Price trend:

According to the business data analysis system of SunSirs, the styrene market saw a slight increase last week. The average price at the beginning of the week was 6,636 RMB/ton, and the average price at the end of the week was 6,688 RMB/ton, representing a weekly increase of 0.78%.

Market Analysis

News side: On December 24th, international crude oil futures remained largely stable. The settlement price for the February contract of US WTI crude oil futures was $58.35 per barrel, a decrease of $0.03 or 0.05%. The settlement price for the February contract of Brent crude oil futures was $62.24 per barrel, a decrease of $0.12 or 0.2%.

Cost side: The price of raw material benzene increased slightly. From a fundamental perspective, high inventory levels at major ports were weighing on market sentiment, but increased styrene exports had slightly improved market sentiment. The US ntensified its crackdown on oil tankers from a certain South American country, leading to a jump in international oil prices, which may provide some support to the current market.

Supply and demand: With the restart of some maintenance facilities, supply had increased. The rise in styrene prices had exacerbated losses for downstream industries, leading to increased resistance to high-priced raw materials. Downstream demand was weakening, resulting in a decline in operating rates in the EPS industry, widening losses for ABS/PS producers, and cautious purchasing behavior.

Styrene overseas market: On December 25th, the closing price of styrene in the Asian market rose by $7.5/ton, with closing prices at $825-830/ton FOB South Korea and $835-840/ton CFR China.

Market Outlook

Recently, the styrene export market performed well, providing a boost to the market. However, due to increased supply and higher arrivals at ports, the styrene market is expected to fluctuate within a range in the short term.

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