SunSirs: Styrene Prices Rose Slightly Last Week (August 18-22)

Price trend

According to the SunSirs commodity analysis system, the styrene market rose slightly last week, with an average price of 7,568 RMB/ton at the beginning of the week and an average price of 7,594 RMB/ton at the weekend, a weekly increase of 0.34%.

Analysis review

News: On August 21, international crude oil futures continued their upward trend. The October contract for U.S. WTI crude oil futures settled at $63.52 per barrel, up $0.81, or 1.3%. The October contract for Brent crude oil futures settled at $67.67 per barrel, up $0.83, or 1.2%.

Cost: Benzene prices fluctuated slightly last week. As the month-end approaching, downstream purchases were nearing completion, increasing pressure on intermediaries to ship goods, and the transaction center was declining. Overall, increased imports and the commissioning of new production capacity had weakened demand, and weak fundamentals had kept the benzene market sluggish from rising.

Supply and demand: Styrene had a decent profit margin, and the supply remained high due to high production capacity. There were no new parking devices last week, and the downstream 3S production load increased, but the port inventory was high, which limited the rise of styrene.

Styrene overseas market: On August 21, the closing price of the Asian styrene market remained stable, at $880-890/ton FOB Korea and $890-900/ton CFR China.

Market outlook

As of August 22, the styrene market was facing limited fundamental drivers, coupled with limited support from international oil prices. With no significant changes in the macro environment, the styrene market is expected to fluctuate and weaken in the short term.

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