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].

苯乙烯产业日报 2025-08-04 工负荷下调，预计产量、产能利用率小幅下降。本周苯乙烯下游行业多提负运行，或带动苯乙烯消费提升 | 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) 前20名持仓:买单量:苯乙烯(日,手) | 7291 313365 | -5 期货成交量(活跃:成交量):苯乙烯(EB)(日, -4478 10月合约收盘价:苯乙烯(日,元/吨) | 219741 -21290 7307 -22 | | | | | 手) | | | | 期货持仓量(活跃:成交量):苯乙烯(EB)(日, | | | | | | | 264170 | -11498 前20名持仓:净买单量:苯乙烯(日,手) | -8031 6461 | | | 手) 前20名持仓:卖单量:苯乙烯(日,手) | 321396 | -10939 仓单数量:苯乙烯:总计(日,手) | 1195 0 | | 现货市场 | 现货价:苯乙烯(日,元/吨) 市场价:苯乙烯:华南地区:主流价(日, ...

Group 1: Report Information - Report Title: Weekly Report on Pure Benzene and Styrene [1] - Author: Huang Tianyuan from Guotai Junan Futures Research Institute [2] - Date: July 20, 2025 [2] Group 2: Industry Investment Rating - Not provided Group 3: Core Views - Short - term anti - involution sentiment is high but actual impact is limited, squeezing EB profits [3] - Pure benzene supply and demand both increase, styrene supply increases while demand decreases, and profit compression is the main trend in the short - term [3] - Benzene ethylene is in a pattern of high production, high profit, and high inventory, and is mainly a short - position allocation [3] - The short - term market for pure benzene has support at 5600 - 5700, and attention should be paid to positions for squeezing styrene profits [3] Group 4: Supply - related Summaries Pure Benzene Supply - Domestic: In July, the planned maintenance loss is about 100,000 tons (Fuhai, Fuhai Chuang, Zhejiang Petrochemical, Tianjin Petrochemical), and it will drop to 40,000 tons in August. Pay attention to the commissioning of CNOOC Daxie on July 18 and new devices such as Yulong Petrochemical (reforming + disproportionation), Jilin Petrochemical, Jingbo, and Hunan Petrochemical in August [3] - Import: The US has imposed continuous tariffs on overseas and restarted domestic downstream devices, causing the US pure benzene price to stabilize and rebound. The USGC BZ premium over RBOB continues to rise. After July, due to poor pure benzene economics, the yield is still decreasing. The STDP device profit is negative. The US styrene profit has been squeezed from the high level, but the operating rate has recovered from 50% in June to nearly 65% - 70% in July. The European market has poor cracking profits and is considering reducing the load. The European pure benzene spot volume is limited, and factories are actively destocking and increasing contract volumes. About 30,000 tons of pure benzene were shipped from Europe to the US from May to June. In June, Europe imported more than 100,000 tons of styrene. The US - > EU EB window is currently closed from July to August. European downstream plans a 2 - 3 - week seasonal maintenance in August. Pay attention to the opening of the pure benzene EU/Korea - > US and styrene US - > EU windows [3] Styrene Supply - Recently, there has been a large increase in supply. Liaoning Baolai's 350,000 - ton device has restarted, and new devices such as Jingbo Petrochemical's 680,000 - ton (August) and Jilin Petrochemical's 600,000 - ton (September) are about to be commissioned [3] Other Downstream Supply - Caprolactam: Hengyi's 300,000 - ton new device in Qinzhou, Guangxi is planned to be commissioned from August to September [3] - Phenol: The maintenance of Yangzhou Shiyou and Jiangsu Yangnong is about to end. New devices such as Zhenhai Refining & Chemical's 400,000 - ton and Jilin Petrochemical's 200,000 - ton will be commissioned from July to August, and Shandong Ruilin plans to be commissioned in October [3] Group 5: Demand - related Summaries Aniline Demand - Jinmao Aluminum, Shandong Huatai, and Jiangsu Fuqiang have recently restarted. Wanhua Chemical's (Fujian) new device has been commissioned and is currently operating at a low load. Yantai Wanhua plans a rotational maintenance from August to September [3] Styrene Downstream 3S Hard Rubber Demand - EPS and PS have clearly entered the summer off - season pattern, with continuous inventory accumulation and reduced operating rates. ABS overall demand remains medium - high and shows resilience [3] Group 6: Valuation - related Summaries Absolute Price Valuation - Based on a crude oil price of $65, the reasonable valuation of the BZ2603 contract is 5800 - 5900 yuan/ton. When Brent crude oil rises to $67 and $70, the reasonable valuation of BZ2603 is 6100 - 6300 yuan/ton [3] EB Processing Fee - Currently, the ethane risk is eliminated, and port styrene inventory is continuously accumulating. The reasonable processing fee for styrene is 1000 - 1100 yuan/ton [3] Group 7: Strategy - related Summaries - Unilateral: Short - term strong and volatile, medium - term bearish [3] - Inter - period: None [3] - Inter - variety: Buy BZ03 and sell EB09 to squeeze profits [3] Group 8: Pure Benzene Futures - related Summaries Contract Rules - Trading unit: 30 tons/hand; Quotation unit: yuan (RMB)/ton; Minimum price change: 1 yuan/ton; Daily price limit: 4% of the previous trading day's settlement price; Contract months: January - December; Trading time: 9:00 - 11:30 am, 13:30 - 15:00 pm from Monday to Friday, and other trading times specified by the exchange; Last trading day: The 4th last trading day of the contract month; Last delivery day: The 3rd trading day after the last trading day; Delivery grade: Dalian Commodity Exchange's pure benzene delivery quality standard; Delivery location: Dalian Commodity Exchange's designated pure benzene delivery warehouses; Minimum trading margin: 8% of the contract value; Delivery method: Physical delivery; Trading code: BZ; Listed exchange: Dalian Commodity Exchange [8] Initial Margin and Price Limit - The initial trading margin standard for pure benzene futures contracts is 8%, the daily price limit is ±7%, and the daily price limit on the listing day is ±14% of the contract listing benchmark price. The listing benchmark prices of BZ2603, BZ2604, BZ2605, and BZ2606 are all 5900 yuan/ton [9] Risk Control System - Price limit and margin: Comprehensive consideration of historical data, the situation of listed liquid varieties, industry cycles, and upstream - downstream product arbitrage [9] - General monthly position limit: 2000 lots, referring to the position of the styrene main contract, equivalent to 60,000 tons [9] - Position limit in the month before the delivery month: 400 lots, setting a reasonable gradient by referring to listed varieties [9] - Position limit in the delivery month: 200 lots, calculated according to the production volume of medium - sized pure benzene enterprises, meeting the hedging needs of general enterprises in the delivery month [9] Delivery Quality Standard - The pure benzene futures delivery quality standard follows the national standard 545, conforming to spot habits, using the international indicator system and requirements, and is fully in line with the actual spot situation [10] Delivery System - One - time delivery, rolling delivery, and futures - to - cash (FTC) delivery; Combining factory warehouse and warehouse systems, with factory warehouse delivery as the main method and warehouse delivery as auxiliary, and the process is the same as that of listed varieties; Warehouse management: Warehouses receive goods according to spot habits. The delivery qualification for pure benzene futures is the same as that for styrene and LPG, which is a hazardous chemical qualification, with full - process management of delivery qualifications. Adopting the group - based delivery method implemented for existing agricultural products and PVC varieties to facilitate industrial enterprises with factories or warehouses in multiple locations to participate in delivery [10] Cheapest Deliverable Goods - The overall delivery setting is uniform. Jiangsu, Zhejiang, and Shanghai are the benchmark areas; Fujian and Guangdong have a price difference of 0 yuan/ton; Shandong has a price difference of - 50 yuan/ton; Tianjin, Hebei, and Anhui have a price difference of - 120 yuan/ton; Liaoning has a price difference of - 200 yuan/ton. The total supply in these areas is 24.28 million tons, accounting for 83%, the total consumption is 23.96 million tons, accounting for 82%, and there are 122 production enterprises, accounting for 69% [12] Group 9: Industry Chain Investment - related Summaries 2025 H2 - Upstream and downstream production capacity commissioning in total: 2.28 million tons of pure benzene, 600,000 tons of hydrogenated benzene, 2.3 million tons of styrene, 300,000 tons of caprolactam, 750,000 tons of phenol, 660,000 tons of aniline, and 0 tons of adipic acid [32] 2026 - 2027 - In 2026, upstream and downstream production capacity commissioning in total: 1.61 million tons of pure benzene, 2.9 million tons of styrene, 830,000 tons of phenol, 360,000 tons of aniline, and 300,000 tons of adipic acid; In 2027, upstream and downstream production capacity commissioning in total: 2.145 million tons of pure benzene, 2.73 million tons of styrene, and 150,000 tons of adipic acid [33] Group 10: Styrene - related Summaries - In the first half of 2025, the global styrene production contracted [82] - Current situation: High inventory, high profit, and high production [84] - Attention should be paid to the issue of the ratio of aromatics to olefins [81]

