| 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) | 6811 | 72 期货成交量(活跃:成交量):苯乙烯(EB)(日, | 255208 | -14594 | | | 前20名持仓:买单量:苯乙烯(日,手) | 361224 | 10030 3月合约收盘价:苯乙烯(日,元/吨) 手) | 6862 | 68 | | | 期货持仓量(活跃:成交量):苯乙烯(EB)(日, | | -2551 前20名持仓:净买单量:苯乙烯(日,手) | | | | | | 300124 | | -33503 | -762 | | | 手) 前20名持仓:卖单量:苯乙烯(日,手) | 394727 | 10792 仓单数量:苯乙烯:总计(日,手) | 200 | 200 | | 现货市场 | 现货价:苯乙烯(日,元/吨) | 6792 | 32 苯乙烯:FOB韩国:中间价(日,美元/吨) | 839 | -9 | | | 苯乙烯:CFR中国:中间价(日,美元 ...

瑞达期货研究院 「2025.12.31」 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：本周苯乙烯期货主力在6700-6870区间震荡。截至2025年12月31日，苯乙烯主力EB2602合约报收于 6791元/吨，较上周收盘价上涨0.06%。 基本面：供应端，上周宝来35万吨装置重启，天津渤化45万吨装置故障停车，前期重启装置影响扩大，苯乙 烯产量环比+2.25%至35.46万吨，产能利用率环比+1.57%至70.70%。需求端，上周苯乙烯下游开工率以升 为主，EPS开工率环比+0.75%至52.56%，PS开工率环比+4.1%至58.6%，ABS开工率环比-0.7%至69.4%， UPR开工率环比+2%至38%，丁苯橡胶开工率环比+0.15%至79.38%。库存方面，近期苯乙烯工厂库存环比 +0.47%至17.18万吨，华东港口库存环比- ...

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 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - EB261 rebounded after a decline, closing at 6,564 yuan/ton. Styrene production and capacity utilization decreased month-on-month. Downstream operating rates varied, with a slight decline in the consumption of downstream EPS, PS, and ABS. Factory and port inventories changed differently, and the de-stocking pace slowed down. Losses in non-integrated processes decreased, while profits in integrated processes deepened. With the recent launch of a 200,000-ton new device in Dongming and the restart of a 600,000-ton device at Lianyungang Petrochemical this week, domestic styrene supply is expected to recover. The impact of styrene maintenance in December will gradually weaken, and the capacity utilization rate is expected to rise. In the short term, the load on the downstream demand side will be slightly adjusted, with little overall change. The tight balance between supply and demand of styrene may gradually turn into a loose balance, weakening price support. In terms of cost, geopolitical uncertainties in Russia-Ukraine and US-Venezuela still exist, and the market expects an increased probability of the Fed cutting interest rates in December, with international oil prices fluctuating strongly recently. In the short term, EB2601 is expected to fluctuate, with daily K-line support around 6,400 and resistance around 6,620 [2]. Summary by Relevant Catalogs Futures Market - The closing price of the active styrene futures contract was 6,564 yuan/ton, up 15 yuan; the trading volume was 396,054 lots, up 125,956 lots; the long positions of the top 20 holders were 320,590 lots, up 4,091 lots; the net long positions of the top 20 holders were -40,233 lots, up 6,230 lots; the short positions of the top 20 holders were 360,823 lots, down 2,139 lots; the total number of warehouse receipts was 0 lots, unchanged [2]. Spot Market - The spot price of styrene was 6,656 yuan/ton, unchanged; the FOB Korea intermediate price was 810 US dollars/ton, down 1 US dollar; the CFR China intermediate price was 820 US dollars/ton, down 1 US dollar; the mainstream price in the Northeast region was 6,375 yuan/ton, unchanged; the mainstream price in the South China region was 6,785 yuan/ton, down 5 yuan; the mainstream price in the North China region was 6,505 yuan/ton, down 35 yuan; the mainstream price in the East China region was 6,600 yuan/ton, down 5 yuan [2]. Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 741 US dollars/ton, unchanged; the CFR Southeast Asia intermediate price was 721 US dollars/ton, unchanged; the CIF Northwest Europe intermediate price was 643 US dollars/ton, up 1.5 US dollars; the FD US Gulf price was 457 US dollars/ton, down 6 US dollars; the CIF price of pure benzene in Taiwan was 658 US dollars/ton, down 3.33 US dollars; the FOB price of pure benzene in the US Gulf was 273 cents/gallon, unchanged; the FOB price of pure benzene in Rotterdam was 714 US dollars/ton, down 6 US dollars; the market price of pure benzene in the South China market was 5,300 yuan/ton, unchanged; the market price of pure benzene in the East China market was 5,320 yuan/ton, down 35 yuan; the market price of pure benzene in the North China market was 5,270 yuan/ton, unchanged [2]. Industry Situation - The overall styrene production from November 21st to 27th was 334,700 tons, a decrease of 2.39% from the previous period; the factory capacity utilization rate was 67.29%, a month-on-month