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SunSirs: This week, styrene prices rebounded after falling (4.20-4.24)

April 26 2020 10:42:48     SunSirs (Molly)

1. Price trend

According to SunSirs bulk data monitoring, domestic mainstream styrene prices fell slightly this week and began to climb slightly on Thursday. On Monday (April 20), the sample enterprise price was 5150.00 yuan / ton, and on Friday (April 24) the sample enterprise price was 5000.00 yuan / ton, a decrease of 2.91%, and the price fell by 40.12% compared with the same period last year.


2. Market analysis

Products:

This week the styrene market fell slightly after a weak rebound. East China Region on April 20: East China Styrene closed at 5,150 yuan / ton. On April 24, East China Styrene closed at 4,950-5,100 yuan / ton, down by 50 yuan / ton. On April 20, South China Styrene closed at 5100-5200 yuan / ton, and on April 24, South China Styrene closed at 4950-5000 yuan / ton, which dropped by around 100 yuan / ton. This week, the styrene market was dominated by shocks, with the overall decline slightly.

Industry chain:

The fluctuation of international crude oil is quite violent, and the overall oil price fluctuates downward. At the beginning of this week, oil prices fell sharply, and WTI05 contract delivery showed a historically negative value, but on Thursday, crude oil prices gradually increased on the agenda with the renewed relationship between the US and Iraq, as well as OPEC + and other oil-producing countries to reduce production. Oil prices rebounded strongly, benzene Sentiment in the ethylene market rose, and prices stopped falling and rose on Thursday. On the upstream side, the price of pure benzene was stable compared with last week, ethylene fell, and downstream PS, EPS, and ABS all fell slightly. Styrene stocks in East China ports fell this week, but they are still higher than the same period last year, and the amount of imported styrene in East China increased at the end of April, and the restart of domestic styrene plants gradually increased. It is expected that the domestic styrene plant operating rate will reach about 74.5%. In the short term, the situation of oversupply of styrene is difficult to change. Although the downstream of styrene still maintains a considerable profit, but there is not much new demand for styrene, and it mainly maintains the pre-sale in the early stage.

3. Future forecast

Overall, the entire styrene market lacks strong support points. The oversupply of styrene in May still exists, but crude oil has a greater impact on the styrene industry chain and crude oil prices may still rebound. Weak finishing mainly, the price is 4400-5200 yuan / ton. The market needs to pay close attention to the trend of crude oil prices.

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