Lead-in: From September 11 to September 17, 2026, domestic styrene prices surged before pulling back, with the overall price center shifting upward. The weekly average ex-warehouse price in Jiangsu reached 10,569 yuan/ton, marking a week-on-week increase of 4.90%. Geopolitical disruptions drove oil prices higher initially before they declined later in the week, providing strong cost support for the market. However, the restart of domestic units led to increased production, causing the market to shift toward oversupply. High raw material costs pressured downstream sectors, resulting in a notable decline in consumption across the three major styrene-based plastics (PS, EPS, and ABS), with negative feedback from downstream industries becoming evident. Styrene losses widened further, while downstream profitability diverged: margins for PS and EPS improved, whereas ABS remained deeply unprofitable. Driven by strong cost support but facing a supply-demand balance turning toward oversupply, styrene prices retreated after their initial rally.
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