decrease of 1.66%. The consumption of downstream EPS, PS, and ABS from November 21st to 28th was 268,800 tons, a month-on-month decrease of 0.3%. As of November 27th, the styrene factory inventory was 190,400 tons, a week-on-week increase of 1.24%. As of December 1st, the styrene inventory at East China ports was 160,600 tons, a week-on-week decrease of 2.19%; the inventory at South China ports was 9,500 tons, a week-on-week decrease of 39.1% [2]. Downstream Situation - The operating rate of EPS was 54.75%, down 1.52 percentage points; the operating rate of ABS was 71.2%, down 1.2 percentage points; the operating rate of PS was 57.6%, up 1.7 percentage points; the operating rate of UPR was 37%, unchanged; the operating rate of styrene-butadiene rubber was 75.99%, up 1.23 percentage points [2]. Industry News - From November 21st to 27th, the overall production of Chinese styrene factories was 334,700 tons, a decrease of 2.39% from the previous period; the factory capacity utilization rate was 67.29%, a month-on-month decrease of 1.66%. From November 21st to 28th, the consumption of styrene downstream EPS, PS, and ABS was 268,800 tons, a month-on-month decrease of 0.3%. As of November 27th, the styrene factory inventory was 190,400 tons, a week-on-week increase of 1.24%. As of December 1st, the styrene inventory at East China ports was 160,600 tons, a week-on-week decrease of 2.19%; the inventory at South China ports was 9,500 tons, a week-on-week decrease of 39.1%. As of November 26th, the non-integrated profit of styrene was -159 yuan/ton, and the integrated profit was 208.76 yuan/ton [2].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Short - term supply - demand balance of styrene may deepen, and visible inventory is expected to maintain a destocking trend. The EB2601 contract is expected to show a volatile trend in the short term, with technical support around 6270 and resistance around 6600 [2]. - Last week, non - integrated plant losses decreased, and integrated plant profits expanded. Due to the maintenance of Sinochem Quanzhou's 450,000 - tonne plant, domestic styrene supply is expected to decline slightly this week [2]. - Downstream EPS demand is weak with high inventory, and there is a slight downward adjustment expectation for plant operation. PS plants are in a phased recovery state, and ABS plant supply is expected to remain high [2]. 3. Summary by Directory 3.1 Futures Market - The trading volume of styrene futures (active contract) was 361,779, and the closing price was 6,533 yuan/ton. The 1 - month contract closing price was also 6,533 yuan/ton. The trading volume of the active contract increased by 116,537, and the closing price decreased by 5,728 [2]. - The long - position volume of the top 20 holders was 319,939 lots, with a decrease of 3,466 lots; the net long - position volume was - 45,468 lots, an increase of 2,046 lots; the short - position volume was 407,247 lots, a decrease of 7,774 lots; the total warehouse receipt quantity was 200 lots, a decrease of 1,260 lots [2]. 3.2 Spot Market - The spot price of styrene was 6,636 yuan/ton, an increase of 46 yuan/ton. The FOB South Korea intermediate price was 802 US dollars/ton, unchanged; the CFR China intermediate price was 812 US dollars/ton, unchanged [2]. - The mainstream prices in Northeast, North, South, and East China were 6,275 yuan/ton (down 50 yuan/ton), 6,695 yuan/ton (unchanged), 6,430 yuan/ton (unchanged), and 6,510 yuan/ton (up 10 yuan/ton) 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 731 US dollars/ton (unchanged), 721 US dollars/ton (unchanged), 639 US dollars/ton (down 2.5 US dollars/ton), and 457 US dollars/ton (down 6 US dollars/ton) respectively [2]. - The spot prices of pure benzene in the US Gulf (FOB), Taiwan (CIF), Rotterdam (FOB) were 661.33 cents/gallon (unchanged), 273 US dollars/ton (down 3 US dollars/ton), and 721 US dollars/ton (down 15 US dollars/ton) respectively. The market prices in South, East, and North China were 5,300 yuan/ton (unchanged), 5,300 yuan/ton (down 25 yuan/ton), and 5,290 yuan/ton (unchanged) respectively [2]. 3.4 Industry Situation - The overall styrene plant operating rate was 68.95%, a decrease of 0.3%. The national styrene inventory was 188,096 tons, a decrease of 1,335 tons. The total inventory at the East China main port was 164,200 tons, an increase of 15,900 tons, and the trade inventory was 94,200 tons, an increase of 6,900 tons [2]. 