SunSirs: Styrene Market Slightly Declines This Week (9.22-9.26)

According to SunSirs Commodity Analysis System, the styrene market experienced a slight decline this week. The average price at the beginning of the week was 7,184 RMB/ton, while the weekend average stood at 7,120 RMB/ton, representing a weekly decrease of 0.89%.

Market News: On September 25, international crude oil futures closed nearly flat. The November WTI crude oil futures contract settled at $64.98/barrel, down $0.01. The December Brent crude oil futures contract settled at $68.58/barrel, up $0.12.

Cost Perspective: The pure benzene market extended its decline, with prices fluctuating around RMB 6,000/ton. Spot declines narrowed in East China, while low-priced transactions performed well in Shandong. Weekly operating rates dipped slightly, processing margins remained low, port inventories decreased, and fundamentals remained decent. Spot prices held firm, and basis differentials rebounded. However, expectations of high import volumes and poor downstream product margins weighed on the market, leading to a weak outlook.

Supply & Demand: Market supply remained ample this week with port inventories rising. Downstream restocking neared completion, prompting cautious market entry. Traders adopted a wait-and-see approach, resulting in subdued transactions.

Styrene Overseas Market: On September 18, Asian styrene closed stable at $835-845/ton FOB Korea and $845-855/ton CFR China.

Market Outlook: Looking ahead, crude oil and feedstock prices may see limited fluctuations. With downstream styrene demand falling short of expectations and weak fundamentals, the styrene market is expected to consolidate in the near term.

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