Styrene Imports Rose While Exports Fell in May
In May 2025, China’s styrene imports increased while exports decreased. Driven by tight domestic port supply and increased overseas supply following the restart of Japanese units, imports increased by 135.54% MoM to 15.7kt. Conversely, exports fell by 13.17% MoM to 51.1kt, with export average prices also declining. However, cumulative exports from January to May still rose by 20.37% YoY. In June, imports are projected to remain low at around 10kt, while exports may further drop to about 20kt due to persistent China-international price spread inversion and narrowing supply gaps in Europe.
According to GACC, China’s styrene imports rose in volume but fell in price during May 2025. Imports reached 15.7kt, up 135.54% MoM and up 203.66% YoY. The average import price was $912.27/mt, down 9.21% MoM and 22.76% YoY. Cumulative imports for January to May totaled 96.6kt, down 19.63% YoY. Exports fell to 51.1kt, down 13.17% MoM and 31.33% YoY, with an average price of $912.86/mt, down 7.48% MoM and 20.43% YoY. Cumulative exports for January to May reached 181kt, up 20.37% YoY.
Styrene imports inched up in May.
China’s styrene imports rose modestly in May 2025. Domestic supply remained tight, with depleting inventory at East China’s main port and concentrated ownership limiting spot availability. This prompted some downstream plants to seek overseas material. Concurrently, the restart of two Japanese units boosted external supply, narrowing the domestic-international price spread by 34.63% MoM to RMB -162.4/mt.
Japan was the dominant import origin in May, accounting for 68.30% of the total, followed by Malaysia at 31.07%. Shipments from Saudi Arabia were absent due to shipping delays. Import registrations remained concentrated in East China, with Jiangsu taking 99.99% and Shanghai 0.01%. All imports are entered through general trade.
Styrene exports were more than expected in May.
Overseas styrene supply remained tight in May 2025 due to slower-than-expected restarts. A 650kt/a unit in South Korea restarted but experienced a brief shutdown. A 250kt/a unit in Taiwan of China restarted in late April but shut down again in late May. Additionally, a 550kt/a unit in the Netherlands remained under maintenance. Consequently, May exports slightly decreased MoM but exceeded expectations. South Korea received 22.1kt (43.23% of total exports, down 4.22 percentage points MoM, while Hong Kong received 9kt. Europe-bound shipments totaled 18.8kt, with 10.8kt to the Netherlands (21.06%) and 8kt to Turkey (15.67%).
Exporters were primarily concentrated in East China. Shanghai accounted for 40.62% of exports, up 30.80 percentage points MoM, followed by Zhejiang at 33.35%, down 29.75 percentage points MoM and Shandong at 12.41%, up 0.05 percentage points MoM. Tianjin, Fujian, Henan, Liaoning, and Jiangsu collectively contributed under 10%. By trade method, general trade comprised 80.04% of exports, down 8.11 percentage points MoM, while processing trade accounted for 19.96%, up 8.11 percentage points MoM.
In June 2025, imports are expected to stay low at around 10kt. The widening domestic-international price spread continues to close the import arbitrage window. Concurrently, increased domestic output following the restart of multiple Chinese units ensures ample local supply. Exports may drop to approximately 20kt. While supply gaps persist in Asia due to idled units in Japan, Singapore, and Taiwan of China, Europe’s supply deficit is narrowing as most previously idled units restart (despite delayed restarts in France).
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