Spot prices of styrene rose.

1. Today's Summary

1. Sinopec refineries in East, South, and Central China lowered pure benzene prices by 300 RMB/ton to 7,900 RMB/ton, effective November 10.

2. Market sources indicate that the 200,000 tons/year PO/SM styrene unit at Dongming Guoen Ruihua New Materials Co., Ltd. restarted with feedstock on November 10. Qualified product output is expected shortly.

2. Spot Market Overview

Data Source: Chempricehub Information

On November 11, domestic styrene spot prices generally rose. In Jiangsu, mainstream spot transaction prices closed at 9,350–9,500 RMB/ton, with the average price increasing by 140 RMB/ton compared to the previous day. The rebound in crude oil prices provided cost support, while restocking driven by downstream rigid demand boosted spot market transactions. Some buyers were active towards the end of the month, leading to stronger basis levels for distant months.

3. Production Dynamics

1. Recent styrene production from manufacturers shows an expectation of increased output. During the day, raw material pure benzene prices rebounded, short-term contract deliveries remained stable, and some downstream enterprises entered the market cautiously.

2. Downstream markets adjusted according to trends; daily production and sales followed adjustments in raw material prices.

4. Futures-Spot Basis

Today, holders actively sold inventory, causing the basis to decline slightly, while market buying sentiment improved.

Table 2: Main Delivery Location Basis (RMB/ton)

Data Source: Chempricehub Information

5. Related Product Markets

1. ABS: Based on benchmarks in Yuyao and Dongguan, East China market prices fell, and South China market prices also declined. Although rising raw material prices today strengthened cost support for ABS, this did not trigger a rebound in ABS prices. ABS trading remained sluggish, and prices continued to weaken.

2. Pure Benzene: On November 11, the East China pure benzene spot market trended weakly sideways, with negotiation ranges between 7,850 and 8,030 RMB/ton. The price center shifted slightly higher compared to the previous day. Overnight crude oil stopped falling and rebounded, stabilizing market sentiment and marginally strengthening cost support for pure benzene. As prices dropped to staged lows, holders' willingness to maintain prices increased. Some traders showed reluctance to sell, reducing their willingness to offload stock at low prices. Meanwhile, downstream enterprises, facing relatively low raw material inventories, showed increased willingness to replenish stocks at lower levels based on actual needs. Actual transactions improved slightly compared to the previous few days.

6. Market Outlook

Downstream enterprises are replenishing stocks at lower prices, improving market transactions and boosting sentiment. Prices are expected to remain stable tomorrow.

Table 3: Weekly Data Release for Domestic Styrene (Ten Thousand Tons)

Notes:

1. All data in the table refers to weekly styrene data.
2. Styrene Jiangsu port inventory is released before 15:00 on Monday of the respective week.
3. Styrene East China port inventory is released before 17:00 on Monday of the respective week.
4. Styrene operating rate is released before 18:00 on Thursday of the respective week.
5. Styrene sample enterprise inventory is released before 17:00 on Thursday of the respective week.