Price trend

According to the commodity analysis system of SunSirs, the styrene market fluctuated and declined this week. The average price at the beginning of the week was 7,688 RMB/ton, and the average price at the end of the week was 7,594 RMB/ton, a decrease of 1.22% within the week.

Market Analysis

On February 11, international crude oil futures closed higher. The March contract for US WTI crude oil futures settled at $64.63 per barrel, up $0.67 or 1.1%. The April contract for Brent crude oil futures settled at $69.40 per barrel, up $0.60 or 0.9%.

On the cost side: Benzene prices have fallen from their highs as downstream restocking has ended and demand was low. With continued high arrivals at major ports, inventory levels at major ports in East China are likely to remain high. Downstream factories were reluctant to accept high-priced raw materials, putting downward pressure on benzene prices.

Supply and demand: Recently, several plants at companies such as Xinyang Technology, Sinochem Quanzhou, and Tianjin Bohua have restarted, and domestic production this week has increased more than expected, shifting the supply side from strong to weak. Downstream production of PS and EPS has declined, while ABS production may increase slightly, and consumption continued to weaken. Arrivals at major ports were falling short of deliveries, leading to a decrease in inventory.

Styrene international market: On February 12, the closing price of styrene in the Asian market remained stable, at $960-965/ton FOB Korea and $960-965/ton CFR China.

Market outlook

With the Spring Festival approaching, market trading has weakened, downstream operations have suspended production for the holiday, and given the weak fundamentals, the market is expected to remain weak in the short term.

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