Styrene Market Analysis

I. Key Points

1. Nov 4: The Democratic Party won the U.S. midterm elections, leading market expectations that US-Iran conflicts will ease and reducing concerns over supply risks. Consequently, international crude oil prices fell. NYMEX WTI futures (December contract) closed at $88.12/bbl, down $7.97 (-8.29% WoW); ICE Brent futures (January contract) closed at $94.62/bbl, down $8.98 (-8.67% WoW). In China, INE crude oil futures (December 2026 contract) fell by 18.7 to 676.2 CNY/bbl, while the night session dropped by 47.8 to 628.4 CNY/bbl.
2. On Nov 4, trading in the Asian USD-denominated market was moderate, while RMB-denominated prices saw a significant decline. The USD market closed lower for the day. FOB Korea settled at $1,355–$1,365/ton (average price down $50); CFR China settled at $1,295–$1,305/ton (average price down $50).
3. On Nov 4, theoretically compared to the previous trading day: theoretical production-sales profit for integrated plants increased by 343 CNY/ton to reach 2,812 CNY/ton; theoretical production-sales profit for non-integrated plants increased by 21 CNY/ton to reach 119 CNY/ton.

Core Logic: Crude oil prices have undergone a sharp correction, creating clear expectations for cost-side reductions. Today, styrene prices are likely to follow this downward trend.

II. Price Table

Note:

1. Brent Crude Oil: USD/bbl; CFR Northeast Asia Ethylene: USD/ton; Pure Benzene & Styrene: CNY/ton.
2. Pure Benzene and Styrene prices represent the average closing price of mainstream markets.
3. All RMB prices in the table above are spot exchange rates including tax.
4. Change rate refers to the week-over-week percentage change.

III. Market Outlook

Styrene: With crude oil prices undergoing a sharp correction, expectations for cost-side reductions are clear. Today, styrene prices are likely to primarily follow the downward trend. In the short term, supply and demand maintain a tight balance. Restart times for Dagu, Anqing, and Lianyungang Petrochemical plants have been delayed, indicating no obvious signs of industry supply recovery in the near term. Port inventory accumulation has remained limited. Spot demand shows no significant improvement, creating resistance to downward price transmission. Short-term styrene prices are expected to mainly follow the decline.

IV. Data Table

Note:

1. Data in the table represents weekly styrene data; ↘ indicates decrease, ↗ indicates increase.
2. Jiangsu port inventory for styrene is released before 15:00 on Monday of the current week.
3. East China port inventory for styrene is released before 17:00 on Monday of the current week.
4. Styrene operating rate is released before 18:00 on Thursday of the current week.
5. Sample enterprise inventory for styrene is released before 17:00 on Thursday of the current week.