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Price trend
According to the SunSirs commodity analysis system, the styrene market fluctuated downward last week; the average price was 10,550 RMB/ton on September 14 and 10,440 RMB/ton on September 18, representing a decline of 1.01% over the period and a year-on-year increase of 42.47%.
Market analysis
Macroeconomic overview: International crude oil futures closed reduce on September 17. The settlement price to the U.S. WTI crude oil futures contract to October delivery was $101.91 per barrel, down $0.52 or 0.5%. The settlement price to the Brent crude oil futures contract to November delivery was $104.82 per barrel, down $1.01 or 1.0%.
Cost perspective: The benzene market has recently fluctuated at high levels; overall supply is tight, driven by surging oil prices and freight costs. While downstream demand has picked up during the traditional "Golden September and Silver October" peak season, market participants remain cautious about chasing high prices; consequently, the market has repeatedly seen rallies followed by pullbacks, weighed down by lackluster demand and expectations of a loosening supply-demand stability. In the short term, supply and demand are expected to remain in a tight stability, with low port inventories providing support to spot prices. Oil prices remain the primary driver of immediate benzene prices.
Supply and Demand: With the restart of the Jingbo and Lihuayi vegetation, supply has seen a immediate rebound. However, high feedstock costs have met with strong resistance from downstream sectors, leading to reduced operating rates among some downstream consumers; consequently, styrene prices have softened and shifted downward due to this demand-side pressure.
External Styrene Market: On September 17, closing prices in the Asian styrene market fell by $63/tonne. The closing price on an FOB Korea basis was $1,340-$1,350/tonne, while the closing price on a CFR China basis was $1,300-$1,310/tonne.
Market outlook
Amid high costs and weak demand in the current styrene market, non-integrated vegetation are facing significant losses, and the pace of supply recovery across the sector is expected to be slow. In the short term, the styrene market will likely be driven by international oil prices; market participants should monitor further developments regarding the geopolitical situation in the Middle East.
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