I. Key Focus Areas
Core Logic: Crude oil has been oscillating at high levels recently. Yesterday, increased discount sales of styrene led to a slight narrowing of the monthly spread.
II. Price Table
| Product | Region | Oct 15 | Oct 16 | Change |
|---|---|---|---|---|
| Crude Oil | Brent Dec | 105.92 | 109.86 | +3.94 |
| Ethylene | CFR NE Asia | 1130 | 1130 | 0 |
| Pure Benzene | East China Market | 10415 | 10300 | -115 |
| Styrene | Jiangsu Market | 11155 | 10960 | -195 |
| Notes: | ||||
| 1. Units: Brent crude in USD/bbl; CFR NE Asia ethylene in USD/ton; Pure benzene and Styrene in CNY/ton. | ||||
| 2. Prices for pure benzene and styrene are the closing average prices of mainstream markets. | ||||
| 3. All RMB prices in the table above are spot exchange rates including tax. | ||||
| 4. Change rate refers to the period-over-period change. |
III. Market Outlook
Styrene: Recent crude oil trends have shown strong oscillation. Increased discount sales of styrene have led to a slight narrowing of the monthly spread. Partial capacity adjustments occurred in South and North China, with industry supply fluctuations expected to remain limited. Port inventories are low, resulting in a tight spot market situation. However, considering downstream negative feedback and resistance to high raw material costs, styrene prices may continue to oscillate in the short term.
IV. Data Table
| Data Type | Previous Period | Current Period | Change Rate | Forecast |
|---|---|---|---|---|
| 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 is weekly styrene data; ↘ indicates downward trend, ↗ indicates upward trend. | ||||
| 2. Styrene Jiangsu port inventory is released before 15:00 on Monday of the respective week. | ||||
| 3. Styrene East China port inventory is released before 17:00 on Monday of the respective week. | ||||
| 4. Styrene operating rate is released before 18:00 on Thursday of the respective week. | ||||
| 5. Styrene sample enterprise inventory is released before 17:00 on Thursday of the respective week. |
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