Styrene Price Remain Firm on Demand Recovery Expectation
The demand for styrene was expected to show a notable gain in March. However, the resumption of downstream demand has been interrupted. The inventory of downstream finished product increased again, forcing down the operating rate at downstream producers. Moreover, the crude oil market weakened. Nevertheless, the styrene price stayed firm, as market participants were optimistic about the future market, believing that the terminal demand will keep increasing, and the inventory will decline sooner or later.
The demand recovery was interrupted.
Styrene Supply and Demand Balance
Originally, the demand for styrene was expected to gain notably in March, but with the rapid rise in prices and poor logistics and transportation, the inventory of finished products began to increase, and the downstream operating rate began to decline (as shown in the figure below). The demand recovery was temporarily interrupted, and the demand data for March may be revised finally.
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