 929, up 55; Hainan is 640, unchanged [3]. - **Smoked Sheet and No.20 Rubber Gross Profits**: Thailand No.20 rubber is - 189, unchanged; domestic 9710 is 250, unchanged [3]. Domestic Spot - **Light - colored Rubber**: Old whole - milk is 14750, unchanged; Vietnam 3L is 14900, up 50; Thai mixed is 14620, up 90; Malaysian mixed is 14570, up 90 [3]. - **Dark - colored Rubber**: Thai standard is 12903, up 90; domestic standard No.2 is 13850, unchanged [3]. - **Synthetic Rubber**: Butadiene rubber BR9000 is 11750, up 150; styrene - butadiene SBR1502 is 12300, up 150; styrene - butadiene SBR1712 is 11300, up 100 [3]. Overseas Spot - **Standard Rubber**: Thai standard CIF is 1815, up 20; Malaysian standard CIF is 1810, up 25; Indian standard CIF is 1735, up 15 [3]. Futures - Spot Spreads - **RU Spreads**: RU - Thai mixed is 100, down 90; RU - old whole - milk is - 30, unchanged; RU - Vietnam 3L is - 180, down 50 [3]. - **NR Spreads**: NR - Thai standard delivery profit is - 568, down 70; NR - Indian standard delivery profit is 6, down 70; NR - Malaysian standard delivery profit is - 532, down 105 [3]. Spot Spreads - **Variety Spreads**: Thai standard - Thai mixed ($) is 10, up 5; Vietnam 3L - Thai mixed is 280, down 40; domestic standard No.2 - Thai mixed is - 770, down 90 [3]. Supply, Inventory and Demand - **Supply**: Thailand's raw material glue price is 54.7 baht/kg, cup - rubber price is 49.20 baht/kg [3]. - **Inventory**: As of August 17, 2025, China's natural rubber social inventory is 128.5 tons, up 0.75 tons, an increase of 0.6%; dark - colored rubber social total inventory is 80.6 tons, up 1.2%; light - colored rubber social total inventory is 47.9 tons, down 0.4% [3]. - **Demand**: As of August 21, the capacity utilization rate of all - steel tire sample enterprises is 64.97%, up 2.35 percentage points month - on - month and 7.01 percentage points year - on - year; the capacity utilization rate of semi - steel tire sample enterprises is 71.87%, up 2.76 percentage points month - on - month and down 7.81 percentage points year - on - year [3].
纯苯苯乙烯日报:EB下游开工再度回升-20250822
Hua Tai Qi Huo· 2025-08-22 05:20
Report Industry Investment Rating - Not provided in the content Core Viewpoints - South Korean petrochemical companies may cut 2.7 - 3.7 million tons of naphtha cracking capacity, which boosts the downstream prices of domestic olefin derivatives. South Korea's cracked pure benzene accounts for 3.5% of the total overseas pure benzene capacity, and its styrene accounts for 16% of overseas styrene capacity, potentially supporting overseas styrene prices. However, both products face significant inventory pressure, and the spread may have a greater impact on EB supply than BZ [3]. - The high - level inventory of pure benzene at ports has slightly declined. The basis of pure benzene has recently stabilized and strengthened slightly. With South Korean aromatics undergoing maintenance from August to September, the import pressure has not increased further. The overall downstream开工 rate remains relatively high, driving the de - stocking of pure benzene, but the de - stocking amplitude is expected to be limited [3]. - The port inventory of styrene has accumulated again. The downstream EPS and PS开工 rates continue to rise, but the inventory of EPS and PS has not continued to decline further, and ABS still maintains a state of high inventory and low开工 rate. The actual inventory pressure of EB still exists [3]. Summary by Directory 1. Pure Benzene and EB's Basis Structure and Inter - Period Spread - The pure benzene main contract basis is - 110 yuan/ton (+0), and the styrene main contract basis is 26 yuan/ton (+31 yuan/ton). The spread between East China pure benzene spot and M2 is 0 yuan/ton (-10 yuan/ton) [1]. 2. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene: CFR China processing fee is 173 dollars/ton (+0 dollars/ton), FOB South Korea processing fee is 157 dollars/ton (-1 dollar/ton), and the US - South Korea spread is 51.6 dollars/ton (-3.0 dollars/ton). Downstream production profits: caprolactam is - 1845 yuan/ton (-25), phenol - acetone is - 701 yuan/ton (+50), aniline is - 204 yuan/ton (-43), and adipic acid is - 1331 yuan/ton (+5) [1]. - Styrene: Non - integrated production profit is - 298 yuan/ton (+45 yuan/ton), and it is expected to gradually compress [1]. 3. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene: Port inventory is 14.40 million tons (-0.20 million tons), and the开工 rate of downstream products varies. Caprolactam开工 rate is 91.86% (-1.86%), phenol开工 rate is 78.00% (+1.00%), aniline开工 rate is 70.10% (-1.47%), and adipic acid开工 rate is 65.50% (+3.80%) [1]. - Styrene: East China port inventory is 161,500 tons (+12,700 tons), East China commercial inventory is 76,500 tons (+7,000 tons), and the开工 rate is 78.5% (+0.4%) [1]. 4. Operating Rates and Production Profits of Styrene Downstream - EPS production profit is 58 yuan/ton (-35 yuan/ton), PS production profit is - 122 yuan/ton (-15 yuan/ton), ABS production profit is - 88 yuan/ton (-39 yuan/ton). EPS开工 rate is 60.98% (+2.90%), PS开工 rate is 57.50% (+1.10%), and ABS开工 rate is 71.10% (+0.00%) [2]. 5. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam production profit is - 1845 yuan/ton (-25), phenol - acetone production profit is - 701 yuan/ton (+50), aniline production profit is - 204 yuan/ton (-43), and adipic acid production profit is - 1331 yuan/ton (+5) [1]. Strategies - Unilateral: Hold a wait - and - see attitude towards both pure benzene and styrene [4]. - Basis and Inter - Period: Hold a wait - and - see attitude [4]. - Cross - Variety: Expand the EB - BZ spread on dips in the short term, as the reduction of South Korean cracking capacity has a greater impact on EB than BZ [4].
《能源化工》日报-20250821
Guang Fa Qi Huo· 2025-08-21 05:15
1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views of the Reports Chlor - alkali Industry - **Caustic Soda**: The caustic soda futures market strengthened, but the supply is expected to increase with more devices resuming and fewer maintenance plans. The rebound height is limited, and the 01 contract is expected to fluctuate between 2500 - 2700. It is recommended to wait and see [2]. - **PVC**: The supply of PVC is under pressure due to new capacity releases, while the downstream demand shows no sign of improvement. The industry is in the off - season, and it is recommended to take a bearish view [2]. Crude Oil Industry - The overnight oil price rebounded, driven by short - term supply - demand factors such as a large drop in US EIA inventory and strong terminal demand. However, there is still short - term supply pressure due to the increase in Cushing inventory and OPEC + production. It is recommended to wait and see on the long - short side, and consider expanding the 10 - 11/12 month spread on the inter - month side [5]. Methanol Industry - The methanol market has high port inventory due to large imports. The demand is differentiated, with traditional sectors weak and MTO profit improving. The 09 contract has significant inventory accumulation, while the 01 contract is supported by seasonal factors and Iranian gas - limit expectations [9][11][12]. Pure Benzene - Styrene Industry - **Pure Benzene**: The short - term price has some support due to expected improvement in supply - demand and lower port arrivals in August, but the medium - term supply is sufficient, and the rebound drive is limited. - **Styrene**: The short - term supply is high, but the demand has improved with the increase in downstream 3S load and export expectations. The price has support at the low level, but the rebound space is limited [16]. Urea Industry - The urea price fluctuated, mainly driven by export sentiment and inventory pressure. The fundamentals have limited changes, with increased daily production and weak agricultural demand. The market is expected to be volatile [19]. Polyester Industry Chain - **PX**: The supply is expected to increase as some domestic PX plants restart. The short - term price has support, and it is recommended to trade it in the range of 6600 - 6900 and expand the PX - SC spread [50]. - **PTA**: The short - term supply - demand has improved, but the medium - term is under pressure. It is recommended to trade it in the range of 4600 - 4800 and do reverse arbitrage on TA1 - 5 [50]. - **Ethylene Glycol**: The supply and demand are neutral to positive in the short - term, and it is expected to be volatile and strong. It is recommended to trade the EG01 contract in the range of 4350 - 4550 [50]. - **Short - fiber**: The price has some support due to the approaching peak season, but the rebound drive is limited. It is recommended to pay attention to the pressure above 6500 for the PF10 contract [50]. - **Bottle Chip**: The processing fee has support, and the absolute price follows the cost. It is recommended to go long on the processing fee at low levels [50]. Polyolefin Industry - The PP/PE market shows a pattern of both supply and demand increasing, with inventory depletion. The supply pressure is easing, and demand is showing signs of recovery. It is recommended to hold the LP 01 contract as the market fluctuates in the short - term [54]. 3. Summary According to Related Catalogs Chlor - alkali Industry - **Price and Spread**: The prices of caustic soda and PVC showed different trends. The export profit of caustic soda decreased, while the PVC export profit increased [2]. - **Supply**: The caustic soda industry's operating rate decreased slightly, while the PVC total operating rate increased [2]. - **Demand**: The downstream operating rates of caustic soda and PVC showed some improvement [2]. - **Inventory**: The inventory of caustic soda and PVC showed different trends, with an increase in some and a decrease in others [2]. Crude Oil Industry - **Price and Spread**: Brent, WTI, and SC prices changed, and the spreads between different contracts and varieties also changed [5]. - **Supply - Demand**: The US EIA inventory decreased significantly, but Cushing inventory increased, and OPEC + production increased [5]. Methanol Industry - **Price and Spread**: The methanol futures and spot prices increased, and the spreads between different contracts and regions also changed [9]. - **Inventory**: The methanol enterprise, port, and social inventories all increased [10]. - **Operating Rate**: The upstream domestic operating rate decreased slightly, while the overseas operating rate increased slightly. The downstream MTO operating rate increased [11]. Pure Benzene - Styrene Industry - **Price and Spread**: The prices of pure benzene, styrene, and their raw materials changed, and the spreads between different varieties also changed [16]. - **Inventory**: The pure benzene inventory in Jiangsu ports decreased slightly, while the styrene inventory increased [16]. - **Operating Rate**: The operating rates of pure benzene, styrene, and their downstream products showed different trends [16]. Urea Industry - **Price and Spread**: The urea futures and spot prices changed, and the spreads between different contracts and varieties also changed [19]. - **Supply - Demand**: The domestic urea daily production decreased slightly, and the inventory in some areas changed [19]. - **Position and Volume**: The long and short positions of the top 20 increased, and the trading volume increased significantly [19]. Polyester Industry Chain - **Price and Spread**: The prices of raw materials such as crude oil, PX, and downstream polyester products changed, and the spreads between different varieties also changed [50]. - **Operating Rate**: The operating rates of PX, PTA, and downstream polyester products showed different trends [50]. - **Inventory**: The MEG port inventory decreased, and the PTA inventory situation was also mentioned [50]. Polyolefin Industry - **Price and Spread**: The prices of LLDPE and PP futures and spot changed, and the spreads between different contracts and regions also changed [54]. - **Operating Rate**: The operating rates of PE and PP plants and their downstream industries showed different trends [54]. - **Inventory**: The PE and PP enterprise and social inventories showed different trends [54].
