According to the commodity analysis system of Shengyi Society, the styrene market first fell and then rose this week, with an average price of 6844 yuan/ton at the beginning of the week and 6850 yuan/ton over the weekend, an increase of 0.09% during the week.

News: On October 23rd, international crude oil futures rose sharply. The settlement price of the December WTI crude oil futures contract in the United States was $61.79 per barrel, an increase of $3.29 or 5.6%. The settlement price of Brent crude oil futures for December was $65.99 per barrel, an increase of $3.40 or 5.4%.
Cost wise: The main port of pure benzene in East China maintains a pace of destocking, and the market sentiment is weak. Combined with weak downstream growth and intensified losses, coupled with insufficient new orders at the terminal, secondary downstream inventory remains high and difficult to reduce, resulting in significant resistance to price transmission. The pure benzene market continues to weaken and decline.
Supply and demand side: This week, the supply of styrene has decreased, and port inventories have slightly decreased. However, due to the drag of the decline in crude oil prices, there is significant resistance to price increases. The main downstream PS production has increased, while EPS and ABS production may have limited fluctuations, and consumption is expected to remain stable with moderate growth.
Styrene external market: On October 23rd, the closing prices of the styrene market in Asia remained stable, with closing prices of $790-800/ton FOB Korea and $800-810/ton CFR China.
Market forecast: The fundamentals of the styrene market remain weak, and there is no significant improvement in terminal consumption. It is expected that the styrene market will operate weakly in the short term.