Lead: From November 6 to November 12, 2026, domestic styrene prices first declined and then rebounded, with the overall price center shifting downward. The weekly average ex-works self-pickup price in Jiangsu was 9,729 yuan/ton, a week-on-week decrease of 1,443 yuan/ton (-12.92%). This week, progress in U.S.-Iran negotiations led to a fade in geopolitical risk premiums, causing crude oil prices to drop significantly and weakening cost support. Meanwhile, the Tianjin Dagu plant restarted, increasing domestic supply, and inventory accumulation at Jiangsu ports weighed on the market. Following the price decline, downstream buyers restocked at lower levels, leading to a marginal recovery in 3S consumption. Profit margins across the supply chain diverged: losses for styrene producers widened, PS profitability improved, and ABS losses continued to narrow.
1. Crude oil prices plunged sharply, benzene followed suit, significantly weakening cost support
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