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According to the SunSirs commodity analysis system, the styrene market saw a strong rise last week; the average price of styrene was 9,070 RMB/ton on August 31 and 9,920 RMB/ton on September 4, representing an increase of 9.37% over the period and a year-on-year rise of 32.27%.
Macroeconomic overview: On September 3, international crude oil futures saw mixed results. U.S. WTI crude futures closed higher, with the October contract settling at $91.30 per barrel, up $0.29 or 0.3%. Brent crude futures closed reduce, with the November contract settling at $95.52 per barrel, down $0.11 or 0.1%.
From a cost perspective, the tight supply-demand stability in the pure benzene market is easing; while producers are ramping up operating rates, downstream operating rates—though recovering—remain constrained by end-market demand, resulting in a slow pace of capacity utilization increases. With absolute inventory levels still low and the volume of circulating supply yet to expand significantly, prices remain firm. Renewed geopolitical tensions in the short term have once again brought the supply-shortage narrative to the forefront, driving the price baseline upward.
Supply and Demand: Styrene units that underwent concentrated maintenance in early September are successively restarting and ramping up operating rates; as the scale of planned shutdowns is limited, the sector operating rate is expected to maintain an upward direction. Port inventories remain at historically low levels, and transaction volumes in the export market have increased. Performance in end-user markets remains lackluster, with no signs yet of the traditional peak season. Profit margins to downstream "Three S" items (EPS, ABS, PS) are low, leading downstream companies to likely limit purchasing to immediate needs, resulting in a lack of significant improvement in styrene demand.
Styrene Offshore Market: On September 3, closing prices to styrene in the Asian market rose by $18/tonne; the FOB Korea closing price was $1,303-$1,313/tonne, and the CFR China closing price was $1,273-$1,283/tonne.
Market Outlook: The recent price rally is primarily driven by fluctuations in crude oil prices and strong cost support, alongside sustained positive export performance. The market is expected to maintain a generally bullish tone, though there is a risk of a price pullback should geopolitical tensions ease.
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