需求端预计不弱。华东、华南港口库存季节性积累，但累库规模不大、库存压力偏低，关注后市去库节奏 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 。成本方面，伊朗表示将采取任何必要措施与美国达成协议，美国API库存超预期下降，昨日国际油价小幅 收跌。短期苯乙烯预计随油价震荡，EB2604日度区间预计在7500-7700附近。 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 苯乙烯产业日报 2026-02-25 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:苯乙烯(日,元/吨) 前20名持仓:买单量:苯乙烯(日,手) | 7578 412337 | -91 期货成交量(活跃:成交量):苯乙烯(EB)(日, 2380 3月合约收盘价:苯乙烯(日,元/吨) 手) | 407910 7584 | 156084 -85 | | | 期货持仓量(活跃:成交量):苯乙烯(E ...

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The ethylene production and capacity utilization rate decreased month - on - month. The EPS operating rate increased significantly, while the operating rates of other downstream products mainly decreased. The consumption of EPS, PS, and ABS increased month - on - month. As the Spring Festival approaches, the visible inventory of styrene enters the seasonal accumulation stage, and the current inventory pressure is not large. Affected by the strong styrene spot, the profitability of integrated and non - integrated processes deepens. With the gradual resumption of plants, the tight supply - demand situation of styrene spot will ease. In terms of cost, due to the increased possibility of military conflict between the US and Iran, large - scale winter storms in the US, and the recent weakening of the US dollar, international oil prices have risen significantly recently. In the short term, the EB2603 is expected to fluctuate with oil prices [2] 3. Summary by Relevant Catalog 3.1 Futures Market - The closing price of the main futures contract of styrene was 7785 yuan/ton, with a month - on - month increase of 136 yuan/ton. The trading volume was 980168 lots, with a month - on - month increase of 30183 lots. The long positions of the top 20 holders were 440087 lots, with a month - on - month decrease of 4053 lots. The net long positions were - 38718 lots, with a month - on - month decrease of 10055 lots. The short positions of the top 20 holders were 478805 lots, with a month - on - month increase of 6002 lots. The number of warehouse receipts was 1705 lots, with a month - on - month decrease of 775 lots. The closing price of the March contract was 7785 yuan/ton, with a month - on - month increase of 136 yuan/ton [2] 3.2 Spot Market - The spot price of styrene was 7748 yuan/ton, with a month - on - month decrease of 6 yuan/ton. The mainstream price in the Northeast region was 7675 yuan/ton, with no month - on - month change. The mainstream price in the South China region was 7935 yuan/ton, with a month - on - month decrease of 5 yuan/ton. The mainstream price in the North China region was 7725 yuan/ton, with a month - on - month decrease of 50 yuan/ton. The mainstream price in the East China region was 7890 yuan/ton, with a month - on - month decrease of 15 yuan/ton [2] 3.3 Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 701 US dollars/ton, with a month - on - month decrease of 5 US dollars/ton. The FD US Gulf price of ethylene was 419 US dollars/ton, with a month - on - month decrease of 5 US dollars/ton. The FOB price of pure benzene in the US Gulf was 776.29 US dollars/ton, with no month - on - month change. The CIF price of pure benzene in Taiwan was 284 US dollars/ton, with a month - on - month decrease of 1 US dollar/ton. The FOB price of pure benzene in Rotterdam was 917 US dollars/ton, with a month - on - month increase of 18 US dollars/ton. The market price of pure benzene in the South China market was 5900 yuan/ton, with no month - on - month change. The market price of pure benzene in the East China market was 5950 yuan/ton, with a month - on - month decrease of 75 yuan/ton. The market price of pure benzene in the North China market was 5940 yuan/ton, with no month - on - month change [2] 3.4 Industry Situation - The overall operating rate of styrene was 69.63%, with a month - on - month decrease of 1.23 percentage points. The national inventory of styrene was 151210 tons, with a month - on - month decrease of 9950 tons. The total inventory of styrene in the East China main port was 10.06 million tons, with a month - on - month increase of 0.71 million tons [2] 3.5 Downstream Situation - The operating rate of EPS was 58.71%, with a month - on - month increase of 4.66 percentage points. The operating rate of ABS was 66.8%, with a month - on - month decrease of 3 percentage points. The operating rate of PS