Morning Market Brief: Styrene

I. Key Focus Points

1. On September 22, US and Iranian representatives are scheduled to meet. The market anticipates a easing of geopolitical tensions, leading to a decline in international crude oil prices. NYMEX WTI crude oil futures (October contract) closed at $94.59/bbl, down $1.19/bbl (-1.24% WoW); ICE Brent crude oil futures (November contract) closed at $99.25/bbl, down $1.09/bbl (-1.09% WoW). Shanghai INE crude oil futures (November 2026 contract) fell by 13.7 to 717.1 yuan/barrel; the night session dropped by 22.3 to 694.8 yuan/barrel.

2. On the 22nd, trading sentiment in the Asian styrene USD market remained cautious. Following the monthly rollover, RMB-denominated prices declined, driving intraday USD prices lower. FOB Korea settled at $1,330–$1,340/ton, with an average price decrease of $15; CFR China settled at $1,290–$1,300/ton, with an average price decrease of $15. Unit: USD/ton.

3. On the 22nd, theoretically compared to the previous trading day: theoretical production-sales profit for integrated plants increased by 130 yuan/ton to 1,863 yuan/ton; theoretical production-sales loss for non-integrated plants widened by 206 yuan/ton to -1,077 yuan/ton.

Core Logic: Although spot supply is tight in some markets recently, falling crude oil prices have strengthened bearish sentiment driven by cost-side factors.

II. Price Table

III. Market Outlook

Styrene: Although tight spot resources in certain domestic regions provide some support to styrene prices, declining crude oil costs have intensified bearish sentiment on the cost side. Pre-holiday buying interest from downstream sectors remains limited and insufficient to sustain upward momentum. Overall, the styrene market is expected to trade sideways with a slightly weak bias in the short term.

IV. Data Table