Styrene market experienced a decline followed by a rebound during the reporting period (November 6–12, 2026).

1. Domestic Styrene Market Analysis for the Week

Key Points:

1. As of November 12, 2026, sample inventory at Chinese styrene plants stood at 169,400 tons, an increase of 10,400 tons from the previous period, representing a week-on-week (WoW) rise of 6.55%.
2. Total domestic styrene production during this cycle (November 6–12, 2026) was 321,200 tons, up by 7,700 tons from the previous week (October 30–November 5, 2026), marking a WoW increase of 2.46%. The overall industry capacity utilization rate reached 64.03%, a WoW increase of 1.52 percentage points.

During this period, the domestic styrene market first declined and then rebounded. In Jiangsu, spot transactions ranged from a high of CNY 10,060/ton to a low of CNY 9,285/ton, with a spread of CNY 775/ton between the highest and lowest prices. Early in the week, weakening crude oil and pure benzene prices eroded cost support. Additionally, rising inventories at East China ports, combined with the restart of previously idled units, strengthened market expectations of increased future supply. Under these dual pressures, holders showed strong willingness to sell, spot basis weakened continuously, and market sentiment remained cautious with scarce buying interest, leading to price declines. As prices hit lows, stabilizing crude oil prices restored some cost support, while essential restocking by downstream buyers revived trading activity. Buying interest picked up toward the end of the month, strengthening both spot and forward-month bases and driving a price rebound. Overall, styrene prices were driven down by weakening costs and supply-increase expectations but stabilized and recovered late in the week due to crude oil rebounds and downstream restocking.

2. Downstream Markets

EPS: During the period from November 6 to November 12, 2026, EPS prices experienced a significant decline. At the start of the week, easing geopolitical risks led to a sharp drop in crude oil and naphtha prices, causing pure benzene support to collapse. Consequently, styrene prices fell sharply, significantly reducing cost support for EPS, which followed suit with substantial price drops. Market sentiment was cautious, with trading limited to essential needs. Mid-week, as styrene prices stopped falling and began to rebound, EPS prices stabilized. Inquiry activity improved, downstream restocking willingness increased, and trading volumes rose notably for lower-priced goods. According to Chempricehub estimates, the average price of standard-grade EPS in Jiangsu was CNY 10,640/ton this week, down 11.46% WoW, while flame-retardant grade averaged CNY 11,140/ton, down 11% WoW.

PS: During this cycle, the domestic PS market saw price declines ranging from CNY 600 to 650 per ton. This was primarily driven by weakening crude oil and raw material prices, which continued to suppress low supply levels and bearish sentiment. On the cost front, reduced U.S. expectations of renewed military strikes on Iran, coupled with ongoing mediation efforts by Qatar and other parties to push for U.S.-Iran negotiations, alleviated market concerns. International crude oil prices fell, dragging styrene down with them, resulting in weak cost support for PS. Regarding supply and demand, downstream demand remained low. Industry profits within the week were relatively healthy, with some units adjusting output rates, leading to a slight overall increase in supply. However, tight availability of certain grades provided some resistance to further price declines. The PS market trended sideways to slightly weaker throughout the week. According to Chempricehub data, as of November 12, 2026, general-purpose polystyrene (GPPS) in East China fell by CNY 600 to close at CNY 10,250/ton, while impact-modified polystyrene (HIPS) dropped by CNY 650 to close at CNY 10,850/ton.

ABS: From November 6 to November 12, 2026, domestic ABS prices exhibited a significant downward trend. The steep decline was mainly attributed to falling crude oil and raw material prices. Reduced U.S. expectations of renewed strikes on Iran, along with continued mediation efforts by Qatar and others to advance U.S.-Iran talks, eased market fears. With international crude oil dropping, raw materials followed suit, prompting major producers such as CNPC, Lihua Yi, and Yulong to adjust their ex-factory or listed prices downward accordingly. Aggressive selling by traders led to substantial price reductions. On the demand side, modified plastics processors maintained procurement strictly based on essential needs, with no large-scale bulk buying observed, sustaining the overall downtrend.

3. Styrene Outlook for Next Week

Styrene prices are expected to fluctuate with a bullish bias next week, primarily supported by tight spot availability following concentrated downstream restocking. On the cost side, continued mediation by Qatar and others regarding U.S.-Iran talks has reduced expectations of renewed military action, thereby mitigating supply risk concerns and diminishing geopolitical support for crude oil prices. Regarding supply and demand, current port inventories remain at low levels. After downstream sectors complete their concentrated restocking, spot circulation will decrease, providing stronger support for spot and near-term futures prices. However, industry supply is still in recovery mode, with the Daguheng unit restarting and several facilities operating at higher loads; Guoen also anticipates increased output. Given seasonal off-peak effects on downstream demand, reluctance to chase highs may limit the extent of any rebound. The mainstream spot transaction range is projected to be CNY 9,500–10,200 per ton.