was 57.3%, with a month - on - month decrease of 0.1 percentage point. The operating rate of UPR was 38%, with a month - on - month decrease of 1 percentage point. The operating rate of styrene - butadiene rubber was 82.92%, with no month - on - month change [2] 3.6 Industry News - From January 16th to 22nd, the overall output of Chinese styrene plants was 349,300 tons, a month - on - month decrease of 1.72%. The plant capacity utilization rate was 69.63%, a month - on - month decrease of 1.23%. From January 16th to 22nd, the consumption of EPS, PS, and ABS increased by 1.2% month - on - month to 270,800 tons. As of January 22nd, the inventory of styrene plants was 151,200 tons, a month - on - month decrease of 6.17% compared to last week. As of January 26th, the inventory of styrene in the East China port was 100,600 tons, a month - on - month increase of 7.59% compared to last week; the inventory of styrene in the South China port was 15,000 tons, a month - on - month increase of 25% compared to last week. A 300,000 - ton plant in North China had a fault and stopped production last week, and the loads of some plants in the Northeast and South China were adjusted [2] 3.7 Profit Situation - As of January 26th, the non - integrated profit of styrene was 682.07 yuan/ton, and the integrated profit of styrene was 1477.16 yuan/ton [2] 3.8 Device Situation - This week, the 450,000 - ton plant of Sinochem Quanzhou is planned to restart, the 450,000 - ton faulty plant of Bohua is about to start feeding and restarting, and the 300,000 - ton plant of Xuyang remains under maintenance. The operating loads of downstream EPS, PS, and ABS plants are adjusted in the short term, and the overall demand changes little [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The macro sentiment is warm, and industrial products mainly rose during the day. EB2602 closed up at 6,811 yuan/ton. The impact of the shutdown of the 450,000 - ton plant of Bohua last week expanded, and the output and capacity utilization rate of styrene decreased month - on - month. The downstream EPS operating rate dropped significantly, the UPR operating rate decreased month - on - month, and the operating rates of PS, ABS, and styrene - butadiene rubber increased month - on - month. The absolute level of changes in factory and port inventories is not large, and the trend of explicit inventory depletion has slowed down. Non - integrated plants turned from loss to profit, and the profitability of integrated plants expanded. There are no recent news of major styrene plant shutdowns or restarts, and the domestic output and capacity utilization rate are expected to change little. EPS maintains a low operating rate due to the off - season of demand and high inventory, and the load of PS and ABS plants has no obvious adjustment. Currently, the overall downstream profit is low, and the enthusiasm of downstream enterprises to start work is suppressed. In terms of cost, the market believes that it will take time for Venezuela's crude oil production to recover, and international oil prices fluctuated and rose yesterday. Overall, styrene will gradually shift from a tight balance to a wide balance in January, and the supply - demand drive is weak. In the short term, EB2602 is expected to fluctuate, with the range expected to be around 6,700 - 6,900 [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active contract of styrene futures was 6,811 yuan/ton, a month - on - month increase of 72 yuan/ton; the trading volume was 255,208 lots, a month - on - month decrease of 14,594 lots. The long position of the top 20 holders of styrene futures was 361,224 lots, a month - on - month increase of 10,030 lots; the net long position was - 33,503 lots, a month - on - month decrease of 762 lots; the short position was 394,727 lots, a month - on - month increase of 10,792 lots. The closing price of the March contract was 6,862 yuan/ton, a month - on - month increase of 68 yuan/ton. The open interest of the active contract was 300,124 lots, a month - on - month decrease of 2,551 lots. The total number of warehouse receipts was 200 lots, a month - on - month increase of 200 lots [2]. 