Styrene Market Morning Update

I. Key Focus Points

1. September 28: US-Iran relations remain in a stalemate, sustaining market concerns over supply risks and driving up international crude oil prices. The NYMEX WTI November contract rose by $0.19/bbl to $92.60, an increase of +0.21% on the day; the ICE Brent November contract rose by $0.96/bbl to $105.28, an increase of +0.92%. The INE Crude Oil November 2026 contract rose by 9.3 CNY/barrel to 734.1 CNY/barrel during the day session but fell by 22.5 CNY/barrel to 711.6 CNY/barrel during the night session.
2. September 28: Trading sentiment in the Asian styrene USD market was cautious/observant. RMB-denominated prices declined, and the USD market closed lower for the day. FOB Korea settled at $1,360–$1,370/ton (average down by $10); CFR China settled at $1,320–$1,330/ton (average down by $10). Unit: USD/ton.
3. September 28: Compared to the previous trading day, theoretical production-sales profit for integrated plants increased by 110 CNY/ton to reach 1,662 CNY/ton; theoretical production-sales loss for non-integrated plants widened by 175 CNY/ton to -1,419 CNY/ton.

Core Logic: Recent market movements have been heavily influenced by pure benzene. Supply cuts have been relatively significant recently, making it difficult for inventories to accumulate.

II. Price Table

III. Market Outlook

Styrene: Recent market trends have been significantly influenced by pure benzene. Plant maintenance at Lianyungang facilities, along with unplanned shutdowns or load reductions at Xinyang, Haoyuan, Junchen, and LiHuayi, has strengthened expectations of industry-wide supply reduction. However, negative feedback from downstream profits has resulted in insufficient price support. Overall, recent supply cuts have been substantial, making inventory accumulation difficult. Combined with strong support from pure benzene, styrene prices are expected to fluctuate slightly higher in the short term.

IV. Data Table