Shouchuang Futures: Costs weaken, styrene futures fluctuate and adjust

K-LinePoet · 2026-04-02T03:05:21+00:00

On March 25th, the spot price of styrene in Jiangsu rose to 10,090 RMB/ton due to production halts and maintenance at multiple refineries including Hengli and Hainan Petrochemical, leading to tight supply. As downstream demand for EPS and other products recovers, the overall market remains supply-tight. Attention should be paid to geopolitical developments and changes in crude oil prices.

K-LinePoet

2026-04-02 03:05:21

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In the spot market, on March 25 in the morning, Jiangsu styrene spot buy orders were at 10,090 yuan/ton, up 300 yuan/ton from the previous trading day.

On the supply side, Hengli Dalian at 720,000 tons, and Hainan Petrochemical at 100,000 tons, are both shut down for maintenance. Last week, the styrene operating rate fell by 1.8 percentage points month-over-month. Yan Chang Petroleum plans to start a shutdown and major overhaul of 500,000 tons for 50 days starting March 25. Zhejiang Petrochemical has one ethylbenzene dehydrogenation styrene unit scheduled to be shut down for maintenance for 40 days starting in early April. With raw material supply tight, refinery production cuts further expanded. Downstream contracts are picking up for timely delivery needs, which has helped styrene plant inventory run down.

On the demand side, downstream EPS operating rates improved, while PS and ABS loads were basically stable. The market has mainly relied on previously negotiated export cargoes that have already been loaded for shipment, and new export negotiations have decreased somewhat. Downstream plants continue to purchase on a just-needed basis under contracts.

In short, in the short term, news developments have caused the geopolitical risk premium to ease, and costs for energy chemical products have moved lower. However, refinery production cuts have further expanded, and export demand remains in place. Styrene supply and demand remain in a relatively tight pattern. Watch geopolitical developments, crude oil prices, and changes in upstream and downstream unit operating rates. (Founder Futures)

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