SunSirs: The Styrene Market Fluctuated and Fell (July 21-25)

Price trend

According to the commodity analysis system of SunSirs, the styrene market fluctuated and fell last week, with an average price of 7,856 RMB/ton at the beginning of the week and 7,736 RMB/ton over the weekend, a decrease of 1.53% during the week.

Analysis review

News: On July 24th, international crude oil futures rose. The settlement price of the September WTI crude oil futures contract in the United States was $66.03 per barrel, an increase of $0.78 or 1.2%. The settlement price of Brent crude oil futures for September was $69.18 per barrel, an increase of $0.67 or 1.0%.

On the cost side: In terms of crude oil news game, the price fell less and rose more during the week, while benzene was boosted by macroeconomic factors and saw a slight increase in price during the week. Continue to monitor crude oil, external market trends, and production and sales dynamics.

Supply and demand side: The profit of styrene was still acceptable, with high plant operation and accumulated port inventory. In terms of demand, downstream 3S was in a low season of demand, with urgent procurement and insufficient support for styrene.

Styrene external market: On July 24th, the closing price of styrene market in Asia increased by $2.5/ton, with a closing price of $905-910/ton FOB Korea and $915-920/ton CFR China.

Market outlook

As of July 25th, The fundamentals of the styrene market were weak and difficult to change, with an expected increase in port inventory. Based on the principle of consolidation and operation, it is expected that the styrene market will operate weakly in the short term without significant changes in the macro level.

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