3.2 Spot Market - The spot price of styrene was 6,792 yuan/ton, a month - on - month increase of 32 yuan/ton. The FOB South Korea intermediate price was 839 US dollars/ton, a month - on - month decrease of 9 US dollars/ton; the CFR China intermediate price was 849 US dollars/ton, a month - on - month decrease of 9 US dollars/ton. The mainstream price in the Northeast region was 6,625 yuan/ton, with no month - on - month change; the mainstream price in the South China region was 6,965 yuan/ton, a month - on - month decrease of 100 yuan/ton; the mainstream price in the North China region was 6,710 yuan/ton, a month - on - month increase of 15 yuan/ton; the mainstream price in the East China region was 6,860 yuan/ton, a month - on - month decrease of 55 yuan/ton [2]. 3.3 Upstream Situation - The CIF price of pure benzene in Taiwan was 746 US dollars/ton, with no month - on - month change; the CFR Southeast Asia intermediate price of ethylene was 726 US dollars/ton, a month - on - month decrease of 3 US dollars/ton; the CFR Northeast Asia intermediate price was 675 US dollars/ton, a month - on - month decrease of 0.5 US dollars/ton; the CIF Northwest Europe intermediate price was 272 US dollars/ton; the FD US Gulf price was 430 US dollars/ton. The FOB price of pure benzene in the US Gulf was 53 US cents/gallon, with no month - on - month change; the FOB price in Rotterdam was 764 US dollars/ton, a month - on - month increase of 26 US dollars/ton. The market price of pure benzene in the South China market was 5,300 yuan/ton, with no month - on - month change; the market price in the East China market was 5,290 yuan/ton, a month - on - month decrease of 60 yuan/ton; the market price in the North China market was 5,250 yuan/ton, with no month - on - month change [2]. 3.4 Industry Situation - The overall operating rate of styrene was 70.23%, a month - on - month decrease of 0.47%. The national inventory of styrene was 171,760 tons, a month - on - month increase of 800 tons. The total inventory in the East China main port was 132,300 tons, a month - on - month decrease of 6,500 tons; the trade inventory in the East China main port was 77,300 tons, a month - on - month decrease of 6,000 tons [2]. 3.5 Downstream Situation - The operating rate of EPS was 43.64%, a month - on - month decrease of 8.92%; the operating rate of ABS was 69.9%, a month - on - month increase of 0.5%; the operating rate of PS was 60.4%, a month - on - month increase of 1.8%; the operating rate of UPR was 36%, a month - on - month decrease of 2%; the operating rate of styrene - butadiene rubber was 80.52%, a month - on - month increase of 1.14% [2]. 3.6 Industry News - From December 26 to January 1, the output of styrene factories was 352,200 tons, a month - on - month decrease of 0.68%; the capacity utilization rate was 70.23%, a month - on - month decrease of 0.47%. The operating rate of downstream EPS decreased by 8.92% month - on - month to 43.64%, the operating rate of PS increased by 1.8% month - on - month to 60.4%, the operating rate of ABS increased by 0.5% month - on - month to 69.9%, the operating rate of UPR decreased by 2% month - on - month to 36%, and the operating rate of styrene - butadiene rubber increased by 1.14% month - on - month to 80.52%. As of December 25, the inventory of styrene factories was 171,800 tons, a month - on - month increase of 0.47%. As of January 5, the inventory in East China ports was 132,300 tons, a month - on - month decrease of 4.68%; the inventory in South China ports was 20,600 tons, a month - on - month increase of 10.16%. On January 4, the non - integrated profit of styrene was 139.35 yuan/ton. On December 31, the integrated profit of styrene was 723.78 yuan/ton [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - EB2512 fluctuated weakly, closing at 6,421 yuan/ton. The production and capacity utilization rate of styrene decreased month - on - month due to the impact of plant shutdowns. The downstream EPS and UPR operating rates increased slightly, while the operating rates of PS, ABS, and styrene - butadiene rubber decreased to varying degrees. The visible inventory decreased slowly at a high level. The non - integrated cost decreased slightly due to weak raw material prices, and the profit recovery was not significant. The market expects a slight increase in OPEC+ production in December, and combined with weak crude oil demand, international oil prices have been under pressure recently. In the short term, EB2512 is expected to weaken with oil prices, and attention should be paid to the support of the lower Bollinger Band around 6,264 [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active styrene futures contract was 6,421 yuan/ton, a decrease of 92. The trading volume was 11,843 lots, and the open interest was 430,156 lots, an increase of 17,279. The net long position of the top 20 holders was 2,497 lots. The closing price of the January contract was 6,470 yuan/ton, a decrease of 91. The spot price of styrene was 6,752 yuan/ton, an increase of 9,346. The FOB South Korea intermediate price was 801.5 US dollars/ton, a decrease of 9, and the CFR China intermediate price was 811.5 US dollars/ton, a decrease of 50 [2] 3.2 Spot Market - The mainstream prices of styrene in the Northeast, South China, North China, and East China regions were 6,225 yuan/ton (change not provided), 6,580 yuan/ton (an increase of 15), 6,360 yuan/ton (unchanged), and 6,460 yuan/ton (an increase of 5) respectively [2] 3.3 Upstream Situation - The intermediate prices of ethylene CFR Northeast Asia, CFR Southeast Asia, CIF Northwest Europe, and FD US Gulf were 766 US dollars/ton (unchanged), 756 US dollars/ton (a decrease of 15), 692.5 US dollars/ton (an increase of 0.5), and 457 US dollars/ton (a decrease of 6) respectively. The spot prices of pure benzene in the US Gulf (FOB), Taiwan (CIF), Rotterdam (FOB), and the market prices in the South China, East China, and North China markets were 243 US cents/gallon (a decrease of 1), 679.1 US dollars/ton (unchanged), 680 US dollars/ton (a decrease of 1), 5,450 yuan/ton (unchanged), 5,405 yuan/ton (a decrease of 30), and 5,130 yuan/ton (a decrease of 40) respectively [2] 3.4 Industry Situation - The total styrene operating rate was 69.25%, a decrease of 2.63%. The national inventory was 2,847 tons, the total inventory in the East China main port was 19.3 tons, a decrease of 0.95, and the trade inventory in the East China main port was 12.1 tons, a decrease of 0.15 [2] 3.5 Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 61.98% (a decrease of 0.55), 72.8% (a decrease of 0.3), 53.8% (unchanged), 34% (unchanged), and 70.57% (an increase of 0.29) respectively [2] 3.6 Industry News - From October 24th to 30th, the total output of Chinese styrene plants was 323,400 tons, a decrease of 1.1% from the previous period, and the plant capacity utilization rate was 66.72%, a decrease of 2.53% month - on - month. From October 17th to 23rd, the consumption of the main downstream products (EPS, PS, ABS) of Chinese styrene was 272,000 tons, a decrease of 0.44% from the previous week. As of October 23rd, the inventory of Chinese styrene plants was 196,300 tons, an increase of 1.47% from the previous week. As of October 27th, the inventory of styrene in Jiangsu ports was 193,000 tons, a decrease of 4.69% from the previous week, and the inventory in South China ports was 31,000 tons, a decrease of 6.06% from the previous week. As of October 22nd, the non - integrated cost of styrene was 6,990.04 yuan/ton, and the non - integrated profit was - 480 yuan/ton [2]

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - Driven by the rise in international oil prices, EB2511 fluctuated strongly and closed around 6928. The production and capacity utilization rate of styrene decreased due to the continuous shutdown of an 800,000 - tonne device of Guangdong Petrochemical and the new maintenance of two 1.2 - million - tonne devices of Zhejiang Petrochemical last week. The downstream operating rates fluctuated slightly. Factory and East China port inventories decreased month - on - month, while South China port inventory increased. The non - integrated cost of styrene increased month - on - month due to the rise in pure benzene and ethylene prices. Large domestic devices are taking turns for maintenance, and this maintenance cycle may last for several months. The 800,000 - tonne device of Guangdong Petrochemical will restart this week, and a 620,000 - tonne device of Zhenhai Liande plans to shut down, so production and capacity utilization may rise periodically. The commissioning of new devices is postponed to October, and the supply pressure of styrene in September shows a downward trend. The load of EPS, PS, and ABS devices is expected to be slightly adjusted this week. Inventory has returned to the destocking cycle, but the current inventory pressure is still high. In terms of cost, the global crude oil supply - demand is weak, but the US sanctions on some oil - producing countries