Price trend
According to SunSirs' commodity analysis system, the styrene market showed a strong upward trend last week. The average price at the beginning of the week was 6,964 RMB/ton, and the average price at the end of the week was 7,116 RMB/ton, representing a weekly increase of 2.18%.
Market analysis
News: On January 15th, international crude oil futures plummeted. The settlement price for the March contract of US WTI crude oil futures was $59.08 per barrel, a decrease of $2.80 or 4.5%. The settlement price for the March contract of Brent crude oil futures was $63.76 per barrel, a decrease of $2.76 or 4.1%.
Cost side: Last week, the price of benzene rose significantly. The deteriorating situation in the Middle East pushed up crude oil prices, and the strong upward trend in downstream styrene prices boosted demand for benzene, leading to a positive upward trend in the benzene market.
Supply and Demand: Last week, the restart of styrene production fell short of expectations, strengthening support on the supply side. Recently, due to increased maintenance of overseas styrene plants, inquiries and actual transactions for Chinese styrene exports had increased, leading to further destocking at ports and a significant improvement in the styrene market fundamentals. Downstream 3S operating rates remained largely unchanged, mainly driven by seasonal fluctuations.
Styrene external market: On January 15th, the closing price of styrene in the Asian market fell by US$2.5/ton, with closing prices at US$890-900/ton FOB South Korea and US$900-910/ton CFR China.
Market outlook
Recently, styrene prices strengthened, leading to increased resistance from downstream industries to high-priced raw materials. The raw material, benzene, is likely to weaken in the near future, and it is expected that the styrene market will consolidate at a high level in the short term.
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