China: This week, Styrene prices in East China marginally increased as the market fluctuated widely. Furthermore, port inventories declined somewhat as forecasted; however, the downstream cautiously acquired tiny orders and exchange transactions dominated the market. The dollar market in the United States was marginally consolidated, and the price differential between internal and foreign markets remained positive.

The market price of feedstock Pure Benzene rose marginally yesterday, supported by the improving performance of the downstream Styrene market, while the external market price of pure Benzene was strong in US dollars. In addition, Sinopec's quoted price remained steady, supporting the high market price of pure Benzene. The domestic supply of Styrene has decreased significantly to 62.7% on a weekly basis as the operating rates in the Chinese market declined.

As of the closing price, the spot price in Jiangsu port during this week in March is USD 1205/MT. The domestic market's demand, however, is quickly returning. On the other hand, the downstream market is also booming because the Expanded Polystyrene recovery rate is satisfactory, and the Polystyrene plant at Lianyungang Petrochemical will shortly begin operations. Also, the Acrylonitrile Butadiene Styrene (ABS) and Styrene Butadiene Rubber (SBR) markets are profitable, and the need for Styrene raw materials has expanded.

According to ChemAnalyst, the port inventory has decreased significantly over the past two weeks, and the destocking rate of Styrene is optimistic for March 2023. However, Zhejiang Petrochemical plans to restart close to this weekend, and the supply and demand of Styrene in the far end are expected to be weak, and the terminal demand has not improved significantly. The Styrene rebound drive is still indeterminately feeble. Since the non-integrated Styrene plant continues to be in a deficit state and the support of raw material pure Benzene is relatively strong, the product's price may still be raised if crude oil is relatively strong.