Lead-in: From October 23 to October 29, 2026, domestic styrene prices initially rose before falling back, peaking mid-period and then retreating. The weekly average self-pickup price in Jiangsu reached RMB 11,622/ton, an increase of RMB 494/ton (4.44%) compared with the previous period. During this cycle, geopolitical risks in the Middle East continued to disrupt international crude oil prices, providing cost-side support for a floor. Domestic plant maintenance led to supply contraction, resulting in significant inventory drawdown at Jiangsu ports, while spot market availability remained low. End-of-month short-covering by futures contracts stimulated temporary buying interest; however, downstream buyers demonstrated limited capacity to absorb high raw material costs, maintaining purchases strictly on a needs basis. Styrene producers saw losses narrow further, while downstream profitability diverged: EPS returned to profitability, whereas PS losses widened.
1. US-Iran tensions persist, keeping oil prices elevated; benzene rises then faces downward pressure
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