Price trend

According to the commodity analysis system of SunSirs, the styrene market fell weakly this week, with an average price of 8,386 RMB/ton at the beginning of the week and 8,354 RMB/ton over the weekend, a decrease of 0.38% during the week.

Analysis review

News side: On March 21st, the settlement price of international crude oil futures rose by over 1.5%. The settlement price of WTI crude oil futures in April rose by 1.64% to 68.26 US dollars per barrel; The settlement price of Brent crude oil futures for May rose 1.72% to 72 US dollars per barrel.

Cost side: Benzene continued to decline this week, with more imported goods and increased downstream maintenance, resulting in a weaker recent trend. Shandong's local refining enterprises' shipments fell short of expectations, with cargo holders actively shipping, while downstream demand for gas was average, and market prices continued to decline.

Supply and demand side: styrene production remained stable, with increased maintenance and supply tightening expectations. Supported under downstream on demand, with some profit recovery, but market inventory was high, making it difficult to increase production.

Styrene external market: On the 20th, the closing price of styrene in the Asian US dollar market rose by 5 US dollars per ton, FOB Korea 980-990 USD/ton, CFR China 990-1,000 USD/ton.

Market outlook

The supply side has stronger support, but there is a high possibility that the raw material benzene will continue to weaken. It is expected that the short-term trend of styrene will be weak.

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