Price trend:

According to the commodity analysis system of SunSirs, the styrene market initially fell and then rose last week. The rise in the US dollar exchange rate and the main futures contract during the week drove up spot prices. The average price at the beginning of the week was 6,686 RMB/ton, and the average price at the end of the week was 6,594 RMB/ton, a weekly decrease of 1.38%.

Market Analysis

News: On November 13, international crude oil futures rebounded after a decline. The settlement price of the December contract for US WTI crude oil futures was $58.69 per barrel, up $0.20 or 0.3%. The settlement price of the January contract for Brent crude oil futures was $63.01 per barrel, up $0.30 or 0.5%.

Cost side: The benzene market improved slightly recently, but downstream orders for benzene were insufficient and losses continued. Downstream buyers were still not very active in purchasing raw materials. However, as benzene prices hit new lows, downstream buyers were buying on dips, and the market had rebounded. Prices rose slightly last week.

Supply and demand: Styrene supply remained weak due to poor profits, and ports continued their normal destocking process. On the demand side, EPS and ABS operating rates were around 60%-70%, while PS operating rates were low. Overall operating rates fluctuated downwards, limiting demand-driven growth.

Styrene international market: On November 13, the closing price of styrene in the Asian market rose by $15/ton, with closing prices at $780-785/ton FOB Korea and $790-795/ton CFR China.

Market outlook

As of November 14, the styrene market was generally well-supplied, with raw material prices fluctuating, and demand entering the off-season. With limited positive factors, the styrene market is expected to fluctuate and consolidate in the short term.

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