I. Key Points
On November 3, tensions between the U.S. and Iran did not escalate ahead of the U.S. midterm elections, easing supply risk concerns and causing international crude oil prices to fall. NYMEX WTI crude futures for the December contract settled at $96.09/bbl, down $0.37/bbl (-0.38% WoW); ICE Brent crude futures for the January contract settled at $103.60/bbl, down $1.17/bbl (-1.12% WoW). China INE crude oil futures for the December 2026 contract fell by 50.3 yuan/bbl to 694.9 yuan/bbl, while night session trading saw a further drop of 16.1 yuan/bbl to 678.8 yuan/bbl.
On November 3, international crude oil prices dropped significantly, leading to a corresponding decline in RMB-denominated prices. Trading in the Asian USD market remained cautious with a wait-and-see attitude, and the USD market closed lower for the day. FOB Korea was quoted at $1,405–$1,415/ton (average price down $58); CFR China was quoted at $1,345–$1,355/ton (average price down $58). Unit: USD/ton.
On November 3, theoretical production-sales profits compared to the previous trading day: Integrated plant enterprises saw theoretical production-sales profits decrease by 375 yuan/ton to 2,470 yuan/ton; Non-integrated plant enterprises saw theoretical production-sales profits decrease by 74 yuan/ton to 99 yuan/ton.
Core Logic: Crude oil continued its correction phase, pure benzene remained weak, styrene followed suit with declining prices, and monthly spreads narrowed.
II. Price Table
| Product | Region | Nov 2 | Nov 3 | Change |
|---|---|---|---|---|
| Crude Oil | Brent 1 | 104.77 | 103.6 | -1.17 |
| Ethylene | CFR NE Asia | 1230 | 1230 | 0 |
| Pure Benzene | East China Market | 9750 | 9300 | -450 |
| Styrene | Jiangsu Market | 11410 | 10990 | -420 |
| Notes: | ||||
| 1. Brent crude: USD/bbl; CFR NE Asia ethylene: USD/ton; Pure benzene & styrene: CNY/ton. | ||||
| 2. Prices for pure benzene and styrene are average closing prices from mainstream markets. | ||||
| 3. All RMB prices in the table above are spot exchange rates including tax. | ||||
| 4. The change rate represents the week-over-week percentage change. |
III. Market Outlook
Styrene: With crude oil continuing its correction and pure benzene remaining weak, styrene prices followed downward, narrowing monthly spreads. In the short term, supply-demand balance remains tight. Restart timelines for Dagu, Anqing, and Lianyungang Petrochemical have been delayed, indicating no significant recovery in industry supply in the near term. Port inventory accumulation has been modest. Spot demand shows no obvious improvement, creating resistance to downward price transmission. Short-term styrene prices may fluctuate with a weak trend.
IV. Data Table
| Data Type | Previous Period | Current Period | Change Rate | Expectation |
|---|---|---|---|---|
| Jiangsu Port Inventory (10k tons) | 2.47 | 3.07 | +24.29% | ↘ |
| South China Port Inventory (10k tons) | 3.3 | 2.6 | -21.21% | ↘ |
| Operating Rate | 62.8% | 61.81% | -0.99% | ↗ |
| Sample Enterprise Inventory | 13.45 | 13.52 | +0.52% | ↘ |
| Notes: | ||||
| 1. Data in the table refers to weekly styrene data; ↘ indicates expected decrease, ↗ indicates expected increase. | ||||
| 2. Styrene Jiangsu port inventory is released before 15:00 on Monday of the current week. | ||||
| 3. Styrene East China port inventory is released before 17:00 on Monday of the current week. | ||||
| 4. Styrene operating rate is released before 18:00 on Thursday of the current week. | ||||
| 5. Styrene sample enterprise inventory is released before 17:00 on Thursday of the current week. |
Comments
0