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In the near future, the styrene maintenance equipment has been restarted one after another.
Although there are unplanned maintenance, the impact is not expected to be significant.
The styrene output in June will still increase
.
At the same time, the downstream has entered the seasonal off-season, and it is difficult for the demand side to see a significant improvement
Domestic spot prices continue to decline
The domestic spot price of styrene has shown a continuous downward trend in the past three weeks since it hit a high for the year in mid-to-late May this year.
The current average price has fallen below the 9,000 yuan/ton mark
The back structure of the near-to-far month spreads weakens
Under the combined effect of cost-side and fundamental negative factors, the styrene futures disk has shown a relatively obvious downward trend since mid-to-late May
.
As of June 15, the main 2107 contract closed at 8494 yuan/ton
In terms of basis, after the Spring Festival this year, the basis was significantly widened due to the soaring styrene spot price
.
At the beginning of the second quarter, the basis was expanded again driven by the favorable market, and the East China basis was as high as 1135 yuan/ton
No significant improvement in downstream demand
It is understood that among the three downstream styrene, the operating rate of the EPS industry is 67%, the operating level remains stable, and its processing profit fluctuates at a low level; the operating rate of the PS industry is 71%, remaining stable, and the early-stage parking device has not restarted, and the current production The ABS industry is still at a loss; the ABS industry still maintains a high operating rate, with an operating rate of 102.
3%, and a good production efficiency.
The gross profit is about 6007 yuan/ton.
From the perspective of styrene profits, its production and sales profits and equipment profits have continued to shrink
.
At present, the theoretical profit value of production and sales is 67.
16 yuan/ton, a decrease of about 620.
In summary, the overall fundamentals of styrene showed a weak pattern
.
However, from the cost side, support is gradually showing, and short-term styrene is expected to weaken and oscillate
