This week, the styrene market experienced a weak decline, with an average price of 7310 yuan/ton on June 29th and 7260 yuan/ton on July 3rd, a decrease of 0.68% during the period and a year-on-year decrease of 8.16%.
On a macro level, international crude oil futures closed higher on July 2nd. The settlement price of the August WTI crude oil futures contract in the United States was $68.69 per barrel, an increase of $0.11 or 0.2%. The settlement price of Brent crude oil futures for September was $71.80 per barrel, an increase of $0.23 or 0.3%.

Cost wise: The price of pure benzene has fluctuated and rebounded. US crude oil inventories continue to decline, and international oil prices have rebounded from low levels. On the supply side of pure benzene, the production of petroleum benzene remains stable, while the import volume has decreased. Downstream styrene, phenol and other facilities have started operating at a low level, with continued weak demand and light spot transactions. Port inventories continue to deplete, providing limited support for pure benzene prices.
Supply and demand side: Due to the expansion of industry losses, some maintenance equipment has been delayed or mainstream manufacturers have voluntarily reduced their load, resulting in a slight decrease in operating rates. The decline in raw material prices has led to some recovery in downstream profits, but terminal orders are weak, downstream 3S production is low, and expectations for remote exports have decreased, resulting in weak short-term demand support.
Styrene external market: On July 2nd, the closing price of styrene in the Asian region rose, with FOB Korea closing price of 945-955 US dollars/ton, and the price remained stable. CFR China closed at $960-970 per ton, up $5 per ton.
Market forecast: Overall, the supply and demand expectations for styrene in July are relatively loose, and port inventories have increased recently, indicating a weak driving force for styrene. However, the driving force of raw material pure benzene has strengthened, and cost support has increased. It is expected that the styrene market will fluctuate in the short term.