November 9: The U.S. softened its rhetoric regarding a potential strike on Iran, alleviating supply risk concerns and causing international crude oil prices to fall. NYMEX WTI December futures closed at $86.85/bbl, down $3.98 (-4.38% WoW); ICE Brent January futures closed at $92.57/bbl, down $5.75 (-5.85% WoW). China INE crude oil futures for the March 2027 contract fell by CNY 1.1 to CNY 630.7/bbl; the night session dropped by CNY 25 to CNY 605.7/bbl.
On November 9, as international crude oil prices declined, trading in the USD-denominated market was thin. RMB-denominated prices for far-month contracts also fell, offering limited support to the market, resulting in a decline in the intraday USD market. FOB Korea closed at $1,265–$1,275/ton (average down $40); CFR China closed at $1,205–$1,215/ton (average down $40). Unit: USD/ton.
On November 9, theoretically compared to the previous trading day:
Core Logic: Crude oil prices fell sharply, weakening cost-side support, while port inventories accumulated.
| Product | Region | Nov 6 | Nov 9 | Change |
|---|---|---|---|---|
| Crude Oil | Brent 01 | 98.32 | 92.57 | -5.75 |
| Ethylene | CFR NE Asia | 1240 | 1250 | 10 |
| Pure Benzene | East China Market | 8370 | 8215 | -155 |
| Styrene | Jiangsu Market | 10060 | 9720 | -340 |
| Notes: | ||||
| 1. Brent Crude: USD/bbl; CFR NE Asia Ethylene: USD/ton; Pure Benzene & Styrene: CNY/ton. | ||||
| 2. Prices for Pure Benzene and Styrene represent the average closing price of mainstream markets. | ||||
| 3. All RMB prices in the table above are spot exchange rates inclusive of tax. | ||||
| 4. Change rate refers to week-over-week variation. |
Styrene: With crude oil prices falling significantly, cost-side support has weakened. Recently, Zhejiang Petrochemical restarted and increased operating loads, while Dagu Chemical and Shengteng have restart plans, leading to some recovery in industry supply. Consequently, port inventories are accumulating. Spot demand shows no significant improvement, creating resistance to downward price transmission. In the short term, the styrene market is expected to trend sideways with a weak bias.
| Data Type | Previous Period | Current Period | Change Rate | Trend |
|---|---|---|---|---|
| Jiangsu Port Inventory (10k tons) | 3.07 | 3.76 | +22.48% | ↗ |
| South China Port Inventory (10k tons) | 2.6 | 2.2 | -15.38% | ↘ |
| Operating Rate | 61.81% | 62.51% | +0.7% | ↗ |
| Sample Enterprise Inventory | 13.52 | 15.89 | +17.53% | ↘ |
| Notes: | ||||
| 1. All data in the table represents weekly styrene data; ↘ indicates decrease, ↗ indicates increase. | ||||
| 2. Jiangsu port inventory for styrene is released before 15:00 on Monday of the respective week. | ||||
| 3. East China port inventory for styrene is released before 17:00 on Monday of the respective week. | ||||
| 4. Styrene operating rate is released before 18:00 on Thursday of the respective week. | ||||
| 5. Styrene sample enterprise inventory is released before 17:00 on Thursday of the respective week. |
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