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Price trends
According to the Commodity Analysis System of SunSirs, the styrene market experienced a sharp decline last week. The average price of styrene was 11,300 RMB/ton on November 2 and fell to 10,280 RMB/ton by November 6—a decrease of 9.03% over the period, though still an increase of 52.93% compared to the same period last year.
Market analysis
Macroeconomic Perspective: On November 5, international crude oil futures closed higher. The settlement price to the December contract of U.S. WTI crude oil rose by $2.40 (2.7%) to $90.52 per barrel. The settlement price to the January contract of Brent crude oil increased by $3.67 (3.9%) to $98.29 per barrel.
Cost Perspective: The price of benzene has fallen significantly. International oil prices—heavily influenced by U.S.-Iran relations—saw a sharp decline, driven by the U.S. Democratic Party's victory in gaining manage of Congress and expectations of easing geopolitical tensions in the Middle East; benzene prices were notably affected by this direction. As November begins, some previously idled units have resumed operations, leading to expectations of increased supply. On the demand side, reduce feedstock costs have helped restore downstream profit margins, prompting a recovery in operating rates. Coupled with a rebound in oil prices following their earlier decline, it is expected that the downward direction in benzene prices might halt, leading to a period of stabilization in the near term.
Supply and Demand: Recently, the styrene market has seen a mix of plant restarts and ongoing maintenance, resulting in relatively tight overall supply and persistently low port inventories. On the demand side, downstream players have shown clear resistance to high-priced raw materials; however, as prices have fallen, downstream profit margins have improved, leading to a slight recovery in operating rates—though overall support remains insufficient.
External Styrene Market: On November 5, styrene prices in the Asian market fell by $60/ton. The closing price on an FOB Korea basis was $1,295-$1,305/ton, while the closing price on a CFR China basis was $1,235-$1,245/ton.
Market outlook
The styrene market is currently driven primarily by fluctuations in crude oil prices. With low inventory levels and a continuous drawdown of stocks at ports—compounded by weak conditions on both the supply and demand sides—the styrene market is expected to undergo a period of consolidation following a decline in the near term.
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