Price trend

According to the commodity analysis system of SunSirs, the styrene market has accelerated its decline this week, with an average price of 8,244 RMB/ton at the beginning of the week and 8,084 RMB/ton over the weekend, a decrease of 1.94% during the week.

Analysis review

News side: On June 26th, international crude oil futures closed slightly higher. The settlement price of the August WTI crude oil futures contract in the United States was $65.24 per barrel, an increase of $0.32 or 0.5%. The settlement price of Brent crude oil futures for August was $67.73 per barrel, an increase of $0.05.

Cost side: The market price of benzene has fallen. During the week, crude oil experienced a sharp decline, and benzene inventories remains high. Some planned styrene units have been temporarily suspended, but the main refinery's ethylene load is operating at a high level, resulting in a significant increase in benzene prices.

Supply and demand side: Partial restart of styrene units, postponement of maintenance plans for benzene units such as Fujia and Zhejiang Petrochemical in early July, and continuous increase in near end supply. In terms of demand, the overall operating rate of downstream three S is weak, coupled with the impact of national subsidies and tariffs on terminal demand, which is not optimistic.

Styrene external market: On June 26th, the closing price of the styrene market in Asia increased by $5/ton, with a closing price of $915-925/ton FOB Korea and $925-935/ton CFR China.

Market outlook

In the short term, geopolitical disturbances remain the main factor affecting the styrene market, and we will closely monitor market supply and demand as well as changes in oil prices in the future.

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