SunSirs: Styrene Prices Lightly Increased This Week (February 14-21)

Price trend

According to the commodity analysis system of SunSirs, the styrene market slightly rose this week, with an average price of 8,640 RMB/ton at the beginning of the week and ,656 RMB/ton over the weekend, an increase of 0.19% during the week.

Analysis review

News side: Crude oil has fluctuated and risen this week. On February 21st, the settlement price of international crude oil futures closed slightly higher. The settlement price of WTI crude oil futures in March rose by 0.32 US dollars, or 0.44%, to 72.57 US dollars per barrel. Brent crude oil futures for April closed up 0.44 US dollars, or 0.58%, at 76.48 US dollars per barrel.

On the cost side: Benzene has slightly declined this week, with poor shipments from Eastern refining companies and market promotions resulting in further price reductions. The price of benzene in Sinopec's refineries in East and South China remains stable. The spot price of benzene in East China was consolidating at a high level. International crude oil futures closed higher, but confidence in the benzene market remained strong.

Supply and demand side: styrene production remained at a high level, port inventory has decreased but remained high, downstream 3S has resumed work one after another, EPS production has rebounded, and demand has increased.

Market outlook

The pressure on styrene inventory remained, and supply remained loose. The cost support was strong, but the demand was weak and the upward trend was weak. It is expected that the short-term market trend of styrene will fluctuate within a certain range.

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