Styrene Market Morning Brief

I. Key Focus Points

1. Sept 23: Iran stated it is not in a rush to initiate negotiations until relevant conditions are met, and the Strait of Hormuz remains temporarily closed, driving up international crude oil prices. NYMEX WTI crude futures (November contract) rose by $1.64/bbl to $92.16, a week-on-week increase of +1.81%. ICE Brent crude futures (November contract) rose by $3.83/bbl to $103.08, a week-on-week increase of +3.86%. China INE crude oil futures (November 2026 contract) fell by 22 yuan to 695.1 yuan/bbl during the day session but rose by 34.9 yuan to 730 yuan/bbl in the night session.
2. Sept 23: Trading sentiment in the Asian styrene USD market was sluggish. The decline in domestic RMB prices led to lower closing prices in the USD market during the day. FOB Korea closed at $1,320–$1,330/ton (average price down $10); CFR China closed at $1,280–$1,290/ton (average price down $10). Unit: USD/ton.
3. Sept 23: Theoretically compared to the previous trading day: Integrated plant enterprises saw their theoretical production-sales profit decrease by 349 yuan/ton to 1,513 yuan/ton; Non-integrated plant enterprises saw their theoretical production-sales loss increase by 176 yuan/ton to -1,253 yuan/ton.

Core Logic: Recent markets have been strongly guided by crude oil trends. Iran's statement regarding no rush for negotiations drove an overnight rebound in crude oil prices. Maintenance at the Lianyungang unit, along with unplanned shutdowns or load reductions at Xinyang, Junchen, and other plants, has strengthened expectations of reduced industry supply.

II. Price Table

III. Market Outlook

Styrene: Recent market movements have been strongly influenced by crude oil. Iran's stance on delaying negotiations triggered an overnight rebound in crude prices. Supply reduction expectations have intensified due to maintenance at the Lianyungang unit and unplanned shutdowns or load reductions at Xinyang, Junchen, and others. However, negative feedback from downstream sectors has limited price support, while rising port inventories may cap the extent of styrene's upward movement. Supported by cost rebounds and recent supply reduction news, the short-term styrene market is expected to maintain a slightly bullish atmosphere.

IV. Data Table