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].

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 本周EPS、PS、ABS装置负荷预计小幅调整、变化不大。库存回归去化周期，只是目前库存压力仍偏高。成 助理研究员: 徐天泽 期货从业资格号F03133092 苯乙烯产业日报 2025-09-24 | 项目类别 | 数据指标 环比 | 最新 | | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | 期货市场 | 58 期货成交量(活跃:成交量):苯乙烯(EB)(日, 期货收盘价(活跃合约):苯乙烯(日,元/吨) -7049 11月合约收盘价:苯乙烯(日,元/吨) | 6928 411907 | | | 245568 6928 | 11208 58 | | | 前20名持仓:买单量:苯乙烯(日,手) | | 手) | | | | | | 期货持仓量(活跃:成交量):苯乙烯(EB)(日, | | | | | | | | -1289 前20名持仓:净买单量:苯乙烯(日,手) | 399631 | | | -29310 | 135 | | | 手) 前2 ...

| 项目类别 | 数据指标 环比 | 最新 | | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | 期货市场 | -138 期货成交量(活跃:成交量):苯乙烯(EB)(日, 期货收盘价(活跃合约):苯乙烯(日,元/吨) | 7340 | | | 420738 | 125804 | | | 前20名持仓:买单量:苯乙烯(日,手) 2926 9月合约收盘价:苯乙烯(日,元/吨) | 393939 | 手) | | 7255 | -112 | | | 期货持仓量(活跃:成交量):苯乙烯(EB)(日, | | | | | | | | -15310 前20名持仓:净买单量:苯乙烯(日,手) | 223602 | | | -18033 | -4506 | | | 手) 前20名持仓:卖单量:苯乙烯(日,手) 7432 仓单数量:苯乙烯:总计(日,手) 现货价:苯乙烯(日,元/吨) 28 苯乙烯:FOB韩国:中间价(日,美元/吨) | 411972 7936 | | | 0 915 | -7245 0 | | | 市场价:苯乙烯:东北地区:主流价 ...