Last week, the rebound in crude oil prices provided minor support to styrene prices towards the end of the week. Benzene tracked the fluctuations of styrene prices but did not exert a significant influence on styrene.
Last week, benzene prices first declined and then rebounded. With the continuous increase in domestic production capacity and abundant overseas supply, along with the concentrated arrival of imported goods, port inventories reached a phased high, causing a significant decline in the market. Meanwhile, downstream buyers became more active in purchasing at lower prices, and terminal factories in the northern market raised their receiving prices, leading to a low – level rebound in the market.
From the perspective of styrene’s own supply and demand last week, domestic supply returned to normal levels, with expectations of further incremental growth. Additionally, factory shipments have also resumed stability. On the demand side, the three major downstream industries are struggling to maintain their demand levels.
Last week, the domestic methanol market strengthened. Tight natural gas supplies in the main Middle Eastern markets led to the shutdown of multiple methanol plants, resulting in expectations of a reduction in methanol imports.
Despite a slight weakening in the raw material benzene market, the acetone market remains resilient due to the temporary shutdown of the phenol-acetone plant in Yangzhou and end-of-month inventory replenishment activities. Consequently, inventories in East China have also declined significantly.
Domestic benzene prices remain high and resilient, with stable import arrivals leading to a continuous rise in port inventories.
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