Price trend:

According to the SunSirs commodity analysis system, the styrene market fell first and then rose last week. The average price at the beginning of the week was 6,844 RMB/ton, and the average price at the weekend was 6,850 RMB/ton, an increase of 0.09% during the week.

Analysis review

News: On October 23, international crude oil futures prices rose sharply. The December contract for U.S. WTI crude oil futures settled at $61.79 per barrel, up $3.29, or 5.6%. The December contract for Brent crude oil futures settled at $65.99 per barrel, up $3.40, or 5.4%.

Cost: Benzene's major ports in East China maintained a destocking pace, leading to weak market sentiment. Coupled with the downstream's lack of follow-up, exacerbating losses, and insufficient new orders from end users, secondary downstream inventories remained high and difficult to reduce, resulting in significant price transmission resistance, and the benzene market continued to weaken and decline.

Supply and Demand: Styrene supply decreased last week, with port inventories declining slightly. However, due to the decline in crude oil prices, price increases faced significant resistance. PS production, a key downstream product, was ramping up, while EPS and ABS production may experience limited fluctuations. Consumption is expected to remain stable with a slight increase.

Styrene overseas market: On October 23, the closing price of the styrene market in Asia remained stable, at $790-800/ton FOB Korea and $800-810/ton CFR China.

Market Forecast:

The fundamentals of the styrene market remained weak, and without significant improvement in terminal consumption, the styrene market is expected to be weaker in the short term.

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