According to the commodity analysis system of Shengyi Society, the styrene market fell weakly this week, with an average price of 8386 yuan/ton at the beginning of the week and 8354 yuan/ton over the weekend, a decrease of 0.38% during the week.

News: On March 21st, the settlement price of international crude oil futures rose by over 1.5%. The settlement price of WTI crude oil futures in April rose by 1.64% to $68.26 per barrel; The settlement price of Brent crude oil futures for May rose 1.72% to $72 per barrel..

Cost wise: Pure benzene continued to decline this week, with more imported goods and increased downstream maintenance, resulting in a weak recent trend. Shandong’s local refining enterprises’ shipments fell short of expectations, with cargo holders actively shipping, while downstream demand for gas was average, and market prices continued to decline.

Supply and demand side: styrene production remains stable, with increased maintenance and supply tightening expectations. Downstream demand support is essential, with some profit recovery, but market inventory is high, making it difficult to increase production.

Styrene external market: On the 20th, the closing price of styrene in the Asian US dollar market rose by 5 US dollars per ton, FOB Korea 980-990 USD/ton, CFR China 990-1000 USD/ton.

Market forecast: The supply side has strong support, but there is a high possibility that the raw material pure benzene will continue to weaken. It is expected that the short-term trend of styrene will be weak.