Styrene prices surged significantly during the reporting period (October 2–8, 2026).

I. Weekly Analysis of the Domestic Styrene Market

Key Points This Week:

1. As of October 8, 2026, the total sample inventory at Jiangsu styrene ports stood at 47,300 tons, an increase of 5,500 tons from the previous period (September 28), representing a rise of 13.16%. The commercial commodity inventory was 21,800 tons, up by 1,000 tons from the previous cycle, a gain of 4.81%.
2. During this cycle (October 2–8, 2026), the total domestic production of styrene by enterprises was 323,200 tons, an increase of 6,300 tons compared to the previous week (September 25–October 1), reflecting a week-on-week growth of 1.99%.

During this cycle, domestic styrene prices surged significantly, driven primarily by strong support from upstream raw materials. Styrene market volatility remained limited during the holiday period. Post-holiday, international crude oil prices continued to trade at high levels. Concurrently, market expectations suggest potential reductions in refinery loads for pure benzene. Combined with persistently low port inventories of pure benzene in East China, tight supply pushed pure benzene prices higher, thereby driving a substantial rise in styrene spot prices. However, on the demand side, downstream plant operating rates declined during the National Day holiday, resulting in weak overall industry demand. While downstream operating rates are expected to gradually recover and improve after the holiday, the short-term boost to styrene will be limited. Currently, downstream sectors lack the momentum to proactively push prices higher and remain in a state of passive price-following. High raw material costs continue to squeeze downstream profits.

II. Downstream Markets

EPS (Expandable Polystyrene): EPS prices rose sharply this cycle. Within the period, crude oil traded slightly stronger, while port inventories of pure benzene and styrene remained at low levels. Post-holiday, significant increases in pure benzene and styrene prices provided strong cost support, leading to a sharp rise in EPS prices. However, affected by the National Day holiday, most downstream plants were shut down or on break. Some downstream buyers stocked up moderately before the holiday. Coupled with the sharp price jump on the first day post-holiday, market inquiry activity was average, downstream chasing sentiment was cautious, and most traders adopted a wait-and-see approach.

PS (Polystyrene): During this cycle, the domestic PS market saw price increases ranging from 300 to 550 yuan/ton. This was primarily due to ongoing geopolitical risks, rising crude oil and styrene prices, and strong cost support. On the cost front, higher crude oil and styrene prices boosted PS market sentiment. Regarding supply and demand, theoretical production-sales margins remained poor throughout the week, leading to slight reductions in output from PS units. This decrease in industry supply helped mitigate sluggish spot demand. Consequently, the PS market trended upward within a consolidating pattern.

ABS (Acrylonitrile Butadiene Styrene): Domestic ABS prices moved higher this cycle, mainly driven by increases in upstream raw materials pure benzene and styrene. At the end of September, East China pure benzene spot prices experienced an extreme surge dominated by delivery logic, with mainstream transaction ranges between 10,470 and 11,750 yuan/ton. Approaching the month-end delivery window, port inventories remained at extremely low levels. Concentrated short-covering triggered a sharp rise in spot prices, which in turn lifted styrene spot prices. Some ABS traders raised their quotes; however, the magnitude of ABS price increases was significantly smaller than that of raw materials, indicating market resistance to high-priced goods. After the holiday, continued short-squeezing in pure benzene and styrene led to limit-up moves and substantial price increases. Due to cost factors, ABS manufacturers raised ex-factory prices, and the market followed suit. Some buyers chased highs, but terminal demand remained very weak.

III. Styrene Market Outlook for Next Week

The styrene market is expected to fluctuate with a bullish bias next cycle. On the cost side, there are no signs of easing geopolitical conflicts, and tight supply continues to provide bottom support for oil prices. International oil prices are expected to see slight upside potential next week, with WTI likely trading between $85–$91/barrel and Brent between $97–$103/barrel. Pure benzene port inventories remain at historic lows, and the tight spot supply situation has not changed, supporting firm prices. Regarding supply and demand, Tianjin Dagu has planned shutdowns for maintenance. Losses for non-integrated styrene units have deepened, raising the possibility of unplanned production cuts. Supply recovery is slower than expected, and combined with port inventories at historic lows, the tight spot supply situation is difficult to reverse, maintaining a balanced-to-tight supply-demand dynamic. However, negative feedback from downstream sectors is evident. Capacity utilization rates are declining, and resistance to high-priced raw materials is increasing. The mainstream spot transaction price range is referenced at 11,000–12,000 yuan/ton.