工业硅:情绪提振,多晶硅:报价抬升,情绪继续提振
Guo Tai Jun An Qi Huo· 2025-08-21 02:03
Group 1: Report Overview - The report focuses on industrial silicon and polysilicon, with the sentiment of industrial silicon being boosted and polysilicon's quotation rising and sentiment continuing to be boosted [1][2] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Viewpoints - The trends of industrial silicon and polysilicon are both rated as having a trend strength of 1, indicating a neutral to slightly positive outlook [4] Group 4: Fundamental Data Summary Industrial Silicon and Polysilicon Futures Market - Si2511 closing price is 8,390 yuan/ton, with a change of -235 yuan from T - 1, -210 yuan from T - 5, and -870 yuan from T - 22; its trading volume is 561,795 lots, and open interest is 279,868 lots [2] - PS2511 closing price is 51,875 yuan/ton, with a change of -385 yuan from T - 1 and 585 yuan from T - 5; its trading volume is 704,931 lots, and open interest is 150,086 lots [2] Basis - Industrial silicon spot premium/discount shows different values when对标ing different grades, such as +900 yuan/ton when对标ing East China Si5530, +450 yuan/ton when对标ing East China Si4210, etc [2] Price - The price of Xinjiang 99 - silicon is 8450 yuan/ton, down 250 yuan from T - 1; Yunnan Si4210 is 9850 yuan/ton, down 100 yuan from T - 1; polysilicon - N - type re - feedstock is 47000 yuan/ton, unchanged from T - 1 [2] Profit - Silicon factory profit for Xinjiang new standard 553 is - 2676 yuan/ton, and for Yunnan new standard 553 is - 3355 yuan/ton; polysilicon enterprise profit is - 16.9 yuan/kg [2] Inventory - Industrial silicon social inventory (including warehouse receipt inventory) is 54.5 million tons, enterprise inventory is 17.1 million tons, and industry inventory is 71.6 million tons; polysilicon factory inventory is 24.2 million tons [2] Raw Material Cost - The prices of raw materials such as silicon ore, washed coking coal, petroleum coke, electrodes, etc., show different changes in different regions [2] Other Products in the Polysilicon (Photovoltaic) Chain - The prices and profit situations of products like silicon wafers, battery cells, components, photovoltaic glass, and photovoltaic - grade EVA are also presented, with some showing little change and others having slight price adjustments [2] Organic Silicon and Aluminum Alloy - The price of DMC is 11000 yuan/ton, and DMC enterprise profit is - 1032 yuan/ton; the price of ADC12 is 20350 yuan/ton, and the profit of recycled aluminum enterprises is - 240 yuan/ton [2] Group 5: Macro and Industry News - In July 2025, China's industrial silicon was exported to 50 countries/regions, with a total export volume of 74006.174 tons and an average price of 9219.38 yuan/ton, with the unit price decreasing by 75.74 yuan month - on - month. The top ten countries/regions in terms of export volume accounted for 80.51% of the total export volume [2]
甲醇聚烯烃早报-20250821
Yong An Qi Huo· 2025-08-21 01:56
Report Overview - Report Title: Methanol Polyolefin Morning Report - Report Date: August 21, 2025 - Research Team: Energy and Chemicals Team of the Research Center Industry Investment Rating - No investment rating information is provided in the report. Core Viewpoints - **Methanol**: Port inventories are accumulating significantly due to high imports and current inventories. The domestic supply is expected to return, and traditional demand will enter the peak season. It is necessary to pay attention to whether the demand can support after the domestic supply returns. If the inventory deteriorates significantly, methanol is likely to experience a valuation decline [2]. - **Polyethylene**: The inventory of the two major state - owned oil companies is neutral year - on - year. The upstream two major oil companies are accumulating inventory, while coal - chemical enterprises are reducing inventory. The overall inventory is neutral. The 09 basis is around - 150 in North China and - 100 in East China. The import profit is around - 100 with no further increase for now. In August, the number of maintenance activities decreased month - on - month, and the domestic linear production