Styrene Market Morning Brief (September 15, 2026)

I. Key Points

1. Sep 14: Disruption to Saudi crude oil pipeline transportation and continued pressure from the Houthis have exacerbated supply risks, driving up international oil prices. NYMEX WTI futures (October contract) closed at $101.39/bbl, up $1.34/bbl (+1.34% WoW); ICE Brent futures (November contract) closed at $105.68/bbl, up $1.07/bbl (+1.02% WoW). China INE crude oil futures (November 2026 contract) rose by 19.8 to 776.5 CNY/bbl, with the night session gaining 45 to reach 821.5 CNY/bbl.
2. International crude oil prices remained firm on the 14th. Today, trading in the Asian styrene USD market was average, while RMB-denominated prices saw a slight increase, resulting in gains for the Asian market during the day. FOB Korea closed at $1,382–$1,392/ton (average price +$7); CFR China closed at $1,342–$1,352/ton (average price +$7). Unit: USD/ton.
3. On the 14th, theoretical margins compared to the previous trading day: Integrated enterprises' theoretical production-sales profit decreased by 93 to 1,791 CNY/ton; Non-integrated enterprises' theoretical production-sales loss increased by 203 to -644 CNY/ton.

Core Logic: The recent market is caught in a tug-of-war between strong costs, low inventories, and insufficient downstream demand absorption.

II. Price Table

III. Market Outlook

Styrene: The recent market is balancing strong costs, low inventories, and weak downstream demand. The disruption of Saudi crude pipelines and ongoing Houthi pressure have heightened supply risks, pushing up international oil prices. With Li Huayi restarting operations, Anqing Petrochemical undergoing maintenance, and Lianyungang plants planning shutdowns, marginal increases in industry supply may fall short of expectations. Although downstream negative feedback has led to increased production cuts, the tight spot market situation is unlikely to fundamentally reverse until absolute inventory levels accumulate effectively. In the short term, the styrene market may remain volatile but biased towards strength. However, downstream negative feedback could suppress bullish sentiment. Near-month supply remains tight, potentially widening the inter-month spread.

IV. Data Table