Styrene monomer prices have gained in Asia on Monday. The price hike was triggered by stronger crude values and stronger gains recorded in Benzene feedstock rates. Apart from the firm crude values and feedstock prices, the availability of the product was also limited in the region which further supported the price hike. FOB Korea Styrene prices were assessed at the USD 1045 per tonne levels which showed a gain of USD 10 per tonne from Friday’s assessed levels. CFR China Styrene prices were assessed higher at USD 1065 per tonne which also showed a rise of USD 10 from the Friday’s assessed levels.

Moreover, the upstream Benzene prices on Monday were assessed at USD 880 per tonne which also showed a gain of USD 15 per tonne from the Friday’s assessed prices. with the prices picking up after a falling trend in Asia, the prices are expected to continue to rise by a factor of 5%-10% in the upcoming week owing to limited product availability and higher crude prices supported by higher benzene prices.

Styrene monomer is the monomer of the polymer polystyrene. Styrene is also used to manufacture acrylonitrile butadiene styrene polymer. Styrene has various application in performance plastics, electronics, and automotive etc. The global demand for Styrene Monomer stood at around 40 million tonnes in 2020 and is expected to grow at a CAGR of around 5% during the upcoming years till 2030.

As per ChemAnalyst, “the prices of styrene are expected to maintain the uptrend in the upcoming week also. The demand for styrene has also been rising owing to the rise in the demand of polystyrene polymer which has major application in packaging, electronics and household appliances.”