Styrene Prices Increased in China Due to High Crude Oil Prices
- 16-Mar-2022 8:20 AM
- Journalist: Li Hua
Styrene prices rallied upwards in the Chinese market during first week of march on the back of strong market sentiments and product unavailability. As per Chem analyst data, Styrene prices in China surged to USD1480 per ton Ex-Tianjin Ongoing Russia and Ukraine conflict has led to the surge in the prices of crude oil since past few weeks. The situation has led to the increase in values of feedstock Benzene and Ethylene prices which have been directly impacting Styrene prices in China.
Styrene is used for producing Polystyrene where Polystyrene is applied as polymer for textile and packaging industry. Rising interest from the downstream industry as the demand for EPS (Expanded Polystyrene) increased for the wastewater, packaging, and in the healthcare and pharmaceutical sectors has again contributed towards the surge in Styrene prices. Due to supply shortage, the demand remained unfulfilled in the downstream sectors further resulting in the hike in Styrene prices in early March.
As per Chem Analyst, “Styrene prices in India are expected to gradually ease in the upcoming weeks as the value of crude oil is likely to ease when Russia and Ukraine resolves.” Besides, in the coming weeks the demand from downstream industries in China is likely to fluctuate in a stable to narrow range due to stringent containment measures and lockdown in several cities due to sudden rise in Covid cases in the country.”