Price trend

According to SunSirs' commodity analysis system, the styrene market saw a slight increase last week. The average price at the beginning of the week was 6,792 RMB/ton, and the average price at the end of the week was 6,850 RMB/ton, representing a weekly increase of 0.85%.

Analysis and Commentarys

Ample supply:

News: On January 8th, international crude oil futures rose. The settlement price for the February contract of US WTI crude oil futures was $57.76 per barrel, an increase of $1.77 or 3.2%. The settlement price for the March contract of Brent crude oil futures was $61.99 per barrel, an increase of $2.03 or 3.4%.

Cost perspective: Last week, the benzene market showed weak and volatile trends. The expected increase in benzene supply, coupled with high port inventories and weak demand, suggests that the benzene market will likely remain range-bound in the short term.

Supply and demand: Last week, styrene supply remained stable, and port inventories remained high. Downstream ABS operating rates were stable, PS operating rates increased, and EPS operating rates decreased seasonally. There was little change in the operating rates of direct downstream styrene users, with most changes being seasonal fluctuations.

Styrene external market: On January 8th, the Asian styrene market closed with a price increase of US$2.5/ton, with closing prices at US$850-855/ton FOB Korea and US$860-865/ton CFR China.

Market Outlook 

The styrene market has recently been significantly boosted by positive news. Supported by strong crude oil prices, the styrene market is expected to experience upward fluctuations in the short term.

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