Group 1: Report Information - Report Name: Styrene Futures Daily Report [2] - Date: May 12, 2025 [2] - Researcher: Sui Fei [3] - Futures Practitioner Certificate Number: F3019741 [3] - Investment Consulting Practitioner Certificate Number: Z0017025 [3] Group 2: Basic Data Futures Closing Prices - EB2506: Opened at 7005 on May 9, closed at 7320 on May 12, up 315 or 4.50% [4] - EB2507: Opened at 6887 on May 9, closed at 7205 on May 12, up 318 or 4.62% [4] - EB2508: Opened at 6816 on May 9, closed at 7130 on May 12, up 314 or 4.61% [4] - EB2509: Opened at 6767 on May 9, closed at 7068 on May 12, up 301 or 4.45% [4] Spot Prices - Jiangsu Spot: Opened at 7150 on May 9, closed at 7250 on May 12, up 100 or 1.40% [4] - South China Spot: Opened at 7200 on May 9, closed at 7300 on May 12, up 100 or 1.39% [4] - Shandong Spot: Opened at 7220 on May 9, closed at 7210 on May 12, down 10 or -0.14% [4] Basis - East China Spot (EB2506): Opened at 145 on May 9, closed at -70 on May 12, down 215 or -148.28% [4] - EB5 under (EB2506): Opened at 175 on May 9, closed at 200 on May 12, up 25 or 14.29% [4] Month Spread - EB2506 - EB2507: Opened at 118 on May 9, closed at 115 on May 12, down 3 or -2.54% [4] - EB2507 - EB2508: Opened at 71 on May 9, closed at 75 on May 12, up 4 or 5.63% [4] Price Difference - EB - BZ Spot East China: Opened at 1485 on May 9, closed at 1275 on May 12, down 210 or -14.14% [4] Spot Profit - EPS Ordinary Material: Opened at 500 on May 9, closed at 400 on May 12, down 100 or -20.00% [4] - GPPS: Opened at -199 on May 9, closed at -228 on May 12, down 29 or -14.61% [4] - ABS: Opened at 376 on May 9, closed at 168 on May 12, down 208 or -55.32% [4] Outer Market Prices - Ethylene (Northeast Asia): Opened at 790 on May 8, closed at 790 on May 9, unchanged [4] - Pure Benzene CFR China: Opened at 690 on May 9, closed at 740 on May 12, up 50 or 7.25% [4] Group 3: Logical Analysis - The styrene futures price rose, the basis strengthened, and the market trading volume increased [5] - As of May 12, the styrene inventory in the East China main port decreased by 1.18 tons to 5.67 tons compared with May 6, while the upstream pure benzene port inventory increased by 0.3 tons to 12.3 tons [5] - From mid - to late May to early June, multiple sets of equipment such as Jiujiang Petrochemical, Gaoqiao Petrochemical, and CNOOC Huizhou are planned to restart, and the supply of pure benzene is expected to increase [5] - The arbitrage window between Asia and America for pure benzene is closed, but the import volume of pure benzene remains high [5] - Recently, the supply of styrene has increased while the demand has decreased, the port inventory has decreased, and the price difference between styrene and pure benzene has continued to strengthen [5] - The mutual tariff reduction between China and the US has improved the market's pessimistic expectations for trade, and the macro - environment has improved. In the short term, styrene is expected to fluctuate strongly [5]