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瑞达期货苯乙烯产业日报-20260128

Rui Da Qi Huo· 2026-01-28 09:20

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]