Price trend
According to SunSirs' commodity analysis system, the styrene market experienced a significant increase last week. The average price at the beginning of the week was 7,196 RMB/ton, and the average price at the end of the week was 7,650 RMB/ton, representing a weekly increase of 6.31%.
Market analysis
News: On January 22nd, international crude oil futures closed lower. The settlement price for the March contract of U.S. WTI crude oil futures was $59.36 per barrel, down $1.26 or 2.1%. The settlement price for the April contract of Brent crude oil futures was $63.34 per barrel, down $1.19 or 2.0%.
Cost side: Last week, the benzene market showed a strong upward trend. Reduced production at refineries, coupled with a decrease in imports, led to a reduction in benzene supply. The fundamentals of the benzene market also improved, with port inventories falling from their high levels in the first week. Downstream demand for benzene also increased, resulting in a temporary improvement in supply and demand. Furthermore, the instability of the geopolitical situation had not been eliminated. Therefore, the benzene market is expected to fluctuate with an upward bias in the short term.
Supply and demand: Last week, several styrene plants were shut down, coupled with temporary shutdowns of multiple styrene plants abroad, leading to a favorable export market and continued tight supply. Downstream 3S production remained stable, and continuously rising prices stimulated increased restocking activity.
Styrene external market: On January 22nd, the closing price of styrene in the Asian market rose by US$45/ton, closing at US$965-975/ton FOB South Korea and US$978-985/ton CFR China.
Market outlook
Although there are plans for some styrene plants to resume production in the near future, and export orders continue to increase, supply is expected to remain tight. Therefore, the short-term outlook for styrene prices is more likely to be upward than downward.
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