Price trend

According to the commodity analysis system of SunSirs, the styrene market continued to decline this week, with an average price of 8,314 RMB/ton at the beginning of the week and 8,260 RMB/ton over the weekend, a decrease of 0.65% during the week.

Analysis of Market Factors

News side: On March 27th, international crude oil futures closed higher. The settlement price of the main contract for WTI crude oil futures in the United States was 69.92 US dollars per barrel, an increase of 0.27 RMB/tonor 0.4%. The settlement price of the main Brent crude oil futures contract was 73.34 RMB/tonper barrel, an increase of 0.28RMB/ton or 0.4%.

Cost side: Benzene continued to decline this week, with increased supply from imported sources and weak downstream consumption, putting pressure on prices. Holders are actively shipping, while downstream demand for gas is average, and market prices continue to decline.

Supply and demand side: The negative impact of the styrene plant has led to a slight increase in production, while port inventory remains high and the market supply was sufficient. Downstream 3D companies face significant inventory pressure, resulting wain limited demand growth due to profit sharing.

Styrene external market: On the 27th, the closing price of styrene in the Asian US dollar market rose by 10RMB/ton/ton, FOB Korea 960-970 USD/ton, CFR China 970-980 USD/ton.

Market outlook

Entering the maintenance peak season for styrene in April, there is an expectation of tight supply, but insufficient cost support is restraining the styrene market. It is expected that the  market for styrene will experience narrow fluctuations in the short-term.

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