SunSirs: Supply Decreased, Styrene Market Is Expected to Rise
December 02 2022 10:25:47 SunSirs (John)
Price trend
On December 1, the styrene market fluctuated and consolidated. The price of styrene in Shandong was 7,700.00 RMB/ton, unchanged from the previous trading day, and down 1.12% year on year.
Analysis review
The price of crude oil rose in the night market, and the cost support was acceptable, while the downstream remained just in need, and replenished on bargain. In December, Xinpu Chemical shut down, Sinochem Quanzhou's styrene plant with an annual output of 450,000 tons and Zhenhai Li'ande's styrene plant with an annual output of 620,000 tons planned to be shut down. Domestic supply was expected to decline, which was good for styrene market.
Market outlook
It is expected that the styrene market will mainly rise in the short term.
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