Corun Futures: Supply Expectations Decline, Styrene Futures Maintain Strong Performance

K-LinePoet · 2026-03-25T16:43:57+00:00

On March 23rd, Jiangsu styrene spot prices rose to 10,900 yuan/ton, driven by reduced supply and steady downstream demand growth. Multiple enterprises including Hengli and Hainan Petrochemical are planning maintenance shutdowns, which may lead to tight styrene supply. Market concerns about geopolitical situations and crude oil supply disruptions have intensified, with styrene futures prices expected to remain strong in the short term.

K-LinePoet

2026-03-25 16:43:57

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Spot Market: On the morning of March 23, Jiangsu styrene spot buy offers were at 10,900 yuan/ton, up 320 yuan/ton from the previous trading day.
In terms of supply, Hengli Dalian’s 720,000-ton and Hainan Petrochemical’s 100,000-ton plants are shut down for maintenance. Last week, styrene load factors decreased by 1.8 percentage points week-on-week. Yangtze Petroleum plans to start a 50-day overhaul of its 120,000-ton plant on March 25, and Zhejiang Petrochemical plans a 40-day shutdown for one ethylbenzene dehydrogenation styrene unit in early April. Geopolitical tensions have led to prolonged shipping disruptions, which may further impact styrene supply. Downstream contracts are mainly for immediate needs, helping to reduce styrene factory inventories.
On the demand side, downstream EPS production has increased, with PS and ABS load factors remaining stable. The market has mainly focused on previous export shipments, with new export negotiations decreasing. Downstream factories continue to purchase on a just-in-time basis.
Overall, geopolitical tensions remain intense, raising concerns about oil supply disruptions and further refinery cutbacks. The styrene supply and demand remain tight. In the short term, styrene futures are expected to stay strong, with attention on geopolitical developments, crude oil prices, and changes in upstream and downstream plant operations. (First Capital Futures)

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