According to the Commodity Analysis System of Shengyi Society, the styrene market has continued to rise this week. The average price at the beginning of the week was 7890 yuan/ton, and the average price over the weekend was 8910 yuan/ton, with a 12.93% increase during the week.

Macro: On March 5th, international crude oil futures rose. The settlement price of the April WTI crude oil futures contract in the United States was $81.01 per barrel, an increase of $6.35 or 8.5%. The settlement price of Brent crude oil futures for May was $85.41 per barrel, an increase of $4.01 or 4.9%. The escalation of the Middle East conflict has led to supply and transportation disruptions, forcing major producers to reduce production.
On the cost side: Due to the impact of the Middle East war on oil and gas production and supply, international oil prices continue to soar sharply, and the listing prices of pure benzene main refineries have been raised multiple times. Holders of goods are reluctant to sell at low prices, and in the short term, pure benzene may continue to follow the rise of crude oil prices.
Supply and demand side: There will be a lot of maintenance for styrene in March, and it is expected that the supply will shrink. The downstream has basically resumed work, and under high costs, the demand increment is limited.
Styrene external market: On March 5th, the closing price of styrene market in Asia increased by $70/ton, with a closing price of $1115-1125/ton FOB Korea and $1115-1125/ton CFR China.
Market forecast: In the short term, with high raw material prices and supply contraction, it is expected that the styrene market will further rise.