3.5 Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 56.27% (up 4.64%), 72.4% (up 0.6%), 55.9% (up 0.5%), 37% (up 1%), and 74.76% (unchanged) respectively [2]. 3.6 Industry News - From November 14th to 20th, China's styrene plant output was 342,900 tons, a decrease of 0.44% from the previous period, and the plant capacity utilization rate was 68.95%, a decrease of 0.3% [2]. - From November 14th to 20th, the consumption of EPS, PS, and ABS in the styrene downstream was 269,600 tons, an increase of 3.45% [2]. - As of November 20th, the styrene plant inventory was 188,100 tons, a decrease of 0.70% from the previous week. As of November 24th, the East China port inventory was 164,200 tons, an increase of 10.72% from the previous week, and the South China port inventory was 15,600 tons, an increase of 11.43% from the previous week [2]. - As of November 19th, the non - integrated profit of styrene was - 225 yuan/ton, and the integrated profit was 139.67 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 - The report implies a bearish outlook for the styrene industry, suggesting that the styrene futures 2510 contract may maintain a weak and volatile trend [7]. 2. Core View of the Report - The cost support for styrene from upstream pure benzene is weakening, while the domestic styrene production capacity utilization rate is rising, output is slightly increasing, and downstream consumption is sluggish. With only rigid demand support, port inventories have slightly increased, and future demand needs improvement. Due to these bearish industry factors, the styrene futures 2510 contract is expected to maintain a weak and volatile trend [2][6][7]. 3. Summary by Relevant Catalogs Pure Benzene's Weak Impact on Styrene Cost Support - The domestic pure benzene supply - demand pattern is weak. External import pressure is high. From January to June 2025, South Korea's pure benzene exports to the US decreased by 450,000 tons (a 90% drop), while exports to China increased by 620,000 tons (a 79% increase). China's cumulative pure benzene imports in the first half of 2025 were 2.7306 million tons, a 56.19% increase year - on - year. In July, the single - month import volume returned to 500,000 tons, and the annual import volume may exceed 5 million tons [3]. - Domestic pure benzene production is growing. As of the end of August, the domestic petroleum benzene capacity utilization rate was 79.18%, a slight 0.19 - percentage - point increase month - on - month, and the output was 451,900 tons, a 0.24% increase month - on - month. Given the large future supply pressure, the weak price trend of pure benzene is hard to change, and its cost support for styrene is weakening [3]. Rising Supply Pressure of Styrene - In August 2025, China's styrene plant capacity utilization rate was about 79.95%, a 1.31% increase month - on - month, and the monthly output was expected to be 1.6217 million tons, a 1.31% increase month - on - month [4]. - As of September 5, the weekly capacity utilization rate of Chinese styrene plants was 79.74%, a 1.67% increase week - on - week, with a total output of 376,500 tons, a 0.79 - thousand - ton increase week - on - week and a 2.14% increase month - on - month. In September, although there are maintenance plans for some enterprises, the supply increase from new device commissioning and the maintenance loss are basically balanced, and the output may remain stable [4]. Downstream Demand Needs Improvement - Since September, domestic styrene downstream demand has been mainly supported by rigid demand, showing relative stability but lacking incremental momentum. The operating rates of some downstream products such as EPS, PS, ABS, and styrene - butadiene rubber have increased year - on - year, but the profitability of downstream enterprises is generally under pressure, mostly at the break - even point [5]. - Downstream procurement is mainly for rigid replenishment, with low initiative to stock up, having limited impact on market boosting. As of early September 2025, the total sample inventory of styrene ports in Jiangsu was 196,500 tons, a 9.78% increase week - on - week. The commercial inventory was 96,500 tons, a 14.88% increase week - on - week. In the short term, the demand side is difficult to improve significantly [5].