I. Key Points
Oct 15: Tightening geopolitical tensions in the Middle East continue to pose supply risks, while market sentiment regarding global demand remains cautious. International crude oil prices showed mixed movements. NYMEX WTI November futures closed at $97.97/bbl, up $2.88/bbl (+3.03% WoW); ICE Brent December futures closed at $105.92/bbl, down $0.14/bbl (-0.13% WoW). China INE crude oil futures (December 2026 contract) fell by 21.3 yuan to 725.2 yuan/bbl during the day session and rose by 0.8 yuan to 726 yuan/bbl during the night session.
Oct 15: Trading activity in the Asian styrene USD market was subdued. RMB-denominated prices declined amid cautious market sentiment, leading to a drop in USD prices for the day. FOB Korea closed at $1,435–$1,445/ton (average down $45); CFR China closed at $1,375–$1,385/ton (average down $45). Unit: USD/ton.
Oct 15: Theoretical profit margins compared to the previous trading day: Integrated producers saw theoretical production-sales profits decrease by 223 yuan/ton to 2,471 yuan/ton; non-integrated producers saw theoretical losses narrow by 67 yuan/ton to -403 yuan/ton.
Core Logic: Recent crude oil prices have been consolidating at high levels. Yesterday, increased discounting led to higher styrene shipment volumes, causing the inter-month spread to narrow slightly.
II. Price Table
| Product | Region | Oct 14 | Oct 15 | Change |
|---|---|---|---|---|
| Crude Oil | Brent Dec | 106.06 | 105.92 | -0.14 |
| Ethylene | CFR NE Asia | 1130 | 1130 | 0 |
| Pure Benzene | East China Market | 10800 | 10415 | -385 |
| Styrene | Jiangsu Market | 11395 | 11155 | -240 |
| Notes: | ||||
| 1. Brent Crude: USD/barrel; CFR NE Asia Ethylene: USD/ton; Pure Benzene & Styrene: RMB/ton. | ||||
| 2. Prices for Pure Benzene and Styrene represent the average closing price of the mainstream market. | ||||
| 3. All RMB prices in the table above are spot exchange rates including tax. | ||||
| 4. Change rate refers to the week-over-week change. |
III. Market Outlook
Styrene: Recent crude oil prices have been consolidating at high levels. Yesterday, increased discounting led to higher styrene shipment volumes, causing the inter-month spread to narrow slightly. Industry supply is expected to remain relatively stable with low port inventories and a tight spot market structure. However, downstream resistance to high raw material costs persists due to negative feedback. In the short term, styrene prices are likely to fluctuate within a range.
IV. Data Table
| Data Type | Previous Period | Current Period | Change Rate | Expectation |
|---|---|---|---|---|
| Jiangsu Port Inventory (10k tons) | 4.73 | 3.96 | -16.28% | ↗ |
| South China Port Inventory (10k tons) | 3.1 | 4 | +29.03% | ↘ |
| Operating Rate | 64.44% | 63.46% | -0.98% | ↘ |
| Sample Enterprise Inventory | 15.02 | 13.3 | -11.45% | ↘ |
| Notes: | ||||
| 1. All data in the table represents weekly styrene data; ↘ indicates downward trend, ↗ indicates upward trend. | ||||
| 2. Styrene Jiangsu port inventory data is released by Monday afternoon of the current week. | ||||
| 3. Styrene East China port inventory data is released by Monday afternoon of the current week. | ||||
| 4. Styrene operating rate data is released by Friday afternoon of the current week. | ||||
| 5. Styrene sample enterprise inventory data is released by Thursday afternoon of the current week. |
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