Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report In the short - term, EB2506 is expected to fluctuate weakly, with support around 6880. The supply pressure of styrene spot will increase as 1.25 million - ton devices of Wanhua and Zhejiang Petrochemical are restarted successively. The demand for EPS, PS, and ABS is average with high finished - product inventories. The foreign trade environment is difficult to improve significantly due to policy uncertainties. During the National Day, the supply - demand contradiction of styrene spot will intensify. The international oil price is expected to fluctuate, and the demand for pure benzene is limited. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active contract of styrene futures is 7079 yuan/ton, with a decrease of 118 yuan/ton; the trading volume is 499,258, a decrease of 122,093 [2]. - The long - position volume of the top 20 holders is 420,282 lots, an increase of 12,928 lots; the net long - position volume is - 8968 lots, a decrease of 2678 lots; the short - position volume is 429,250 lots, an increase of 15,606 lots [2]. - The futures open interest of the active contract is 322,306 lots, an increase of 18,075 lots; the total number of warehouse receipts is 0 lots [2]. - The spot price of styrene is 7838 yuan/ton; the FOB South Korea middle price is 880.5 US dollars/ton, a decrease of 10 US dollars/ton; the CFR China middle price is 890.5 US dollars/ton [2]. 3.2 Spot Market - The mainstream prices in Northeast, South, North, and East China are 7475 yuan/ton (a decrease of 100 yuan/ton), 7465 yuan/ton (a decrease of 35 yuan/ton), 7425 yuan/ton (a decrease of 100 yuan/ton), and 7315 yuan/ton (a decrease of 80 yuan/ton) respectively [2]. 3.3 Upstream Situation - The middle prices of ethylene CFR Northeast Asia, CFR Southeast Asia, CIF Northwest Europe, and FD US Gulf are 791 US dollars/ton (unchanged), 871 US dollars/ton (unchanged), 806 US dollars/ton (an increase of 11 US dollars/ton), and 457 US dollars/ton (a decrease of 6 US dollars/ton) respectively [2]. - The spot prices of pure benzene in the US Gulf (FOB), Taiwan (CIF), Rotterdam (FOB) are 251 US cents/gallon (a decrease of 34.06 US cents/gallon), 722.27 US dollars/ton (unchanged), and 669 US dollars/ton (a decrease of 1 US dollar/ton) respectively. The market prices in South, East, and North China are 6000 yuan/ton (a decrease of 200 yuan/ton), 5970 yuan/ton (a decrease of 125 yuan/ton), and 6100 yuan/ton (unchanged) respectively [2]. 3.4 Industry Situation - The overall styrene plant production in China from April 18th to 24th was 311,200 tons, a month - on - month increase of 1.77%; the plant capacity utilization rate was 67.93%, a month - on - month increase of 1.16% [2]. - The national styrene inventory is 216,307 tons, a decrease of 2177 tons; the total inventory in the East China main port is 86,500 tons, a decrease of 9100 tons; the trade inventory in the East China main port is 65,100 tons, a decrease of 5000 tons [2]. 3.5 Downstream Situation - The operating rates of styrene, EPS, ABS, PS, UPR, and styrene - butadiene rubber are 67.93% (an increase of 1.16%), 57.04% (a decrease of 2.03%), 65.08% (a decrease of 1.91%), 58.7% (a decrease of 2.1%), 28% (unchanged), and 71.95% (a decrease of 1.29%) respectively [2]. - From April 18th to 24th, the consumption of the main downstream products (EPS, PS, ABS) of styrene in China was 252,600 tons, a month - on - month decrease of 2.73% [2]. 3.6 Industry News - From April 18th to 24th, the overall production of Chinese styrene plants was 311,200 tons, with a month - on - month increase of 1.77%; the plant capacity utilization rate was 67.93%, with a month - on - month increase of 1.16% [2]. - From April 18th to 24th, the consumption of the main downstream products (EPS, PS, ABS) of styrene in China was 252,600 tons, with a month - on - month decrease of 2.73% [2]. - As of April 24th, the styrene plant inventory was 216,300 tons, a month - on - month decrease of 1%; as of April 28th, the inventory in Jiangsu ports was 85,200 tons, a month - on - month decrease of 1.5%, and the inventory in South China ports was 25,000 tons, a month - on - month decrease of 6.02% [2].