Styrene Prices Drop Amid Weak Demand
The styrene market experienced a slight decline last week (September 14-18), according to SunSirs commodity analysis system. The average price dropped from 10,550 RMB/ton on September 14 to 10,440 RMB/ton on September 18, representing a 1.01% decline over the period and a year-on-year increase of 42.47%. This downward trend was driven by weak demand and high costs.
The benzene market has been fluctuating at high levels due to surging oil prices and freight costs. Despite downstream demand picking up during the traditional peak season, market participants remain cautious about chasing high prices. As a result, the market has seen rallies followed by pullbacks, weighed down by lackluster demand and expectations of a loosening supply-demand balance.
The external styrene market also saw a decline on September 17, with closing prices falling by $63/tonne. The closing price on an FOB Korea basis was $1,340-$1,350/tonne, while the closing price on a CFR China basis was $1,300-$1,310/tonne.