may be upgraded, and international oil prices rose significantly yesterday. In the short term, EB2511 is expected to fluctuate with oil prices, and technically, attention should be paid to the support of the lower Bollinger Band around 6845 and the pressure of the 10 - day moving average around 7034 [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Futures trading volume (active: trading volume) of styrene (EB) was 6928 lots; the closing price of the active contract was 245,568 yuan/ton, with a month - on - month increase of 11,208 yuan/ton. The long positions of the top 20 holders were 411,907 lots, and the net long positions were - 29,310 lots with a month - on - month increase of 135 lots. The short positions of the top 20 holders were 441,217 lots. The total number of warehouse receipts was 905 lots. The closing price of the November contract was 6928 yuan/ton, with a month - on - month increase of 58 yuan/ton. The futures open interest (active: trading volume) was 399,631 lots [2]. 3.2 Spot Market - The spot price of styrene was 7130 yuan/ton, with a month - on - month decrease of 48 yuan/ton. The FOB South Korea intermediate price was 855 US dollars/ton, with a month - on - month decrease of 11 US dollars/ton. CFR China intermediate price was 865 US dollars/ton. The mainstream prices in Northeast, South, North, and East China were 6800 yuan/ton (unchanged), 7075 yuan/ton (unchanged), 6820 yuan/ton (a month - on - month decrease of 30 yuan/ton), and 6870 yuan/ton (a month - on - month decrease of 100 yuan/ton) respectively [2]. 3.3 Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 846 US dollars/ton, the CFR Southeast Asia intermediate price was 841 US dollars/ton, the CIF Northwest Europe intermediate price was 745.5 US dollars/ton (a month - on - month decrease of 3 US dollars/ton), and the FD US Gulf price was 457 US dollars/ton (a month - on - month decrease of 6 US dollars/ton). The FOB price of pure benzene in the US Gulf was 248 US cents/gallon, the CIF price in Taiwan was 722.17 US dollars/ton (unchanged), the FOB price in Rotterdam was 657 US dollars/ton (a month - on - month decrease of 8 US dollars/ton). The market prices of pure benzene in South, East, and North China were 5900 yuan/ton (unchanged), 5840 yuan/ton (unchanged), and 5950 yuan/ton (unchanged) respectively [2]. 3.4 Industry Situation - The overall styrene operating rate was 73.44%, with a month - on - month decrease of 1.54%. The national styrene inventory was 216,283 tons, with a month - on - month decrease of 3994 tons. The total inventory in the East China main port was 186,500 tons, and the trade inventory was 98,500 tons with a month - on - month increase of 20,500 tons [2]. 3.5 Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 61.74% (a month - on - month increase of 0.72%), 69.8% (a month - on - month decrease of 0.2%), 61.2% (a month - on - month decrease of 0.7%), 34% (unchanged), and 70.43% (a month - on - month increase of 0.86%) respectively [2]. 3.6 Industry News - From September 12th to 18th, the weekly styrene output decreased by 2.03% month - on - month to 346,800 tons, and the weekly capacity utilization rate decreased by 1.54% month - on - month to 73.44%. The consumption of downstream EPS, PS, and ABS increased by 0.14% month - on - month to 278,300 tons. As of September 18th, the styrene factory inventory decreased by 1.81% month - on - month to 216,300 tons; as of September 22nd, the East China port inventory increased by 17.30% month - on - month to 186,500 tons, and the South China port inventory decreased by 37.61% month - on - month to 13,600 tons. As of September 17th, the non - integrated cost of styrene was 7548 yuan/ton, and the non - integrated profit was - 368 yuan/ton [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Driven by the rise in international oil prices, EB2511 fluctuated strongly and closed around 6928. The production and capacity utilization rate of styrene decreased due to the continuous shutdown of the 800,000 - tonne device of Guangdong Petrochemical and the maintenance of two 1.2 - million - tonne devices of Zhejiang Petrochemical last week. The downstream operating rate fluctuated slightly, with the operating rates of EPS and styrene - butadiene rubber rising, those of PS and ABS falling, and that of UPR remaining stable. Factory and East China port inventories decreased, while South China port