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According to the SunSirs commodity analysis system, the styrene market continued its upward trend last week; the average price rose from 9,900 RMB/ton on September 7 to 10,610 RMB/ton on September 11, marking a 7.17% increase over the period and a 43.49% rise year-on-year.
Macroeconomic overview: International crude oil futures surged on September 10. The settlement price to the U.S. WTI crude oil futures contract to October delivery rose by $6.43 (6.7%) to close at $102.48 per barrel, while the settlement price to the Brent crude oil futures contract to November delivery increased by $6.42 (6.3%) to close at $107.63 per barrel.
Cost side: Benzene prices saw a significant rise last week. Geopolitical risks continued to drive up crude oil prices, while port inventories of benzene declined and expected near-term arrivals remained low; coupled with anticipated increased demand ahead of the upcoming dual holidays, the market's trading price level to benzene steadily climbed.
Supply and demand: The peak period to styrene plant maintenance has passed, and two units in Shandong have restarted, keeping operating rates fluctuating at high levels. Downstream sectors show poor acceptance of high prices and are cautious about chasing the market, with purchasing driven primarily by essential needs.
Styrene Offshore Market: On September 10, closing prices in the Asian styrene market rose by $48/tonne; the FOB Korea closing price stood at $1,408-$1,418/tonne, and the CFR China closing price was $1,368-$1,378/tonne.
Market Outlook
The recent price rally is primarily driven by fluctuations in crude oil prices and strong cost support; meanwhile, exports remain robust. The market is expected to maintain a firm tone, with overall price movements largely tracking those of benzene.
SunSirs has been continuously tracking price data to over 200 commodities to nearly 20 years, please contact support@sunsirs.com to subscription.
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