1、 Price trend

According to the bulk data monitoring of business society, the mainstream price of styrene in China rose this week. Last Friday (August 6), the price of the sample enterprises of the business community was 9000.00 yuan / ton, and this Friday (August 13), the price of the sample enterprises was 9000.00 yuan / ton. The price increased by 71.43% over the same period last year.

2、 Market analysis

Product: the market price of styrene stopped falling and rebounded this week, and gradually rebounded and rose in the middle of the week. On August 6, Shandong styrene closed at 8800-8950 yuan / ton, and on August 13, it was about 9000 yuan / ton, up about 50-200 yuan / ton, which is the tank price in Zhangjiagang. On August 6, South China styrene closed at 8850-8900 yuan / ton and was delivered. On August 13, it was 9000 yuan / ton, up 50-150 yuan / ton. The delivery price of the above factories.

In terms of raw materials, the rebound in international oil prices this week will maintain a strong shock. In terms of pure benzene, the price of pure benzene remained stable after a slight decline. As of Friday (August 13), the mainstream quotation of pure benzene was 7520.00 yuan / ton, down 80 yuan / ton or 1.05% from 7600.00 yuan / ton last Friday (August 6). Although the output of the new pure benzene unit is lower than expected, the port inventory has increased significantly in recent weeks. Some styrene units in the downstream have reduced production until they stop. The supply and demand are slightly dragged down by the market. Generally speaking, the cost side pure benzene is no longer a strong point of styrene.

In terms of ethylene, the external quotation of ethylene continued to decline this week. As of Friday (August 13), the mainstream quotation of ethylene was 1132.00 yuan / ton, down 21 yuan / ton or 1.82% from 1153.00 yuan / ton last Friday (August 6). Recently, the demand of the whole ethylene external market is poor, the market trading atmosphere is cold, and the overall focus of the ethylene market moves downward.

In terms of inventory, as of August 11, the inventory of East China port was 83400 (- 0.50) tons, the import to ship slowed down, the port inventory fell, and the port to ship was limited, driving the strong trend of futures and slightly strengthening the basis. In terms of domestic production, this week, the average operation of domestic styrene plants was 76.31%, down 1.5% from last week. The capacity base increased due to the new increase of 600000 T / a capacity of Zhangzhou Gulei. This week, the domestic styrene output was 233600 tons, an increase of 1.66% over last week. During the week, the 100000 ton units of Daqing Petrochemical and 250000 ton units of Shandong Yuhuang were restarted; The operating load of a factory in East China decreased; One factory in East China and one in South China started to recover. On the whole, in the case of cash flow loss, the output reduction of styrene unit in August was higher than that in July, but the fundamentals of domestic styrene market were still weak, and the cost support was weaker than that in the early stage.

Downstream, the downstream price of styrene fluctuated this week. PS, EPS held steady after falling at the beginning of the week, and ABS continued to rise slightly. In the PS market, as of Friday (August 13), the mainstream ex factory quotation of PS in East China was 10950.00 yuan / ton, down 16.67 yuan / ton and 0.15% from 10966.67 yuan / ton last Friday (August 6). This week, the operating rate of domestic PS industry was 69.21%, with a month on month decrease of 3.74% and a year-on-year decrease of 12.05%. The load of Lvan Qingfeng unit increased slightly, but the Yangba unit stopped for a few days, which affected the industrial output and commencement. Some PS load shedding devices have been restarted, and the terminal demand is still light.

EPS market, the EPS market as a whole remained stable after falling at the beginning of the week. As of Friday (August 13), the mainstream ex factory quotation of EPS in East China was 10475.00 yuan / ton, down 175 yuan / ton or 1.64% from 10650.00 yuan / ton last Friday (August 6). The domestic EPS industry started about 65.59% this week, down 2.89% month on month. Jiangsu Jiasheng has not been restarted yet. Panjin Longguang, Dalian Jiasheng, Dongying Donghai and Xinjiang Xingda have stopped for a short time, and the overall commencement has decreased slightly. The demand for downstream household appliances is still light, the demand for insulation board is good, and the EPS profit is acceptable.

The ABS market continued to rise slightly this week. As of Friday (August 13), the mainstream ex factory quotation of ABS Zhejiang was 17950.00 yuan / ton, an increase of 250 yuan / ton, or 1.41%, compared with 17700.00 yuan / ton last Friday (August 6). The ABS industry started 96.97% this week, up 1.47% from last week. The unit of Jilin Petrochemical was running at full load this week. The ABS unit of Daqing Petrochemical started on August 9, and the overall operating rate increased from last week. The supply of ABS is tight, the terminal is still in the off-season, and the overall profit of ABS is good.

3、 Later outlook

Under the influence of the global epidemic, the prospect of crude oil demand is under pressure. Although pure benzene is supported, at present, the profit point of styrene has been opened, and pure benzene can no longer guide the trend of styrene. The maintenance plan of styrene unit in August has been gradually implemented, the inventory has decreased slightly, the downstream will gradually transition to the peak season, and there are plans to put new units into operation. With the operating rate rising gradually, The demand for styrene will also increase slightly. On the whole, the supply and demand of styrene in the short term is better than expected, and the price of raw material pure benzene has stabilized, but there is still no strong support point for the rebound. It is expected that the trend of styrene in the short term will fluctuate and rebound.