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SunSirs: Analysis of the Styrene Market on February 18

February 19 2021 13:21:23     SunSirs (John)

On February 18, the overall styrene market rose sharply. On the cost side, during the Spring Festival, oil prices continued to be positive, and the rising trend continued on the 18th, and the cost of styrene continued to rise. While the port inventory of pure benzene was in a downward channel, coupled with the boost of crude oil, it was expected that the center of gravity of pure benzene would continue to rise in the short term, which was good for styrene. On the supply side, the domestic supply remained high, but imports were low, and there was room for export arbitrage. As of 18th, there were many failures of foreign styrene plants. At the same time, Asian plants had plans for centralized maintenance in March and April. It was expected that the supply of imported goods would continue to be tight. It was expected that the main port of East China would not be under pressure, and low inventory would continue to support styrene prices. On the downstream side, with the end of the Spring Festival holiday, the three downstream demand gradually returned to normal levels, supporting the rise of styrene prices. On the 18th, the price of styrene in Shandong was around 8,100-8,300 RMB/ton, and the price of styrene in South China was around 8,500-8,600 RMB/ton.

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