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Insight | Time: Feb 3 2023 1:50PM  Editor:Michael Zhao
Styrene market weakens on ample supply
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Styrene spot and futures were weak after the Chinese New Year holidays as market sentiment was weighed down by rising port inventory and upcoming unit startups.


Styrene inventory increased by about 90kt from January 11 to 189kt on January 28, which was also higher than the post-CNY holiday level in previous years. Benzene inventory has remained high since Q4 2022, occupying tank space for hazardous chemicals, which limited the increase in styrene port inventory.


Lianyungang Petrochemical has reached full capacity at its 600kt/year styrene unit in Jiangsu Province. In February, several large units will start. Domestic production will therefore increase despite unit turnover. 

Company Location Capacity,kt/yr Status/startup
Lianyungang Petrochemical Zhejiang 600 full capacity since mid-Jan
PetroChina Guangdong PC Guangdong 800 to start in early Feb
Zibo Junchen New Materials Shandong 500 to start in late Feb
Ningxia Baofeng Energy Ningxia 200 to startin end-Apr
Zhejiang Petroleum & Chemical Zhejiang 600 to start in end-Apr
Zhejiang Petroleum & Chemical Zhejiang 100 extraction depends on gasoline blending margins



ABS plant operations remained stable during the CNY holiday, while PS O/R decreased to 50-60%. Many EPS units were closed during the holiday and the rate increased this week. Recovery in EPS operations was better than in previous years. However, there was little growth in demand.


Zhejiang Petroleum & Chemical (ZPC) will soon shut down its 600kta*2 styrene units for maintenance for about 50 days. The February and Mar contracts have been cancelled. Tangshan Risun Chemical will also shut down its 300kt/year styrene unit in early February for about 40 days of maintenance.


The impact of unit turnaround was reflected in the futures market, so the market was heavily weighed by rising inventory and new unit startups after the CNY holiday. Meanwhile, demand was better than in the same period last year, but still weaker than pre-holiday levels. Therefore, the styrene market is likely to remain weak in the short term. 

[RISK DISCLAIMER] All opinions, news, analysis, prices or other information contained on this report is provided by analyst of Zhejiang Huarui Information Consulting Co., Ltd (CCFGroup) as general market commentary and does not constitute investment advice. CCFGroup will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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