According to the commodity market analysis system of Business Society, the price of styrene in Shandong was 9558.33 yuan/ton on June 7th, and 9591.67 yuan/ton on June 13th, an increase of 0.35%. The current price has increased by 27.75% compared to last year.
styrene
The market price of styrene has slightly increased this week. From the above chart, it can be seen that the price of styrene has mainly fluctuated and increased in the past three months, with a slight increase in the recent market trend. The main reason for the increase is the continuous rise in international oil prices, which has driven the upward trend of pure benzene market and provided strong cost support. However, the losses in the styrene industry continue to expand, and downstream industries are more resistant to high prices, suppressing the increase in the styrene market.
Cost side
Recently, pure benzene has continued to rise overall. At present, the pure benzene port warehouse is at a low level, and the demand side in the East China market is actively stocking up, with spot traders buying up and entering the market. Most refineries in Shandong continue to raise their prices. After the price increase, market buying continued and transactions were better. As of June 13th, the mainstream spot price of pure benzene in the Shandong market is 9442 yuan/ton. Compared to the beginning of the year, currently pure benzene is still in the high range, which can provide some cost support for styrene.
Supply side
In June, there were many inspections of the styrene unit. On the 12th, the 600000 ton/year styrene unit of Zhejiang Petrochemical was shut down for two weeks for maintenance. On the 14th, the 80000 ton/year styrene unit of Huaxing Petrochemical was shut down for maintenance, and the restart time is uncertain. The 500000 ton/year styrene plant of Gulf Chemical is scheduled to be shut down for maintenance for 45 days in July. Zibo Junchen, Satellite Petrochemical, Xinpu Chemical, and Anhui Jiaxi Styrene Units have reduced their load to 70% of operation. The inventory of styrene remains low, and domestic supply remains at a relatively low level, which is beneficial for the styrene market. Under the current profit situation, the enthusiasm of production enterprises to start production is limited, and it is expected that there will be little supply pressure in June.
Demand side
Recently, the three major downstream markets of styrene have experienced two levels and one decline. Among them, domestic ABS prices have fallen. ABS downstream has no centralized procurement plan, and supply pressure is gradually increasing. The transaction volume in the East China market is weak, and the terminal has entered a low demand season. Overall, it is expected that the ABS market will continue to decline in the short term. The PS and EPS market is fluctuating and consolidating. The mainstream price of GPPS (polyphenylene sulfide) in the East China market is 10250-11400 yuan/ton, and the mainstream price of HIPS (polystyrene) is 11050-12200 yuan/ton. EPS cost support is average, coupled with downstream high price resistance, production and digestion of early finished product inventory are the main factors, and the market has a clear wait-and-see atmosphere, resulting in weak new order transactions.
According to the styrene data analyst from Business Society, the shutdown of styrene units in June resulted in a significant reduction in demand, leading to a decrease in supply expectations. The cost side pure benzene market is strongly supported, and downstream demand is expected to continue to increase. Business Society analysts predict that the styrene market will mainly rise.
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