Price trend:

According to the commodity analysis system of SunSirs, the styrene market was weak last week, with the average price at the beginning of the week at 6,752 RMB/ton and the average price at the end of the week at 6,706 RMB/ton, a decrease of 0.68% during the week.

Market Analysis

News: On November 6, international crude oil futures closed lower. The settlement price for the December contract of US WTI crude oil futures was $59.43 per barrel, down $0.17 or 0.3%. The settlement price for the January contract of Brent crude oil futures was $63.38 per barrel, down $0.14 or 0.2%.

Cost side: The benzene market improved slightly last week. Downstream orders for benzene were insufficient, and losses continued. Downstream buyers remained unenthusiastic about purchasing raw materials. However, as benzene prices hit new lows, downstream buyers entered the market at lower prices, and the market rebounded somewhat. Prices rose slightly last week.

Supply and Demand: Last week, styrene operating rates declined slightly compared to the previous week, while port inventories remained high due to a large number of arriving ships, indicating a continued weak supply. On the demand side, EPS, PS, and ABS consumption saw slight decreases. Both factory and port inventories decreased somewhat, but inventory pressure remained high, limiting demand-driven growth.

Styrene international market: On November 6, the closing price of styrene in the Asian market remained stable, with closing prices at $765-770/ton FOB Korea and $775-780/ton CFR China.

Market outlook

Looking ahead, the styrene market in November will see both maintenance shutdowns and new projects coming online. As of November 7, supply was ample, and port inventories were at a high level compared to the same period last year, limiting upward momentum. The styrene market is expected to be weaker in the short term.

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