Hamburg, Germany- The European Union recently imposed a partial ban on Russian oil, impacting the price of crude oil in the regional market by the end of 2022. The EU-Union boycott will influence oil that shows up via the ocean exported by Russia. Most of the trading was executed by sea route, and this strategic step impacted Crude oil prices. Poland and Germany have likewise vowed to end pipeline imports, meaning a total of 90% of Russian oil will be impeded. European Council head Charles Michel said the arrangement cut off a tremendous wellspring of support for the Russian conflict. Benzene is a central upstream element of Polystyrene derived from crude oil. Any sporadic behaviour in the same will now have an impact on polystyrene prices in the European market.

Since South Korea is one of the significant manufacturers of Benzene, the prices of Polystyrene elevated as the primary producers have raised their prices in South Korea, exhibiting its impact on the market dynamics of Polystyrene in the European region. Moreover, as the dollar rate strengthened as compared with the Euro rate in the international market, the Polystyrene market also witnessed growth. The European countries have constantly been facing the issue of high commodity prices with a jump of approximately 7% in product prices. As a result, the market dynamics of Polystyrene will be brisk in the regional market. This wavering was caused by the declining economic status of the country. These aspects have administered the rising cost of Polystyrene.

As per the assets, "the oil costs are maintained as gas markets stay tight, proportionally inflating the prices of Polystyrene in the European market." Polystyrene market sentiment is driven by demand from the packaging sector, specifically disposable food containers and cups in the regional market. Mobile restaurants and food delivery services have become significant players in driving the Polystyrene market. Furthermore, the political tension between the different regions of the world has affected the trade route for feed supply, showcasing its direct impact on the production cost of Polystyrene.

According to ChemAnalyst, the price of Polystyrene will continue to follow the uptrend in upcoming weeks. This swing will lead to a rise in the Polystyrene German market due to the rising feedstock prices and its continuous demand from downstream packaging and disposable cutlery manufacturers.