I. Key Points
Sep 17: The US suggested that the conflict between the US and Iran is nearing its end, with multiple parties continuing to push for de-escalation in the Middle East, leading to a drop in international crude oil prices. NYMEX WTI futures (October contract) closed at $101.91/bbl, down $0.52 (-0.51%). ICE Brent futures (November contract) closed at $104.82/bbl, down $1.01 (-0.95%). China INE crude oil futures (November 2026 contract) fell by CNY 33.4 to CNY 805/bbl; the night session dropped by CNY 42.5 to CNY 762.5/bbl.
On Sep 17, amid a significant decline in crude oil prices, trading activity in the Asian styrene USD market was quiet. RMB-denominated prices saw a notable drop, and the USD market closed lower intraday. FOB Korea closed at $1,340–$1,350/ton, with an average price decrease of $63. CFR China closed at $1,300–$1,310/ton, with an average price decrease of $63. Unit: USD/ton.
On Sep 17, theoretically compared to the previous trading day: theoretical production-sales profit for integrated enterprises decreased by CNY 328 to CNY 1,655/ton; theoretical production-sales loss for non-integrated enterprises increased by CNY 61 to CNY -640/ton.
Core Logic: Recent markets have been significantly impacted by falling crude oil prices. Additionally, insufficient price support due to negative feedback from downstream sectors has led to high price volatility.
II. Price Table
| Product | Region | Sep 16 | Sep 17 | Change |
|---|---|---|---|---|
| Crude Oil | Brent | 105.83 | 104.82 | -1.01 |
| Ethylene | CFR Northeast Asia | 1170 | 1170 | 0 |
| Benzene | East China Market | 9925 | 9500 | -425 |
| Styrene | Jiangsu Market | 10690 | 10290 | -400 |
| Remarks: | ||||
| 1. Units: Brent crude oil in USD/barrel; Ethylene CFR Northeast Asia in USD/ton; Benzene and Styrene in CNY/ton. | ||||
| 2. Prices for Benzene and Styrene are based on the closing average of mainstream markets. | ||||
| 3. All RMB prices listed above are spot exchange rates inclusive of tax. | ||||
| 4. The change rate refers to the period-over-period percentage change. |
III. Market Outlook
Styrene: Recent markets have been significantly impacted by falling crude oil prices. Additionally, insufficient price support due to negative feedback from downstream sectors has led to high price volatility. The US suggested that the conflict between the US and Iran is nearing its end, with multiple parties continuing to push for de-escalation in the Middle East, resulting in a drop in international crude oil prices. Planned maintenance at the Lianyungang plant may lead to a decrease in industry supply, while reduced production caused by negative downstream feedback is increasing, resulting in a scenario where both supply and demand are declining. However, before absolute inventory accumulates effectively, it will be difficult to fundamentally reverse the tight spot market pattern. In the short term, the styrene market may experience high volatility, trending weakly within a range.
IV. Data Table
| Data Type | Previous Period | Current Period | Change Rate | Expectation |
|---|---|---|---|---|
| Jiangsu Port Inventory | 3.73 | 3.43 | -8.04% | ↘ |
| South China Port Inventory | 1.55 | 2.87 | +85.16% | ↘ |
| Operating Rate | 64.55% | 66.26% | +1.71% | ↗ |
| Sample Enterprise Inventory | 13.53 | 12.98 | -4.09% | ↘ |
| Remarks: | ||||
| 1. Data in the table represents weekly styrene data; ↘ indicates downward trend, ↗ indicates upward trend. | ||||
| 2. Styrene Jiangsu port inventory is released before 15:00 on Monday of the current week. | ||||
| 3. Styrene East China port inventory is released before 17:00 on Monday of the current week. | ||||
| 4. Styrene operating rate is released before 18:00 on Thursday of the current week. | ||||
| 5. Styrene sample enterprise inventory is released before 17:00 on Thursday of the current week. |
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