Styrene Market Morning Briefing (September 16, 2026)

I. Key Focus Points

1. September 15: Rising risks to Saudi crude supply and the continued stalemate in U.S.-Iran relations drove international oil prices higher. NYMEX WTI October futures closed at $105.83/barrel, up $4.44 (+4.38%); ICE Brent November futures closed at $108.75/barrel, up $3.07 (+2.90%). China INE November 2026 (SC2611) futures rose by 59.7 yuan to 836.2 yuan/barrel; night session prices increased by 23.8 yuan to 860 yuan/barrel.
2. September 15: International crude prices remained firm. Today’s Asian styrene USD market saw moderate trading activity, while RMB forward-month prices rose, leading to gains in the Asian market during the day. FOB Korea settled at $1,395–$1,405/ton (average price +$13); CFR China settled at $1,355–$1,365/ton (average price +$13). Unit: USD/ton.
3. Theoretical Margins (vs. Previous Trading Day): Integrated producers’ theoretical production-sales profit decreased by 191 yuan/ton to 1,602 yuan/ton. Non-integrated producers’ theoretical production-sales loss widened by 55 yuan/ton to -589 yuan/ton.

Core Logic: The recent market is characterized by a tug-of-war between strong cost support, low inventory levels, and insufficient downstream absorption capacity.

II. Price Table

III. Market Outlook

Styrene: The market remains in a state of equilibrium between strong cost support, low inventories, and weak downstream demand. Geopolitical tensions in the Middle East continue to drive international oil prices higher. Domestic producers have made partial adjustments, meaning the marginal increase in industry supply may fall short of expectations. While downstream negative feedback has led to increased production cuts, the tight spot market situation is unlikely to fundamentally reverse before absolute inventory levels effectively accumulate. In the short term, the styrene market is expected to trend sideways with an upward bias.

IV. Data Table