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - EB2510 fell 1.20% to close at 6,934 yuan/ton. On the supply side, last week's styrene production decreased by 0.59% to 368,600 tons, and the capacity utilization rate decreased by 0.46% to 78.07%. On the demand side, last week's downstream styrene operating rates mostly declined, and the consumption of the EPS, PS, and ABS industries decreased by 0.18% to 270,100 tons. In terms of inventory, styrene factory inventory increased by 2.35% to 211,300 tons, East China port inventory increased by 9.78% to 179,000 tons, and South China port inventory decreased by 11.11% to 24,000 tons. In September, multiple large - scale plants will undergo centralized maintenance, which will have a greater impact than the planned new 600,000 - ton Jilin Petrochemical plant, and the industry's supply pressure may ease. This week, the 320,000 - ton Xinpu Chemical plant is planned to stop for maintenance, and production and capacity utilization are expected to decline month - on - month. The downstream industry's operating load is expected to be slightly adjusted. Currently, low downstream profits and high inventory still restrain the growth of styrene demand. In the short term, the supply - demand contradiction is difficult to improve, and inventory pressure remains high. In terms of cost, global crude oil supply and demand are weak, and the Russia - Ukraine peace talks are continuing, but the short - term deterioration of the Middle East geopolitical situation still provides some support for oil prices. The short - term market trend is weak, and technically, EB2510 should pay attention to the support around 6,800 [2][3] 3. Summary by Directory 3.1 Futures Market - The futures closing price of the active styrene contract was 6,934 yuan/ton, a decrease of 79 yuan; the trading volume was 18,792, and the closing price of the November contract was 6,962 yuan/ton, a decrease of 74 yuan. The long positions of the top 20 holders were 392,840 lots, an increase of 13,604 lots; the net long positions were - 29,389 lots, a decrease of 987 lots; the short positions were 440,953 lots, an increase of 19,779 lots; the total warehouse receipt quantity was 2,900 lots, an increase of 400 lots [2] 3.2 Spot Market - The spot price of styrene was 7,490 yuan/ton, a decrease of 20 yuan. The FOB South Korea intermediate price was 862 US dollars/ton, a decrease of 6.5 US dollars; the CFR China intermediate price was 872 US dollars/ton, a decrease of 6.5 US dollars. The mainstream prices in Northeast, South, North, and East China were 7,000 yuan/ton (a decrease of 225 yuan), 7,200 yuan/ton (a decrease of 125 yuan), 7,065 yuan/ton, and 7,035 yuan/ton (a decrease of 115 yuan) respectively [2] 3.3 Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 841 US dollars/ton, unchanged; the CFR Southeast Asia intermediate price was 836 US dollars/ton, an increase of 5 US dollars; the CIF Northwest Europe intermediate price was 821 US dollars/ton, an increase of 4.5 US dollars; the FD US Gulf price was 457 US dollars/ton, a decrease of 6 US dollars. The spot prices of pure benzene in Taiwan (CIF), Rotterdam (FOB), South China market, East China market, and North China market were 734.76 US dollars/ton (unchanged), 663 US dollars/ton (a decrease of 6 US dollars), 6,000 yuan/ton (unchanged), 5,930 yuan/ton (a decrease of 30 yuan), and 6,000 yuan/ton (a decrease of 50 yuan) respectively [2] 3.4 Industry Situation - The overall styrene operating rate was 78.07%, a decrease of 0.46%. The national styrene inventory was 211,326 tons, an increase of 4,850 tons; the total inventory in the East China main port was 196,500 tons, an increase of 17,500 tons; the trade inventory in the East China main port was 96,500 tons, an increase of 12,500 tons [2] 3.5 Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 58.35% (a decrease of 2.63%), 70.8% (a decrease of 0.3%), 59.9% (an increase of 2.4%), 34% (unchanged), and 67.04% (a decrease of 1.12%) respectively [2] 3.6 Industry News - From August 22nd to August 28th, China's total styrene factory output was 368,600 tons, a decrease of 0.59% from the previous period; the factory capacity utilization rate was 78.07%, a month - on - month increase of 0.46%. From August 22nd to 29th, the consumption of China's main styrene downstream industries (EPS, PS, ABS) was 270,100 tons, a decrease of 0.18% from the previous week. As of August 28th, the sample inventory of Chinese styrene factories was 211,300 tons, a month - on - month increase of 2.35% [2]

