SunSirs: Styrene Market Weakly Declined Last Week (April 20–24)

Price trend

According to the SunSirs Commodity Analysis System, the styrene market experienced a weak decline last week. The average price stood at 9,920 RMB/ton at the beginning of the week and 9,830 RMB/ton at the end of the week, marking a weekly decrease of 0.91%.

Market analysis

Macroeconomic Front: On April 23, international crude oil futures rose. The settlement price for the June contract of U.S. WTI crude oil futures stood at $95.85 per barrel, an increase of $2.89, or 3.1%. The settlement price for the June contract of Brent crude oil futures stood at $105.07 per barrel, an increase of $3.16, or 3.1%.

Cost Perspective: Throughout the week, benzene prices fluctuated upward. Downstream buyers entered the market on price dips; meanwhile, operating rates for benzene production remained low, and scheduled maintenance shutdowns intensified further. As prices eased, buying interest picked up, leading to a surge in demand volume. However, subsequent price hikes by manufacturers once again dampened demand. In the near term, given the continued uncertainty surrounding the situation in the Strait of Hormuz, the benzene market is expected to maintain a firm trajectory.

Supply and Demand: Domestic plant output has remained stable in the near term. The export market continues to show a positive trend; downstream 3S operating rates have increased, and port inventories are undergoing continuous destocking, indicating an upward trend in demand.

Styrene (International Markets): On April 23, closing prices in the Asian styrene market rose by $20/ton. The closing price on an FOB Korea basis stood at $1,345–$1,355/ton, while the closing price on a CFR China basis was $1,300–$1,310/ton.

Market outlook

In the short term, international oil prices are expected to remain volatile at elevated levels, providing rigid cost-side support for prices. Looking ahead, the styrene market faces plans for plant maintenance and production rate reductions on the supply side; with supply tightening while demand increases, the market is projected to continue its high-level, volatile trend in the near term.

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