Styrene Prices Showed Upward Trend Again
After the May Day holiday, the styrene prices rose to above RMB 10,000/mt. The prices closed at RMB 10,190/mt, which increased by 5.6% from RMB 9,650/mt before the holiday. The styrene prices in Shandong increased from RMB 9,875/mt before the holiday to 10,300/mt, up 4.3%.
Despite the slight decrease before the May Day holiday, the styrene prices were still relatively high. Hoping that the styrene supply may increase after the May Day holiday, downstream players’ purchasing enthusiasm was low. The styrene inventory accumulated, and market players were waiting for the price decrease. After the holiday, the prices of bulk commodities were high supported by the strong crude oil price. Besides, the unexpected shutdown of the styrene unit in Ningbo, downstream replenishment and strong feedstock benzene prices drove up the styrene market price.
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