20240429-兴证期货-纯苯_苯乙烯日度报告_6页_464kb

modity Market Research·Pure Benzene & Styrene Pure Benzene & Styrene Daily Report Apr 29 2024 Monday Contents Review⚫Market Overview and Outlook for the Future Xing Zhong Pure Benzene & Styrene Market: Spot quotes are as follows: Pure benzene in East China at CNY 8810/ton (-85 points), Northeast Asia ethylene at USD 905/ton (-5 points), and East China's styrene price at CNY 9565/ton (-40 points). Downstream data shows: EPS at CNY 10750/ton (unchanged), ABS at CNY 11800/ton (unchanged), and PS-GPPS at CNY 10400/ton (unchanged) (Data source: Longshun Information, iFinD). In the futures market, the main contract for EB closed at CNY 9495/ton, a 0.4% decline from the previous trading day, with a basis of 110 points (unchanged). In terms of fundamentals, international oil prices are oscillating and fluctuating, which has led to a slight decline in pure benzene prices but stability in ethylene prices, reducing the upward support for styrene from raw materials. Taking a look at supply and demand, styrene supply has increased slightly. On the supply side, many sets of equipment have resumed maintenance, although operating rates remain low, there is an expectation of increased production. On the demand side, the three major downstream industries had narrow fluctuations this week, with slight profit recovery. Currently, EPS and PS are profitable, while ABS is breaking even. ABS production continues to decline, while EPS and PS production increase, leading to a rise in the styrene-to-EB consumption for the three S-components. The total inventory for the three S-components decreased, returning to neutral levels. Overall, styrene production has increased due to the resumption of some previous maintenance operations. With the approach of the May Day holiday, styrene has shown some stagnation but is expected to remain in a high position above the previous range before the holiday. This outlook is for reference only. Risks: Macroeconomic factors affecting the market, significant fluctuations in raw material prices, unexpected maintenance on the supply side, or an unexpected decline in downstream production rates.

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