Lead: Recently, the Jiangsu styrene market has experienced a trend of initial decline followed by an increase, with the overall price center moving significantly upward. The high-end spot transaction price in Jiangsu reached 8,660 CNY/ton, while the low-end was 7,895 CNY/ton, resulting in a spread of 765 CNY/ton. This round of price increase is primarily driven by cost-side and supply-side factors, temporarily lacking effective support from the demand side. Although downstream demand for styrene has weakened slightly, port inventories have declined significantly. At the same time, domestic supply and capacity utilization rates have also decreased, providing some support to the market. In the coming period, port inventories are expected to increase. However, on the supply side, unit maintenance or production cuts will drive further declines in output and capacity utilization, forming a positive factor. Additionally, an anticipated rebound in downstream consumption will provide support, with the supply-demand gap expected to remain negative. Upstream raw material support is adequate, and the fundamentals of the industry chain supply-demand are continuously improving marginally. It is expected that the East China styrene market will operate with a relatively strong and volatile trend next week, with the mainstream price range estimated at 8,400–8,800 CNY/ton.
Recently, the Jiangsu styrene market has shown a trend of first falling and then rising, with the overall price center moving significantly upward. The high-end spot transaction price in Jiangsu was 8,660 CNY/ton, the low-end was 7,895 CNY/ton, and the high-low spread was 765 CNY/ton. Last Friday, styrene futures and spot prices were dragged down by weakening crude oil and pure benzene, loosening cost support. Although expectations of unit maintenance provided bottom support, long and short factors offset each other, leading to weak transactions and a narrow price correction. Starting this week, the market rapidly reversed and began a continuous upward trend. Driven by strong cost support from steadily rising international crude oil and synchronous increases in pure benzene, coupled with continuous port inventory destocking, new export orders, and expectations of reduced subsequent cargo supply, market bullish sentiment significantly heated up. Holders generally refrained from selling, pushing spot prices to consecutive highs. However, during this period, overall orders from downstream end-users were mediocre. End-users showed low acceptance of high raw material prices and were reluctant to purchase at elevated levels, resulting in insufficient transaction follow-through. The weak demand side continued to constrain the magnitude and strength of the price increase. This round of price rise is mainly driven by cost and supply factors, temporarily lacking effective support from the demand side, making the sustainability of the price increase relatively limited.
During the week, styrene supply contracted slightly. The decline in output was mainly dragged by unit maintenance and cost pressure. During this period, Shaanxi Yanchang's styrene unit was shut down for maintenance. Additionally, there were cost-driven production cuts within the industry, leading to periodic output losses. Together, these factors drove a slight synchronized decline in total output and industry operating rate for this period. For this cycle (July 10–July 16, 2026), the total output of domestic styrene enterprises was 317,000 tons, down 9,500 tons from the previous week (July 3–July 9, 2026), a decrease of 2.91% month-on-month. The overall industry capacity utilization rate was 63.24%, down 1.86% from the previous week.
As of July 13, 2026, the total sample inventory of styrene at Jiangsu ports was 92,800 tons, a decrease of 14,000 tons from the same period last week, or -13.11%. The commodity inventory was 49,200 tons, a decrease of 29,100 tons from the previous cycle, or -33.00%.
During the seven-day period from July 4 to July 12, due to port closure weather affecting marine transportation, the total arrival volume of styrene at Jiangsu social storage via vessel, pipeline, and truck unloading was 12,000 tons, compared to 56,000 tons in the same period last year (7 days). During this cycle, port withdrawals were 26,000 tons, compared to 29,000 tons in the same period last year.
On the cost side, East China pure benzene port inventory remains low, with the balance sheet continuing to destock. Spot circulating cargo resources are tight, providing strong raw material cost support for styrene. On the supply-demand side, recent industry cost-driven production cuts persist, and some units have maintenance expectations, leading to an anticipated reduction in supply. Downstream overall operating rates are steadily rising, and just-in-time demand procurement is gradually being released. Although port inventories are expected to accumulate slightly next week, overseas export order negotiations are becoming more active, suggesting that port inventories may still destock subsequently. Comprehensive judgment: Upstream raw material support is sufficient, and the fundamentals of the industry chain supply-demand are continuously improving marginally. It is expected that the East China styrene market will operate with a relatively strong and volatile trend next week, with the mainstream price range estimated at 8,400–8,800 CNY/ton.
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