价格预计强于现货。技术上，EB2508日度K线关注7360附近支撑与7550附近压力。 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 苯乙烯产业日报 2025-07-14 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 | 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) | 7478 391013 | 62 期货成交量(活跃:成交量):苯乙烯(EB)(日, 6256 9月合约收盘价:苯乙烯(日,元/吨) | 294934 7367 | -47719 51 | | | 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, | | | | | | | | 238912 | -3097 前20名持仓:净买单量:苯乙烯(日,手) | -13527 | -52 ...

瑞达期货研究院 「2025.06.20」 苯乙烯市场周报 研究员：林静宜 添加客服 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 关 注 我 们 获 取 更 多 资 讯 业务咨询 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场分析 「 周度要点小结」 3 价格：伊以冲突进一步激化，带动国际油价上涨。受此影响，本周苯乙烯期货价格涨幅明显。截至2025年6 月20日收盘，EB2507合约报收于7734元/吨，较上周收盘价上涨1.23%。 基本面：供应端，本周恒力石化72万吨、盛虹石化45万吨装置重启，盘锦宝来35万吨装置停车，产量环比 +7.04%至36.19万吨，产能利用率环比+5.2%至79.01%。需求端，本周下游开工率涨跌互现：EPS开工率环 比-1.84%至53.63%，PS开工率环比+0.4%至58.7%，ABS开工率环比-0.11%至63.97%，UPR开工率维稳在 30%，丁苯橡胶开工率环比+2.95%至74.09%。库存方面，本周工厂库存环比+2.25%至18.88万吨，华东港 口库存环比-17. ...

何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 苯乙烯产业日报 2025-05-07 | 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) | 7048 | 104 期货成交量(活跃:成交量):苯乙烯(EB)(日, | 361433 | 67987 | | | 前20名持仓:买单量:苯乙烯(日,手) | 407547 | 手) 10217 3月合约收盘价:苯乙烯(日,元/吨) | 6776 | 37 | | | 期货持仓量(活跃:成交量):苯乙烯(EB)(日, | | | | | | | | 256942 | -15483 前20名持仓:净买单量:苯乙烯(日,手) | -6827 | 1717 | | 手) | 前20名持仓:卖单量:苯乙烯(日,手) | 414374 | ...