increased month - on - month. Attention should be paid to the LL - HD conversion and new device commissioning [7]. - **Polypropylene**: The upstream two major oil companies are accumulating inventory, and the middle - stream is reducing inventory. The basis is - 60, the non - standard price difference is neutral, and the import profit is around - 800. Exports have been performing well this year. The supply in June is expected to increase slightly month - on - month, and the downstream orders are average currently. Under the background of over - capacity, the 09 contract is expected to face moderate to excessive pressure. If exports continue to increase or there are more PDH device maintenance activities, the supply pressure can be alleviated to a neutral level [7]. - **PVC**: The basis remains at 09 - 150, and the factory - pickup basis is - 450. The downstream operating rate is seasonally weakening, and the willingness to hold goods at low prices is strong. The inventory reduction of the middle and upstream has slowed down. Attention should be paid to the commissioning and export sustainability from July to August. The current static inventory contradiction is accumulating slowly, and attention should be paid to exports, coal prices, commercial housing sales, terminal orders, and operating rates [7]. Summary by Product Methanol - **Price Data**: From August 14 to August 20, the daily changes in动力煤期货price were 0,江苏现货price increased by 25,华南现货price increased by 10,鲁南折盘面price decreased by 5,西南折盘面price remained unchanged,河北折盘面price decreased by 60,西北折盘面price remained unchanged, CFR中国and CFR东南亚prices remained unchanged,进口利润remained unchanged,主力基差decreased by 5, and盘面MTO利润remained unchanged [2]. - **Market Situation**: Port inventories are high, and the domestic supply is expected to return. Traditional demand will enter the peak season later. It is necessary to focus on the demand - supply balance after the domestic supply returns [2]. Polyethylene - **Price Data**: From August 14 to August 20,东北亚乙烯price remained unchanged,华北LLprice increased by 20,华东LLprice remained unchanged,华东LDprice decreased by 25,华东HDprice decreased by 30, LL美金and LL美湾prices remained unchanged,进口利润remained unchanged,主力期货price increased by 40,基差increased by 10,两油库存remained unchanged, and仓decreased by 40 [7]. - **Market Situation**: The overall inventory is neutral. The 09 basis is different in different regions. The overseas markets in Europe, America, and Southeast Asia are stable. The import profit is around - 100. The non - standard HD injection price is stable, and other price differences are fluctuating. The number of maintenance activities in August decreased month - on - month, and the domestic linear production increased month - on - month [7]. Polypropylene - **Price Data**: From August 14 to August 20,山东丙烯price decreased by 20,东北亚丙烯price remained unchanged,华东PPprice decreased by 40,华北PPprice decreased by 15,山东粉料price decreased by 10,华东共聚price decreased by 28, PP美金and PP美湾prices remained unchanged,出口利润remained unchanged,主力期货price increased by 40,基差remained unchanged,两油库存remained unchanged, and仓单decreased by 100 [7]. - **Market Situation**: The upstream two major oil companies are accumulating inventory, and the middle - stream is reducing inventory. The basis is - 60, the non - standard price difference is neutral, and the import profit is around - 800. Exports have been good. The supply in June is expected to increase slightly month - on - month, and the downstream orders are average [7]. PVC - **Price Data**: From August 14 to August 20,西北电石price remained unchanged,山东烧碱price remained unchanged,电石法 - 华东price decreased by 20,乙烯法 - 华东,电石法 - 华南, and电石法 - 西北prices remained unchanged,进口美金价(CFR中国)remained unchanged,出口利润remained unchanged,西北综合利润remained unchanged,华北综合利润remained unchanged, and基差(高端交割品) remained unchanged [7]. - **Market Situation**: The basis remains stable. The downstream operating rate is seasonally weakening, and the inventory reduction of the middle and upstream has slowed down. Attention should be paid to the commissioning and export sustainability from July to August [7].