Sharp Intra-day Surge; EPS Prices Remain High Amid Fluctuations

By SKYSEVEN Chemical Technical Team · 2026-10-28

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Introduction: As the month draws to a close, supported by crude oil and styrene, EPS (expandable polystyrene) producers have raised their offers by 450–800 RMB/ton, pushing market transaction price levels to new highs.

Since the National Day holiday, the domestic EPS market has generally trended upward while fluctuating at high levels, with transaction price centers shifting progressively higher to reach new peaks. Early in the month, a strong rally in raw material costs prompted producers to raise their offers; however, downstream buyers—resisting the high prices—limited their purchases to essential, immediate needs. Subsequently, a pullback in styrene prices led the market to implement a "wait-and-see" stance, resulting in sluggish trading activity and a lack of a clear directional direction. Following a period of stagnation at high levels in mid-October, a sustained rise in styrene prices drove producers to increase their offers by 100–200 RMB/ton. Cost pressures narrowed the price range, while demand to insulation boards in northern China weakened, and other downstream sectors remained cautious, showing little appetite to procurement—leaving the underlying oversupply situation unchanged.

As the month nears its end, intensifying geopolitical conflicts, combined with a "short squeeze" in styrene futures, have pushed EPS prices to fresh highs. According to data from JLC (Jinlianchuang), EPS producers raised their offers by 450–800 RMB/ton on October 26, lifting market transaction price levels to the 12,900–13,500 RMB/ton range. Nevertheless, strong resistance from the demand side against these high prices has caused market trading activity to freeze.

Looking ahead, low port inventories of styrene provide a degree of underlying support, while geopolitical tensions continue to drive up crude oil prices, offering significant support and upward momentum from the raw material side. As the weather turns colder, demand to insulation boards in northern China has weakened, with a noticeable decline in volume. while some EPS vegetation in Northeast China plan to shut down to maintenance, overall market supply remains ample, and the state of oversupply is unlikely to change in the short term. Facing losses, many EPS producers are determined to hold prices firm; however, some are opting to trade price to volume, resulting in a wide range of market prices. Moving forward, it will be essential to closely monitor external developments, as EPS prices are expected to remain at high levels. (Source: JLC)

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