Price trend

According to the SunSirs commodity analysis system, the styrene market rose slightly last week, with an average price of 7,314 RMB/ton at the beginning of the week and an average price of 7,328 RMB/ton at the weekend, a weekly increase of 0.19%.

Analysis review

News: On September 18, international crude oil futures closed lower. The November contract for WTI crude oil futures settled at $63.26 per barrel, down $0.44, or 0.7%. The December contract for Brent crude oil futures settled at $66.92 per barrel, down $0.54, or 0.8%.

Cost: Benzene prices saw a slight increase last week. Rising international oil prices and the approaching double holiday had fueled downstream stockpiling, leading to a volatile upward trend in benzene prices. However, the market outlook is affected by its own weak fundamentals and the room for growth is limited.

Supply and Demand: Last week, styrene plants in East China experienced temporary outages and reduced capacity, resulting in a decrease in overall output and a capacity utilization rate of 73%, a month-over-month decline. Affected by tighter margins and high inventories, downstream 3S production capacity utilization remained between 60% and 70%, leading to slow demand growth.

Styrene overseas market: On September 18, the closing price of styrene market in Asia fell by $25/ton, closing at $845-855/ton FOB Korea and $855-865/ton CFR China.

Market outlook

Looking at the future market, the news will have limited impact on styrene. Affected by its own weak fundamentals, the styrene market is expected to fluctuate and weaken in the short term.

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