Styrene Market Morning Brief

I. Key Points

1. September 29: Mediators, including Qatar, continue to promote US-Iran peace talks. Coupled with the partial recovery of Saudi crude oil supply, international oil prices fell. The NYMEX WTI November futures contract closed at $89.38/barrel, down $3.22 (-3.48%); the ICE Brent November futures contract closed at $102.59/barrel, down $2.69 (-2.56%). The INE Crude Oil Futures November 2026 contract fell by CNY 17.2 to CNY 716.9/barrel; the night session dropped by CNY 11.7 to CNY 705.2/barrel.
2. September 29: Trading in the Asian styrene USD market was moderate. A significant rise in RMB-denominated prices provided support to the USD market, leading to a daily close higher. FOB Korea settled at $1,420–$1,430/ton (average +$60); CFR China settled at $1,380–$1,390/ton (average +$60). Unit: USD/ton.
3. September 29: Theoretically compared to the previous trading day: Integrated plants saw their theoretical production-sales profit increase by CNY 535 to CNY 2,197/ton; non-integrated plants saw their theoretical production-sales loss widen by CNY 232 to CNY -1,651/ton.

Core Logic: Recent market movements have been heavily influenced by pure benzene, maintaining cost support. Supply reductions have been relatively significant recently; however, due to the National Day holiday factor, port inventories may see some accumulation.

II. Price Table

III. Market Outlook

Styrene: Recent market trends have been significantly influenced by pure benzene, providing ongoing cost support. Planned maintenance at the Lianyungang plant, along with unplanned shutdowns or reduced loads at Xinyang, Haoyuan, Junchen, and Liuhuayi facilities, has strengthened expectations of industry-wide supply reduction. However, negative feedback on downstream profits has led to weak price acceptance. While cost support remains and recent supply cuts have been substantial, the impact of the upcoming National Day holiday may lead to some inventory accumulation at ports. Styrene prices are likely to fluctuate at high levels before the holiday, with a possibility of slight declines not ruled out.

IV. Data Table