According to the commodity analysis system of Shengyi Society, the styrene market fluctuated and fell this week, with an average price of 7856 yuan/ton at the beginning of the week and 7736 yuan/ton over the weekend, a decrease of 1.53% during the week.
News: On July 24th, international crude oil futures rose. The settlement price of the September WTI crude oil futures contract in the United States was $66.03 per barrel, an increase of $0.78 or 1.2%. The settlement price of Brent crude oil futures for September was $69.18 per barrel, an increase of $0.67 or 1.0%.
On the cost side: In terms of crude oil news game, the price fell less and rose more during the week, while pure benzene was boosted by macroeconomic factors and saw a slight increase in price during the week. Continue to monitor crude oil, external market trends, and production and sales dynamics.
Supply and demand side: The current profit of styrene is still acceptable, with high plant operation and accumulated port inventory. In terms of demand, downstream 3S is in a low season of demand, with urgent procurement and insufficient support for styrene.
Styrene external market: On July 24th, the closing price of styrene market in Asia increased by $2.5/ton, with a closing price of $905-910/ton FOB Korea and $915-920/ton CFR China.
Market forecast: The current fundamentals of the styrene market are weak and difficult to change, with expectations of increasing port inventory. The principle side is consolidating and operating, and without significant changes in the macro level, it is expected that the styrene market will operate weakly in the short term.