A bearish outlook on lower
downstream operations Styrene monomer margin
remains negative



The Asian spot styrene
monomer price was flat at $1,280-1,300/mt CFR China. However, the domestic
China price was up by Yuan 60-80/mt to Yuan 9,530-9,570/mt exp-tank. This
equates to $1,260-1,285/mt based on import-parity on April 26. The spot styrene price in China fell to Yuan 9,520-9,540/mt
in the morning, Yuan 9,520-9,540/mt in H2 May delivery, and Yuan 9,490-9,510/mt
in H2 June delivery. Due to China's strict
COVID-19 regulations and lower downstream operation rates, most trade sources
held a bearish outlook. Spot discussions
in the export market remained muted as many trade sources worried about China's
lowering of demand and logistic restrictions. But, supplies in the West and South Korea are expected to
rebound. On April 26, the styrene monomer
production margin of non-integrated...