Price trend
According to the commodity analysis system of SunSirs, the styrene market adjusted narrowly last week, with an average price of 8,230 RMB/ton at the beginning of the week and 8,226 RMB/ton over the weekend, a decrease of 0.05% during the week.
Analysis review
News: On June 19th, international crude oil futures closed higher. The settlement price of the August WTI crude oil futures contract in the United States was $73.80 per barrel, an increase of $0.3 or 0.4%. The settlement price of Brent crude oil futures for August was $78.85 per barrel, an increase of $2.15 or 2.8%.
Cost side: Recently, international oil prices have strengthened due to macroeconomic favorable conditions and geopolitical deterioration, causing crude oil prices to fluctuate widely. Benzene production rebounded, and the supply was relatively wide. The benzene market followed the trend of crude oil to rise widely and then fluctuated slightly.
Supply and demand side: Partial styrene plants had restarted, with both production and capacity utilization increasing month on month, indicating loose supply. In terms of demand, the overall operating rate of downstream 3S was weak, with low profit contraction and high finished product inventory, which had dragged down the demand for styrene.
Styrene external market: On June 19th, the closing price of the styrene market in Asia increased by $5/ton, with a closing price of $940-950/ton FOB Korea and $950-960/ton CFR China.
Market outlook
Recently, geopolitical uncertainty drove wide fluctuations in oil prices, and styrene was greatly affected by this. Therefore, in the short term, styrene will maintain a volatility trend at high levels.
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