Styrene prices showed a mixed trend of Rs ±2/kg week on week to Rs 83-85/kg at major ports of India.
Demand of the material noticed moderate, prices expected stable to ±1/kg in coming days.
International Market Updates:
Asian styrene monomer fell $6/mt on the day to $1,003/mt CFR China and $953/mt FOB Korea Thursday despite the rise in upstream crude and benzene. Discussions were thin in the afternoon, and prices were initially higher on the day before shedding the gains late afternoon. In the east China domestic market, the prompt marker fell Yuan 80/mt on the day to Yuan 8,120/mt ex-tank Thursday. Sentiment is bearish in the Chinese market on the growing pressure from ample prompt cargoes, and the significant quantity of deepsea cargoes arriving in China next week. “The market is facing great pressure from the amount of spot SM available now,” said a market participant. According to sources, while the market appears to be less bearish at the start of the year amid stronger demand in the downstream markets, there are concerns around the sustainability of the rise in prices. “Downstream demand has definitely improved from late last year. However, most of this is likely restocking prior to the Chinese New Year,” said a market source. “So, it’s unclear how demand will be in late February to March. In addition, trade talks in March would highly likely have an effect on SM prices,” the source added. In the related feedstock markets, ethylene was assessed stable at $870/mt CFR Northeast Asia amid limited fixed price discussions, while benzene CFR China rose $5/mt on the day to $581/mt Thursday.