SunSirs: The Styrene Market Was Trending Upwards This Week (October 21-25)

https://www.chemnet.com   Oct 28,2024 SunSirs

Price trend

According to the Commodity Market Analysis System of SunSirs, the styrene market had shown an upward trend this week. On Monday, the price of styrene was 8,770 RMB/ton, and on Friday it was 8,814 RMB/ton, with a price increase of 0.5%.

Analysis review

This week, the styrene market first fell and then rose, but overall the market trend was upward. This week, the styrene futures market performed well, with a continuous strengthening of the futures to cash basis, and monthly negotiations mainly focused on exchanges. The inventory of styrene in Jiangsu ports had decreased, and the inventory of styrene in South China ports had also decreased. Combined with the decrease in styrene production rate this week, the styrene market had turned from a decline to an increase. As of October 25th, the spot price of styrene in Shandong region was around 8,620-8,850 RMB/ton.

In terms of raw material benzene, benzene fluctuated this week. As of October 25th, the storage of benzene in the port continued to accumulate, and crude oil had fallen but risen in the external market. Market confidence was still acceptable. As of October 25th, the mainstream spot price of benzene in Shandong market was around 7,320-7,350 RMB/ton. It is expected that benzene will continue to fluctuate and consolidate in the short term.

Downstream of styrene, the comprehensive support on the cost side of ABS was poor, and the load of ABS polymerization plant was running steadily, resulting in a slight digestion of high finished product inventory. The situation of weak and rigid demand on the demand side had returned, and market trading was weak. The mismatch between supply and demand within the venue had not been effectively improved. Affected by multiple bearish factors, it is expected that the ABS market will mainly operate to be weaker in the short term in the future.

Overall

According to the styrene data analyst from SunSirs, benzene was temporarily operating in a volatile manner, with a decrease in operating rates and inventory, and there was temporarily no pressure. There were many market inquiries, and actual orders were cautious. It is expected that the styrene market will consolidate to strengthen slightly in the short term.

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