According to the Commodity Analysis System of Shengyi Society, the styrene market has fluctuated and risen this week. The average price at the beginning of the week was 6590 yuan/ton, and the average price over the weekend was 6656 yuan/ton, with a 1% increase during the week.
News: On November 27th, international crude oil futures rose. The US futures market is closed for Thanksgiving. The settlement price of Brent crude oil futures for February was $62.87 per barrel, an increase of $0.33 or 0.5%.
Cost aspect: The pure benzene market is fluctuating at a low level. Overall supply remains loose; Downstream essential procurement is the main focus, with some loss making varieties reducing production to maintain prices, and overall demand support is limited. Recently, the pure benzene market has rebounded multiple times, but due to demand constraints, the magnitude is limited. Under weak fundamentals, the pure benzene market is prone to decline but difficult to rise.
Supply and demand side: Recently, some styrene plants have been unplanned to shut down, and the supply side of styrene has strengthened. In addition, downstream profits have been repaired, and production has rebounded. The demand side is steadily following suit. The fundamentals of styrene have improved and prices have slightly increased.
Styrene external market: On November 27th, the closing prices of the styrene market in Asia remained stable, with closing prices of $800-810/ton FOB Korea and $810-820/ton CFR China.
Market forecast: The current supply and demand side of the styrene market has slightly improved, but the cost side support is weak. After the short-term supply and demand side benefits are exhausted, it is expected that the resistance to the short-term styrene market will continue to increase, and the range oscillation operation will be the main trend.
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