Sinopec Economics: Lack of unilateral momentum, styrene prices slightly rebound after decline

This week’s styrene prices initially declined and then slightly rebounded. As of April 22, the average closing price in the Jiangsu market was 10,000 yuan/ton, down 250 yuan/ton from Wednesday, a decrease of 2.44%. Geopolitical tensions remain volatile, and market sentiment has cooled. The pricing logic for styrene has shifted to a game between fundamental realities and market expectations. During the week, device fluctuations were limited, and the delivery of export orders and increased downstream S-Break operations led to the main port resuming inventory depletion. The near-term supply and demand structure provides a price floor support. However, market confidence in the distant market is lacking, mainly due to doubts about the strength of the peak domestic demand season. Futures prices have fallen more than they have risen, dragging down market trading sentiment. Going forward, the focus will be on the game between “maintenance support” and “domestic demand suppression.” It is expected that styrene prices may continue to fluctuate at high levels next week. (Zhuochuang Information)