近支撑与6690附近压力。 免责声明 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货收盘价(活跃合约):苯乙烯(日,元/吨) | 6509 | -31 期货成交量(活跃:成交量):苯乙烯(EB)(日, 手) | 445526 | 59642 | | | 前20名持仓:买单量:苯乙烯(日,手) | 351589 | -18663 1月合约收盘价:苯乙烯(日,元/吨) | 6467 | -36 | | | 期货持仓量(活跃:成交量):苯乙烯(EB)(日, | 314602 | -228 前20名持仓:净买单量:苯乙烯(日,手) | -24911 | -9610 | | | 手) 前20名持仓:卖单量:苯乙烯(日,手) | 376500 | -9053 仓单数量:苯乙烯:总计(日,手) | 600 | 500 | | 现货市场 | 现货价:苯乙烯(日,元/吨) | 6642 | 6 苯乙烯:FOB韩国:中间价 ...

Supply and Demand - As of December 4, the overall production of styrene was 342,400 tons, an increase of 7,700 tons, with an operating rate of 68.85%, up by 1.56% [2] - As of December 8, the total port inventory of styrene in Jiangsu was 146,800 tons, a decrease of 13,800 tons from the previous period; the commodity inventory was 87,800 tons, down by 8,600 tons [2] - The capacity utilization rates for downstream products as of December 4 were 56.36% for EPS (up by 1.61%), 59.0% for PS (up by 1.4%), and 68.3% for ABS (down by 2.9%) [2] Profitability - As of December 10, the profit for non-integrated styrene units was approximately 64 yuan per ton [2] Market Outlook - There is an expectation of increased planned and unplanned maintenance for styrene units, but overall operating rates may slightly increase as profits continue to recover [3] - Demand support is limited due to some downstream operations being affected by cold weather, combined with high inventory and declining profits [3] - The overall supply-demand structure for styrene is tight, but due to weak cost support and seasonal demand decline, the upward potential for styrene prices is limited [3] - Short-term market dynamics are characterized by a clear tug-of-war between bullish and bearish sentiments, with the market likely influenced by oil prices and macroeconomic disturbances [3]

【现货方面】 11月26日，华东市场苯乙烯市场冲高震荡，港口库存走高，浙江石化上游装置检修带动芳烃类价格走 高，随着月底纸货交割，带动补空成交，整体交投气氛好转，下游高价采购跟进乏力，苯乙烯行业利润 修复，整体货源供应充足。据PEC统计，至收盘现货6550~6590（12合约+70~80），12月下6580~6640 （12合约+115），1月下6610~6660（01合约+115），单位：元/吨。 【利润方面】 11月26日，非一体化苯乙烯装置利润至69元/吨附近。 苯乙烯供应：截至11月20日，苯乙烯整体产量在34.29万吨（-0.15万吨），开工率至68.95%（-0.3%）。 苯乙烯库存：截至11月24日，江苏苯乙烯港口样本库存总量：16.42万吨，较上周期增加1.59万吨；商品 量库存在9.42万吨，较上周期增加0.69万吨。苯乙烯下游：截至11月20日，EPS产能利用率56.27% （+4.64%）；PS产能利用率55.90%（+0.5%）；ABS产能利用率72.4%（+0.6%）。 【行情展望】 随着苯乙烯利润修复，部分工厂负荷提升，但同时有部分装置停车检修，整体货源供应有限；部分下游 受成品高 ...

Group 1: Report Core Views - Domestic styrene profit is low and the domestic styrene operating rate decreased. As of September 11, 2025, the domestic styrene operating rate was 74.98%, a decrease of 4.76 pct compared to the previous period and an increase of 5.6 pct year - on - year. The weekly output was 354,000 tons, a decrease of 22,500 tons from the previous period [2]. - Overseas, there are new styrene device overhauls in Malaysia and Belgium. As of September 15, 2025, the overseas styrene operating rate was 81.8%, a decrease of 1.9 pct compared to the previous period and a decrease of 0.1 pct year - on - year, at a relatively low level compared to the same period in the past five years [2]. - The global styrene operating rate is at a neutral level. As of September 15, 2025, the global styrene operating rate was 78.5%, a decrease of 3.3 pct compared to the previous period and an increase of 2.33 pct year - on - year [2]. Group 2: Specific Data Summaries - Domestic styrene: As of September 11, 2025, the operating rate was 74.98%, weekly output was 354,000 tons. As of September 15, the non - integrated profit was - 307 yuan/ton [2]. - Overseas styrene: As of September 15, 2025, the operating rate was 81.8%. The US INEOS 500,000 - ton styrene overhaul plan was postponed to January 2026, a 240,000 - ton styrene device in Malaysia started a 20 - day overhaul at the end of August, and a 440,000 - ton styrene device in Belgium started a one - month overhaul in mid - September [2]. - Global styrene: As of September 15, 2025, the operating rate was 78.5% [2].