1. Report Industry Investment Rating No relevant content provided 2. Core Viewpoints - EB2509 dropped and then rebounded, closing at 7,230 yuan/ton. In the short - term, the domestic market has no new shutdown devices, and the impact of restarted and capacity - increased devices is expanding, with an expected increase in supply. The downstream industry has both shutdown and restarted devices, and the terminal demand lacks positive factors, so the styrene consumption is difficult to grow significantly. The supply - stronger - than - demand situation in the spot market is expected to continue, and the inventory pressure may continue to rise. In terms of cost, the supply - stronger - than - demand situation of crude oil continues, and the international oil price is expected to fluctuate weakly. The main contract of styrene is about to change. EB2509 is dominated by the delivery logic, with a short - term fluctuation range expected between 7,150 - 7,360 yuan/ton; EB2510 is supported by the peak season in September and maintenance expectations, and technically, attention should be paid to the support around 7,130 yuan/ton and the pressure around 7,380 yuan/ton [2] 3. Summary by Related Catalogs Futures Market - The futures closing price of the active styrene contract is 7,230 yuan/ton, down 10 yuan/ton; the trading volume is 148,790, down 79; the buying volume of the top 20 positions is 317,145 hands, up 15,287 hands; the 10 - month contract closing price is 7,248 yuan/ton, down 19 yuan/ton; the position volume of the active contract is 167,851 hands, down 16,914 hands; the net buying volume of the top 20 positions is - 4,659 hands, down 17,718 hands; the selling volume of the top 20 positions is 334,863 hands, up 19,946 hands; the total number of warehouse receipts is 737 hands, unchanged [2] 现货市场 - The spot price of styrene is 7,596 yuan/ton, down 60 yuan/ton; the FOB South Korea middle - price is 887 US dollars/ton, unchanged; the CFR China middle - price is 897 US dollars/ton, unchanged; the mainstream price in the Northeast region is 7,400 yuan/ton, unchanged; the mainstream price in the South China region is 7,430 yuan/ton, down 5 yuan/ton; the mainstream price in the North China region is 7,325 yuan/ton, down 40 yuan/ton; the mainstream price in the East China region is 7,280 yuan/ton, down 25 yuan/ton [2] Upstream Situation - The CFR Northeast Asia middle - price of ethylene is 826 US dollars/ton, unchanged; the CFR Southeast Asia middle - price is 821 US dollars/ton, down 10 US dollars/ton; the CIF Northwest Europe middle - price is 856.5 US dollars/ton, up 3 US dollars/ton; the FD US Gulf price is 457 US dollars/ton, down 6 US dollars/ton; the spot price of pure benzene in Taiwan (CIF) is 744.67 US dollars/ton, down 0.14 US dollars/ton; the FOB price of pure benzene in the US Gulf is 267 cents/gallon, down 1 cent/gallon; the FOB price of pure benzene in Rotterdam is 719 US dollars/ton, down 15 US dollars/ton; the market price of pure benzene in the South China market is 6,150 yuan/ton, unchanged; the market price in the East China market is 6,100 yuan/ton, unchanged; the market price in the North China market is 6,130 yuan/ton, down 110 yuan/ton; the total styrene operating rate is 78.18%, up 0.45%; the national styrene inventory is 208,717 tons, down 2,738 tons [2] 产业情况 - The total inventory of styrene in the East China main port is 148,800 tons, down 10,200 tons; the trade inventory in the East China main port is 69,500 tons, up 3,000 tons [2] 下游情况 - The operating rate of EPS is 58.08%, up 14.41%; the operating rate of ABS is 71.1%, unchanged; the operating rate of PS is 56.4%, up 1.4%; the operating rate of UPR is 32%, up 2%; the operating rate of styrene - butadiene rubber is 72.1%, down 1.25% [2] Industry News - From August 8th to August 14th, the overall output of Chinese styrene plants was 369,100 tons, a 2.76% increase from the previous period; the plant capacity utilization rate was 78.18%, a 0.45% increase from the previous period. The consumption of the main downstream products (EPS, PS, ABS) of Chinese styrene was 263,200 tons, a 10.54% increase from the previous week. As of August 14th, the sample inventory of Chinese styrene plants was 208,700 tons, a 1.29% decrease from the previous period [2]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - EB2509 fell 0.84% to close at 7,238 yuan/ton. On the supply side, a new Shandong plant increased output this week, and some plants adjusted their loads. Styrene production increased 2.76% to 369,100 tons, and capacity utilization rose 0.45% to 78.18%. On the demand side, the operating rates of styrene downstream industries varied last week, and the consumption of EPS, PS, and ABS decreased 3.17% to 238,100 tons. In terms of inventory, styrene factory inventory decreased 1.29% to 208,700 tons, East China port inventory decreased 6.42% to 148,800 tons, and South China port inventory increased 16.13% to 18,000 tons. New capacity additions intensify industry competition. Integrated plant profitability is average, and non - integrated plant losses are expected to deepen. Recently, EPS plants on centralized maintenance are about to restart, and some PS and ABS plants plan to increase production, so short - term demand is expected to rise. However, poor downstream demand and expected finished - product inventory accumulation may restrain styrene demand growth [2]. - Styrene spot supply is ample, and total inventory is at a high level compared to the same period. With the decline in crude oil costs, styrene prices are under pressure. Technically, EB2509 should focus on the support around 7,200 [3]. 3. Summary by Directory 3.1 Futures Market - The futures closing price of the active styrene contract was 7,238 yuan/ton, down 59 yuan; trading volume was 193,870, up 46,999; the long position of the top 20 holders was 312,236 hands, down 2,632; the 10 - month contract closing price was 7,259 yuan/ton, down 61 yuan; the futures open interest of the active contract was 195,195 hands, down 6,330; the net long position of the top 20 holders was - 19,983 hands, down 2,756; the short position of the top 20 holders was 332,219 hands, up 124; and the total warehouse receipt quantity was 737 hands, up 188 [2]. 3.2 Spot Market - The spot price of styrene was 7,622 yuan/ton, up 12 yuan; the FOB South Korea middle price was 894 dollars/ton, down 2 dollars; the CFR China middle price was 904 dollars/ton, down 2 dollars; the mainstream price in Northeast China was 7,400 yuan/ton, up 50 yuan; the mainstream price in South China was 7,500 yuan/ton, up 35 yuan; the mainstream price in North China was 7,365 yuan/ton, up 25 yuan; and the mainstream price in East China was 7,345 yuan/ton, down 5 yuan [2]. 3.3 Upstream Situation - The CFR Northeast Asia middle price of ethylene was 826 dollars/ton, unchanged; the CFR Southeast Asia middle price was 831 dollars/ton, unchanged; the CIF Northwest Europe middle price was 859.5 dollars/ton, down 14.5 dollars; the FD US Gulf price was 457 dollars/ton, down 6 dollars; the FOB US Gulf spot price of pure benzene was 269 cents/gallon, down 1 cent; the CIF Taiwan spot price of pure benzene was 744.81 dollars/ton, unchanged; the FOB Rotterdam spot price of pure benzene was 720 dollars/ton, unchanged; the South China market price of pure benzene was 6,150 yuan/ton, unchanged; the East China market price was 6,170 yuan/ton, unchanged; and the North China market price was 6,200 yuan/ton, up 40 yuan [2]. 3.4 Industry Situation - The overall styrene operating rate was 77.73%, down 1.19 percentage points; national styrene inventory was 211,455 tons, down 5,884 tons; the total inventory at East China main ports was 148,800 tons, down 10,200 tons; and the trade inventory at East China main ports was 69,500 tons, up 3,000 tons [2]. 3.5 Downstream Situation - The operating rate of EPS was 43.67%, down 10.58 percentage points; the operating rate of ABS was 71.1%, up 5.2 percentage points; the operating rate of PS was 55%, up 1.7 percentage points; the operating rate of UPR was 30%, up 1 percentage point; and the operating rate of styrene - butadiene rubber was 73.35%, down 0.07 percentage points [2]. 3.6 Industry News - From August 8th to 14th, China's total styrene factory output was 369,100 tons, up 2.76% from the previous period; the factory capacity utilization rate was 78.18%, up 0.45% month - on - month [2]. - From August 1st to 7th, the consumption of China's main styrene downstream industries (EPS, PS, ABS) was 238,100 tons, down 3.17% from the previous week [2]. - As of August 14th, the sample inventory of Chinese styrene factories was 208,700 tons, down 1.29% month - on - month [2].