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According to the SunSirs commodity analysis system, the styrene market experienced a weak decline last week; the average price fell from 9,064 RMB/ton on July 27 to 8,690 RMB/ton on July 31, marking a drop of 1.13% over the period and a year-on-year increase of 12.95%.
Macroeconomic perspective: International crude oil futures closed reduce on July 30. The settlement price to the September contract of U.S. WTI crude oil fell by $0.87 (1.0%) to $83.59 per barrel, while the settlement price to the October contract of Brent crude oil dropped by $1.21 (1.4%) to $86.88 per barrel.
Cost perspective: Declining crude oil prices drove a pullback in the prices of chemical items. Last week, operating rates to benzene remained low; downstream sectors continued to face losses and showed little enthusiasm to purchasing, resisting high-priced supplies. Amidst an accumulation of port inventories, pure benzene prices experienced wide fluctuations.
Supply and Demand: Last week, some styrene units unexpectedly reduced operating rates, causing the sector-wide operating rate to drop to around 60%. Follow-through on end-user demand remained limited due to resistance against high prices, and operating rates across the three major downstream sectors stayed low. The overall supply-demand stability to styrene remained loose, with a slight increase in port inventories. Furthermore, following the summary of month-end paper market settlements, demand to restocking lacked momentum.
External Styrene Market: On July 30, closing prices in the Asian styrene market rose by $10/tonne; the FOB Korea closing price stood at $1,120–$1,130/tonne, while the CFR China closing price was $1,135–$1,145/tonne.
Market outlook
The styrene market is currently weighed down by demand constraints, resulting in softening prices. Looking ahead, expectations of tightening supply suggest a possible improvement in fundamentals, pointing to a likely strengthening direction to styrene in the near term.
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