According to the commodity analysis system of Shengyi Society, the styrene market fluctuated and fell this week, with an average price of 7510 yuan/ton at the beginning of the week and 7486 yuan/ton over the weekend, a decrease of 0.32% during the week.
News: On September 4th, international crude oil futures closed down. The settlement price of the October WTI crude oil futures contract in the United States was $63.48 per barrel, a decrease of $0.49 or 0.8%. The settlement price of Brent crude oil futures for November was $66.99 per barrel, a decrease of $0.61 or 0.9%.
Cost wise: Pure benzene fluctuated and fell this week. The average price at the beginning of the week was 5975 yuan/ton, and the average price over the weekend was 5967 yuan/ton, with a decrease of 0.12% during the week. Recently, pure benzene ports have been destocked, import pressure has eased, domestic maintenance and downstream demand have increased, and supply and demand are expected to improve seasonally in the third quarter.
Supply and demand side: The styrene industry is facing losses, with high production and supply maintaining high levels, and port inventory levels operating at high levels. Downstream EPS/PS have experienced a decline in industry production due to profit compression.
Styrene external market: On September 4th, the closing price of styrene in the Asian region fell by $5/ton, with closing prices of $850-855/ton FOB Korea and $860-865/ton CFR China..
Market forecast: The current styrene market fundamentals are weak, and if the enterprise maintenance plan is carried out on time in September and October, the supply side is expected to improve. Without significant changes on a macro level, it is expected that the styrene market will experience weak fluctuations in the short term.
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