Styrene market price rose first and then fell this week (11.16-11.20)

1、 Price trend


According to the monitoring of bulk data from business agency, the domestic mainstream styrene prices rose first and then declined slightly this week, slightly higher than on Friday. On Monday (November 16), the sample enterprise price of business agency was 9266.67 yuan / ton, while the price of sample enterprises on Friday (November 20) was 8900.00 yuan / ton, down 3.96. Prices rose 18.93 per cent from the same period last year.


2、 Market analysis


Styrene market prices fell after rising this week. On November 16, East China styrene closed near 9400 yuan / T, on November 20, 8900 yuan / ton, down by 500 yuan / T, above is Zhangjiagang out of tank price. On November 16, South China styrene closed at 9700-9800 yuan / ton to be delivered, on November 20, 9550-9600 yuan / ton, down 200 yuan / T, and the above factories delivered the price. In general, styrene fell after rising this week, and overall it was in the reverse “V” trend.


In terms of raw materials, crude oil fluctuated broadly in the week, and the overall price rose. The price of pure benzene rose first and then fell, following the trend of styrene. At the beginning of the week, the price of pure benzene was higher due to the sharp increase of styrene, which fell on the 17th, and that of pure benzene also fell. Because of the lack of substantial improvement in demand, the market trading atmosphere turned to cautious and wait-and-see, and the price fell slightly in the later period. As of Thursday (November 19), the mainstream price of pure benzene was 4246.5 yuan / ton, up 266.5 yuan / ton, or 6.68% compared with 3980.00 yuan / ton on Friday (November 13).


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On the ethylene side, ethylene prices continued to rise this week as ethylene supply in Asia was tight. As of Friday (November 20), the mainstream quotation of ethylene was 801.75 yuan / ton, up 44.75 yuan / ton, or 5.91% compared with 757.00 yuan / ton on Friday (November 13)


In terms of inventory, the total inventory of East China continued to decline sharply this week, with the total inventory of 128300 tons this week, down 24.08% from 169000 tons last week. In domestic styrene, the styrene commencement rate this week has slightly decreased, with the average starting rate of 84.83% last week and a decrease of 3.12& 81.71% this week. The inventory of enterprises remained low, and market supply expectations continued to decline.


Downstream, the downstream styrene rose significantly this week, and still maintained considerable production and sales profits.


In the PS market, the main ex factory quotation of East China PS as of Friday (November 20) was 9000.00 yuan / ton, up 900 yuan / ton, or 11.11% compared with 8100.00 yuan / ton on Friday (November 13). The PS market is mainly affected by the soaring of styrene raw materials and the sharp increase of PS factory price. In addition, the market has not many supply sources, and the merchants are more firm in quotation.


In EPS market, the main ex factory quotation of EPS in East China as of Friday (November 20) was 9675.00 yuan / ton, up 1000 yuan / ton, or 11.53% compared with 8675.00 yuan / ton on Friday (November 13).


In the ABS market, the main ex factory quotation of ABS Zhejiang as of Friday (November 20) was 19850.00 yuan / ton, up 1350 yuan / ton, or 7.3% compared with 18500.00 yuan / ton on Friday (November 13). This week, the domestic ABS market price has risen significantly, on the one hand, driven by the rise of styrene price and the shortage of styrene supply, on the other hand, stimulated by the national favorable consumption policy, the South China region hyped the market, and the ABS market price rose sharply.


3、 Future outlook


It is expected that the wharf will still go to the warehouse next Monday, which will support spot prices, reduce the profits of the downstream part, shrink the demand of traditional off-season terminal, and continue to reduce production in the downstream. On 19, the styrene futures jumped high and futures returned to their original sources. Overall, under the weak trend of spot strong futures, styrene follows the trend of futures, and it is expected that styrene will fluctuate broadly next week.

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