I. Key Points
Sep 21: Reports suggesting that the US and Iran may resume negotiations have eased market concerns, causing international crude oil prices to fall. NYMEX WTI October contract settled at $95.78/bbl, down $4.52 (-4.51%); ICE Brent November contract settled at $100.34/bbl, down $3.53 (-3.40%). China INE crude oil futures November 2026 contract fell by CNY 23.6 to CNY 730.8/bbl; night session fell by CNY 16.5 to CNY 714.3/bbl.
Sep 21: The Asian styrene USD market saw cautious trading sentiment. RMB prices fluctuated with a slight upward trend, leading to an increase in intraday USD market closing prices. FOB Korea closed at $1,345–$1,355/ton (average price +$5); CFR China closed at $1,305–$1,315/ton (average price +$5). Unit: USD/ton.
Sep 21: Theoretically compared to the previous trading day: Integrated producers' theoretical production and sales profit increased by CNY 174 to CNY 1,733/ton; Non-integrated producers' theoretical production and sales loss widened by CNY 80 to -CNY 871/ton.
Core Logic: Recent market trends have been significantly guided by weakening crude oil prices, compounded by insufficient price support due to negative downstream feedback and rising port inventories.
II. Price Table
| Product | Region | Sep 20 | Sep 21 | Change |
|---|---|---|---|---|
| Crude Oil | Brent | 103.87 | 100.34 | -3.53 |
| Ethylene | CFR NE Asia | 1180 | 1180 | 0 |
| Benzene | East China Market | 9560 | 9605 | +45 |
| Styrene | Jiangsu Market | 10125 | 10080 | -45 |
| Notes: | ||||
| 1. Brent crude: USD/bbl; CFR NE Asia ethylene: USD/ton; Benzene & Styrene: CNY/ton. | ||||
| 2. Benzene and styrene prices represent the average closing price of mainstream markets. | ||||
| 3. All RMB prices in the table above are spot rates including tax. | ||||
| 4. Rate of change is calculated on a period-over-period basis. |
III. Market Outlook
Styrene: Recent market movements have been heavily influenced by weakening crude oil prices, along with insufficient price support caused by negative downstream feedback and increasing port inventories. Planned maintenance at the Lianyungang plant suggests a potential reduction in industry supply. Meanwhile, negative downstream feedback has led to increased production cuts, resulting in a dual decline in both supply and demand. With cost-side downward pressure guiding the market, short-term styrene prices are expected to remain volatile and slightly weak.
IV. Data Table
| Data Type | Previous Period | Current Period | Change Rate | Expectation |
|---|---|---|---|---|
| Jiangsu Port Inventory | 3.43 | 4.16 | +21.28% | ↗ |
| South China Port Inventory | 2.87 | 2.05 | -28.57% | ↘ |
| Operating Rate | 64.55% | 66.26% | +1.71% | ↗ |
| Sample Enterprise Inventory | 13.53 | 12.98 | -4.09% | ↘ |
| Notes: | ||||
| 1. Data in the table represents weekly styrene data; ↘ indicates decrease, ↗ indicates increase. | ||||
| 2. Styrene Jiangsu port inventory is published before 15:00 on Monday of the current week. | ||||
| 3. Styrene East China port inventory is published before 17:00 on Monday of the current week. | ||||
| 4. Styrene operating rate is published before 18:00 on Thursday of the current week. | ||||
| 5. Styrene sample enterprise inventory is published before 17:00 on Thursday of the current week. |
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