inventory increased. Affected by the rise in pure benzene and ethylene prices, the non - integrated cost of styrene increased last week. Large domestic devices are taking turns for maintenance, and this maintenance cycle may last for several months. This week, the 800,000 - tonne device of Guangdong Petrochemical restarted, and the 620,000 - tonne device of Zhenhai Liande is planned to stop, so the production and capacity utilization rate may increase periodically. The commissioning of new devices is postponed to October, and the overall supply pressure of styrene in September shows a downward trend [2]. - This week, the load of EPS, PS, and ABS devices is expected to be slightly adjusted with little change. Inventory has returned to the destocking cycle, but the current inventory pressure is still high. In terms of cost, the global crude oil supply - demand is weak, but the US sanctions on some oil - producing countries may be upgraded, and international oil prices rose significantly yesterday. In the short term, EB2511 is expected to fluctuate with oil prices. Technically, pay attention to the support of the lower Bollinger Band around 6845 and the pressure of the 10 - day moving average around 7034 [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The trading volume of styrene futures (active contract) was 411,907, with a decrease of 11,208; the closing price was 6,928 yuan/ton, with a decrease of 58. The closing price of the November contract was 6,928 yuan/ton. The net long position of the top 20 holders was 399,631 lots, with a decrease of 1,289; the short position was 441,217 lots, with a decrease of 7,184. The number of warehouse receipts was 905 lots, with no change. The spot price of styrene was 7,130 yuan/ton, with a decrease of 48. The FOB South Korea intermediate price was 855 US dollars/ton, with a decrease of 11; the CFR China intermediate price was 865 US dollars/ton [2]. 3.2 Spot Market - The mainstream price of styrene in the Northeast region was 6,800 yuan/ton, with no change; in the South China region, it was 7,075 yuan/ton, with no change; in the North China region, it was 6,820 yuan/ton, with a decrease of 30; in the East China region, it was 6,870 yuan/ton, with a decrease of 100 [2]. 3.3 Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 846 US dollars/ton, with no change; the CFR Southeast Asia intermediate price was 722.17 US dollars/ton, with no change; the CIF Northwest Europe intermediate price was 745.5 US dollars/ton, with a decrease of 3; the FD US Gulf price was 457 US dollars/ton, with a decrease of 6. The spot price of pure benzene in the US Gulf was 657 cents/gallon, with a decrease of 8. The market price of pure benzene in the South China market was 5,900 yuan/ton, with no change; in the East China market, it was 5,840 yuan/ton, with no change; in the North China market, it was 5,950 yuan/ton, with no change [2]. 3.4 Industry Situation - The total operating rate of styrene was 73.44%, with a decrease of 1.54%. The national inventory of styrene was 216,283 tons, with a decrease of 3,994. The total inventory in the East China main port was 186,500 tons, with an increase of 27,500; the trade inventory was 98,500 tons, with an increase of 20,500. The operating rate of EPS was 61.74%, with an increase of 0.72; the operating rate of ABS was 69.8%, with a decrease of 0.2 [2]. 3.5 Downstream Situation - The operating rate of PS was 61.2%, with a decrease of 0.7; the operating rate of UPR was 34%, with no change; the operating rate of styrene - butadiene rubber was 70.43%, with an increase of 0.86 [2]. 3.6 Industry News - From September 12th to 18th, the weekly output of styrene decreased by 2.03% to 346,800 tons, and the weekly capacity utilization rate decreased by 1.54% to 73.44% [2]. - From September 12th to 18th, the consumption of downstream EPS, PS, and ABS of styrene increased by 0.14% to 278,300 tons compared with last week [2]. - As of September 18th, the factory inventory of styrene decreased by 1.81% to 216,300 tons compared with last week; as of September 22nd, the inventory in East China ports increased by 17.30% to 186,500 tons compared with last week, and the inventory in South China ports decreased by 37.61% to 13,600 tons compared with last week [2]. - As of September 17th, the non - integrated cost of styrene was 7,548 yuan/ton, and the non - integrated profit was - 368 yuan/ton [2].

