Crude Oil Recovery Lifts Styrene Monomer Prices Despite Bearish Market
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In the international market, Styrene Monomer prices have risen, supported by a recovery in upstream crude oil prices, which had recently reached a three-year low. In the domestic market, importers also increased Styrene Monomer prices by ₹1/kg, bringing them to ₹97++ per kg ex-Kandla on 60-day credit terms.
Chemicals Price
- In the international market, Styrene Monomer prices have risen, supported by a recovery in upstream crude oil prices, which had recently reached a three-year low.
- In the domestic market, importers also increased Styrene Monomer prices by ₹1/kg, bringing them to ₹97++ per kg ex-Kandla on 60-day credit terms.
- Traders offered mixed rates, with some quoting slightly lower prices than importers, at ₹96++ per kg ex-Kandla on similar credit terms, due to subdued demand amidst the Ganesh Chaturthi festival holidays.
- Bulk buyers remain cautious about building inventories, preferring to source on a just-in-time basis, anticipating potential price corrections. Week-on-week, Styrene Monomer prices have remained stable without any significant changes.
Chemical Demand and Supply
- There is enough supply due to slow liquidation during the last week of August and the first week of September 2024, attributed to heavy rains and flooding.
- Furthermore, the Ganesh Chaturthi holidays in mid-September led to limited production. Price corrections in upstream crude oil and benzene have contributed to bearish market sentiment for Styrene Monomer, both domestically and internationally.
- India’s monthly demand for Styrene Monomer is around 70,000 MT, entirely met through imports. The key consumers include industries such as polystyrene, expanded polystyrene (EPS), paints, coatings, styrene-butadiene rubber, and ABS resin. Demand from the polystyrene sector remains weak, particularly in the aqua market along the East Coast.
- Downstream demand is expected to improve after the first half of October 2024. As a result, bulk buyers are currently opting for spot deals rather than building up inventories. The recovery in crude oil, naphtha, and benzene prices has helped prevent a significant price crash, according to market participants.
Chemical News
- In the international market, upstream crude oil benchmark WTI prices increased by 0.89%, reaching $69.57 per barrel.
- FOB Singapore naphtha prices stood at $630/MT, while FOB Korea benzene prices were at $935/MT.
- Downstream, FOB Korea Styrene Monomer prices were at $1,050/MT.
Expert Opinion
- It is expected that styrene monomer prices are likely to remain mixed this week due to weak downstream demand and surplus inventories at ports.
- However, the recovery in crude oil and benzene prices is expected to keep styrene monomer prices elevated. Buyers are advised to consider inventory building at lower prices, as demand is anticipated to pick up after the first half of October 2024.
Daily Market Report
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