On July 8, the overall market price of styrene dropped slightly. Crude oil recovered, pure benzene dropped slightly, ethylene remained stable, and styrene cost remained unchanged. The restart and maintenance of styrene plant are mutual, but the new production is delayed, and the output increase is less than expected. As of July 4, Jiangsu had 803 (+ 22600) tons of social inventory and 568 (+ 22100) tons of commodity inventory. The centralized inventory in Hong Kong rose last week, but this week was limited in Hong Kong. If the pick-up is maintained, the inventory may go to the warehouse slightly. Under the long short game, styrene is expected to continue to fluctuate in the short term.
Downstream, PS, EPS, ABS prices temporarily stable. EPS terminal demand is weak, operation rate rises slightly, and styrene procurement is cautious. PS operating rate fell slightly, but the purchase of styrene spot only appeared when the price was low. ABS operating rate fell, but Taihua and Haijiang will restart this week, starting is expected to pick up, terminal demand is weak in the off-season. To sum up, the short-term styrene cost support is strong, the supply increment is less than expected, and the short-term styrene market is still in a strong shock stage.
Today, the price of styrene in Shandong was lowered to 9350-9500 yuan / ton.
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