Styrene Market: Weekly Outlook

I. Key Points

1. September 24: Houthi rebels continued attacks on Saudi Arabia, while disagreements persisted in US-Iran negotiations, intensifying supply concerns and driving international crude oil prices higher. NYMEX WTI crude futures (November contract) closed at $94.61/barrel, up $2.45/barrel (+2.66% MoM). ICE Brent crude futures (November contract) closed at $106.60/barrel, up $3.52/barrel (+3.41% MoM). China INE crude oil futures (November 2026 contract) rose by 29.7 yuan to 724.8 yuan/barrel; no night session was held due to the Mid-Autumn Festival holiday.

2. On September 24, trading sentiment in the Asian styrene USD market was moderate. A significant rise in RMB-denominated prices supported the USD market, leading to a daily close higher. FOB Korea settled at $1,330–$1,340/ton, with the average price rising by $50/ton. CFR China settled at $1,330–$1,340/ton, with the average price rising by $50/ton.

3. On September 24, theoretical margins compared to the previous trading day: Integrated plants saw theoretical production-sales profits increase by 38 yuan/ton to 1,552 yuan/ton. Non-integrated plants saw theoretical production-sales losses narrow by 13 yuan/ton to -1,239 yuan/ton.

Core Logic: Maintenance at the Lianyungang plant, along with unplanned shutdowns or reduced loads at Xinyang and Junchen, strengthened expectations of reduced industry supply. However, negative feedback from downstream users resulted in weak price acceptance. The market presents a dual dynamic between supply and demand, with inventories running at low levels.

II. Price Table

III. Market Outlook

Styrene: Recent market movements have been strongly guided by crude oil trends. With ongoing disagreements in US-Iran negotiations, oil prices are consolidating amid volatility. Supply reduction expectations have intensified due to maintenance at the Lianyungang plant and unplanned shutdowns or load reductions at Xinyang and Junchen. Conversely, negative feedback from downstream sectors has led to insufficient price acceptance. The market exhibits a dual dynamic in supply and demand, with inventories remaining low. In the short term, styrene prices may trend slightly stronger within a narrow range.

IV. Data Table