| Indicator | Previous Period | Current Period | Change (Value) | Change (%) | Next Period Forecast | Change (Value) | Change (%) | Bullish/Bearish | Impact Level |
|---|---|---|---|---|---|---|---|---|---|
| Port Inventory | 3.98 | 2.47 | -1.51 | -37.94% | 4.5 | 2.03 | 82.19% | Bearish | ★★★ |
| Production Margin | -746 | -315 | 431 | 57.77% | -300 | 15 | 4.76% | Bullish | ★★★ |
| Domestic Output | 138.21 | 139.98 | 1.77 | 1.28% | 140 | 0.02 | 0.01% | Bullish | ★★ |
| Capacity Utilization Rate | 64.30% | 63.02% | -1.28% | -1.99% | 65.00% | 1.98% | 3.14% | Bullish | ★★ |
| Imports | 0.64 | 0.6 | -0.04 | -6.25% | 0.6 | 0 | 0.00% | Bearish | ★★ |
| Exports | 11.8 | 10.5 | -1.8 | -15.25% | 8 | -2 | -20.00% | Bullish | ★★ |
| Apparent Consumption | 127.05 | 130.08 | 3.03 | 2.38% | 132.6 | 2.52 | 1.94% | Bearish | ★★ |
Data Source: Chempricehub Information. Note: Production margin unit is CNY/ton; inventory, output, imports, and consumption units are in 10,000 tons; capacity utilization rate unit is %.
In October 2026, Jiangsu styrene spot prices experienced wide fluctuations with alternating rises and falls. Market volatility intensified, and the price center shifted significantly upward compared to the previous month. The monthly trading range was 10,960–11,960 CNY/ton, with a maximum spread of 1,000 CNY/ton. The market overall presented a tug-of-war dynamic dominated by costs, supported by low inventories, but suppressed by weak demand.
Cost factors were the core driver of this month's market trend, which followed a pattern of strong-weak-strong movement. At the beginning of the month, high crude oil prices combined with expectations of reduced pure benzene loads provided strong raw material support, driving styrene prices higher. In mid-month, crude oil and pure benzene prices corrected, weakening cost support and causing the market to adjust accordingly. Toward the end of the month, raw materials rebounded sharply again, restarting cost support and underpinning a recovery in market prices.
On the supply and demand front, domestic supply remained generally tight. East China port inventories fell to their lowest levels of the year, resulting in tight spot circulation and firm basis. Combined with the release of short-covering demand at the end of the month, this provided clear support for prices. Regional trends diverged: East China supplies remained firm, while Shandong focused on volume sales via discounts, leading to phased widening of price differentials.
Demand-side performance was generally weak, offering limited boost to the market. Downstream operating rates declined during the National Day holiday, and although loads recovered slightly after the holiday, terminal orders remained sluggish. Downstream enterprises maintained essential purchasing needs but were cautious about chasing highs. The pass-through of high raw material costs was difficult, and market follow-through sentiment was insufficient, limiting further upside potential.
Overall, styrene prices rose this month due to cost fluctuations and low inventory support. However, constrained by weak demand, upward momentum was insufficient, and the market maintained an oscillating, slightly bullish trend.
Table: Monthly Styrene Supply-Demand Balance – Rolling Three Months (Unit: 10,000 tons)
| Item | Oct | Nov E | MoM Change | Dec E | Jan 2027 E |
|---|---|---|---|---|---|
| -- Output | 139.98 | 140 | 0.01% | 155.00 | 157.00 |
| -- Imports | 0.6 | 0.6 | 0.00% | 0.60 | 0.60 |
| Total Supply | 140.58 | 140.6 | 0.01% | 155.60 | 157.60 |
| -- Downstream Consumption | 131.08 | 132.67 | 1.21% | 136.60 | 134.01 |
| -- Exports | 10.5 | 8 | -23.81% | 8.00 | 8.00 |
| Total Demand | 141.58 | 140.67 | -0.64% | 144.60 | 142.01 |
| Supply-Demand Gap | -1 | -0.07 | -93.00% | 11.00 | 15.59 |
Data Source: Chempricehub Information. Note: ① Total Supply = Output + Imports; Total Demand = Downstream Consumption (actual downstream market consumption) + Exports; Supply-Demand Gap = Total Supply - Total Demand.
It is expected that the styrene market in November will likely follow a "high then low" trend, with the price center potentially slightly higher than in October. Cost support remains present, and visible low inventories provide price support. However, the expectation of supply recovery and weakening demand may lead to inventory accumulation in the middle and late parts of the month.
Regarding costs, international crude oil prices have room for increase. The Middle East situation remains tense overall, with continuous Houthi attacks on Saudi Arabia making it difficult to fully ease geopolitical risks in the short term, providing strong bottom support for oil prices. Brent crude is expected to trade in the range of $109–122/barrel.
On the supply and demand side, there is an expectation for increased styrene supply in the middle-to-late part of November. The return of units such as Dagu, Zhejiang Petrochemical, Anqing, and Lianyungang Petrochemical will drive supply growth. As weather turns colder, downstream demand is expected to decline steadily from a stable level, potentially loosening the current tight supply-demand balance.
The mainstream trading range for Jiangsu styrene spot prices is estimated to be 11,000–12,000 CNY/ton.
For more monthly market analysis, please refer to the Chempricehub Information Styrene Monthly Report.
Comments
0