Price trend
According to the SunSirs Commodity Analysis System, the styrene market fluctuated and fell last week, with an average price of 7,400 RMB/ton at the beginning of the week and an average price of 7,320 RMB/ton at the weekend, a weekly drop of 1.08%.
Analysis review
News: On September 11, international crude oil futures closed lower. The October contract for WTI crude oil futures settled at $62.37 per barrel, down $1.30, or 2.0%. The November contract for Brent crude oil futures settled at $66.37 per barrel, down $1.12, or 1.7%.
Cost: Benzene prices fluctuated last week. Recently, both supply and demand for benzene have been strong, with import pressure easing, domestic maintenance and downstream demand growing. Supply and demand are expected to improve seasonally in the third quarter.
Supply and demand: Last week, some styrene plants experienced temporary or planned outages, resulting in a decrease in overall production. Capacity utilization was 74.98%, down 4.76% month-over-month. Downstream 3S production saw slight increases, improving supply and demand fundamentals month-over-month.
Styrene overseas market: On September 11, the closing price of styrene market in Asia increased by $2.5/ton, closing at $865-870/ton FOB Korea and $875-880/ton CFR China.
Market outlook
Looking at the future market, the fundamentals of the styrene market are weak, the ports have accumulated inventory, and the macro-economic pull is limited. It is expected that the styrene market will be volatile and weaker in the short term.
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