According to the Commodity Analysis System of Shengyi Society, the styrene market has been fluctuating this week. The average price at the beginning of the week was 6720 yuan/ton, and the average price over the weekend was 6620 yuan/ton, with a decrease of 1.19% during the week.

News: On November 20th, international crude oil futures closed down. The settlement price of the January WTI crude oil futures contract in the United States was $59.00 per barrel, a decrease of $0.25 or 0.4%. The settlement price of Brent crude oil futures for February was $62.80 per barrel, a decrease of $0.20 or 0.3%.
Cost wise: The pure benzene market fluctuated at a low level this week. The rise in foreign markets has driven up domestic prices, but due to the weak fundamentals of pure benzene, they quickly fell back, and there are still many imports to ships in the future. The import expectation for November is high, and the pure benzene market is prone to decline but difficult to rise.
Supply and demand side: As of November 20th, the overall production of styrene was 342900 tons, with an operating rate of 68.95%. Sinochem Quanzhou’s 450000 tons/year production was shut down for maintenance due to unforeseen circumstances, resulting in an unplanned reduction in supply. The overseas demand on the demand side has slightly boosted, but the sustainability is limited. Domestic demand is in the off-season, and downstream 3S production remains at the original level, with limited demand pull.
Styrene external market: On November 20th, the closing price of styrene market in Asia increased by $5/ton, with closing prices of $800-805/ton FOB Korea and $810-815/ton CFR China.
Market forecast: The current styrene market profit recovery, some factory maintenance may be delayed, coupled with new device testing, the supply side decline gradually weakens, and it is expected that the styrene market will fluctuate and consolidate in the short term.