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View of the Report - The spot price of styrene is under pressure due to weak supply - demand. The futures price of the 08 contract is expected to be stronger than the spot price because the basis of the 08 contract is still relatively high. Technically, attention should be paid to the support around 7270 for EB2508. The supply side is expected to remain in a high - production state, the demand side has not improved, the total inventory is at a relatively high level in the same period of history and difficult to deplete, and the cost lacks support [2]. 3. Summary by Related Catalogs Futures Market - Futures trading volume (active: trading volume) of styrene (EB) is 420,738, with a daily increase of 125,804. The futures closing price (active contract) of styrene is 7,340 yuan/ton. The 9 - month contract closing price of styrene is 7,255 yuan/ton, down 112 yuan/ton. The futures holding volume (active: trading volume) of styrene (EB) decreased by 15,310. The net long position of the top 20 holders of styrene decreased by 4,506 to 18,033 hands. The short position of the top 20 holders of styrene increased by 7,432 to 411,972 hands. The warehouse receipt quantity of styrene is 0 [2]. 现货市场 - The spot price of styrene is 7,936 yuan/ton. The FOB South Korea intermediate price of styrene is 915 US dollars/ton. The CFR China intermediate price of styrene is 925 US dollars/ton. The mainstream prices in the northeast, south, north, and east regions are 7,750 yuan/ton, 7,850 yuan/ton, 7,705 yuan/ton, and 7,715 yuan/ton respectively, with the north and east regions decreasing by 5 yuan/ton and 10 yuan/ton respectively [2]. Upstream Situation - The CFR Northeast Asia intermediate price of ethylene is 821 US dollars/ton, the CFR Southeast Asia intermediate price is 831 US dollars/ton, the CIF Northwest Europe intermediate price is 802 US dollars/ton, and the FD US Gulf price is 457 US dollars/ton, down 6 US dollars/ton. The spot prices of pure benzene in the US Gulf, Taiwan, Rotterdam are 290 US cents/gallon, 735.83 US dollars/ton, and 779 US dollars/ton respectively. The market prices of pure benzene in the south, east, and north regions are 5,950 yuan/ton, 5,965 yuan/ton, and 5,860 yuan/ton respectively [2]. Industry Situation - The total styrene inventory in the country is 209,695 tons, an increase of 15,745 tons. The total inventory in the East China main port is 138,500 tons, an increase of 27,000 tons, and the trade inventory is 45,000 tons, an increase of 6,000 tons. The overall styrene production from July 4th to 10th was 362,800 tons, a month - on - month decrease of 1.04%, and the capacity utilization rate was 79.21%, a month - on - month decrease of 0.82% [2]. Downstream Situation - The operating rates of styrene, EPS, ABS, PS, UPR, and styrene - butadiene rubber are 79.21% (down 0.82%), 51.06% (down 4.82%), 65% (down 0.04%), 51.1% (down 1.3%), 29%, and 73.08% (down 0.58%) respectively. From July 4th to 10th, the consumption of the main downstream products (EPS, PS, ABS) of styrene was 234,100 tons, a month - on - month decrease of 3.9% [2]. Industry News - From July 4th to 10th, the overall production of Chinese styrene factories was 362,800 tons, a month - on - month decrease of 1.04%, and the factory capacity utilization rate was 79.21%, a month - on - month decrease of 0.82%. The consumption of the main downstream products (EPS, PS, ABS) of styrene was 234,100 tons, a month - on - month decrease of 3.9%. As of July 10th, the sample inventory of Chinese styrene factories was 209,700 tons, a month - on - month increase of 8.12% [2].