1. Key Focus Points

1. Crude Oil Markets (Nov 11):
Middle Eastern geopolitical tensions remain unstable, and the outlook for US-Iran negotiations is unclear, driving international crude oil prices higher. NYMEX WTI crude futures (December contract) closed at $86.53/bbl, up $0.49/bbl (+0.57% WoW). ICE Brent crude futures (January contract) closed at $92.76/bbl, up $1.27/bbl (+1.39% WoW). China INE crude oil futures (January 2027 contract) fell by CNY 15.2 to CNY 584.1/bbl during the day session but rose by CNY 13.2 to CNY 597.3/bbl in the night session.

2. Styrene USD Market:
International crude oil prices rebounded on Nov 11, and RMB-denominated prices for far-month contracts also rose, providing support to the USD market. Consequently, the USD market closed higher intraday. FOB Korea settled at $1,255–$1,265/ton (average price +$30); CFR China settled at $1,195–$1,205/ton (average price +$30). Unit: USD/ton.

3. Theoretical Margins (Nov 11 vs Previous Trading Day):

• Integrated enterprises: Theoretical production-sales profit increased by CNY 66/ton to CNY 1,562/ton.
• Non-integrated enterprises: Theoretical production-sales profit increased by CNY 78/ton to -CNY 482/ton.

Core Logic: Crude oil and pure benzene prices saw a slight rebound, easing the bearish sentiment on the cost side.

2. Price Summary

Notes:

1. Units: Brent crude (USD/bbl); CFR NE Asia Ethylene (USD/ton); Pure Benzene & Styrene (CNY/ton).
2. Prices for Pure Benzene and Styrene represent the average closing prices of mainstream markets.
3. All RMB prices listed above are spot exchange rates inclusive of VAT.
4. "Change" refers to the week-over-week percentage change.

3. Market Outlook

Styrene:
With crude oil and pure benzene prices rebounding slightly, the bearish atmosphere on the cost side has eased. Restarting units at Dagu and Guoen have led to a certain recovery in industry supply. Port inventories are expected to accumulate slightly. However, buying interest in the spot market has improved. Therefore, the styrene market is likely to trade within a narrow range in the short term.

4. Data Summary

Notes:

1. All data in the table represents weekly styrene statistics. (↗ indicates increase; ↘ indicates decrease).
2. Styrene inventory data for Jiangsu ports is released before 15:00 on Monday of the current week.
3. Styrene inventory data for East China ports is released before 17:00 on Monday of the current week.
4. Styrene operating rate data is released before 18:00 on Thursday of the current week.
5. Styrene sample enterprise inventory data is released before 17:00 on Thursday of the current week.