CITIC Futures: Concentrated Equipment Maintenance and Crude Oil Fluctuations Drive Styrene to Trade Stronger with Volatility

K-LinePoet · 2026-03-12T13:51:48+00:00

Against the backdrop of escalating geopolitical conflicts, rising crude oil prices are driving up styrene prices. Despite stable supply and demand for pure benzene and declining styrene production expectations, downstream demand is gradually recovering after the Spring Festival. Overall, the styrene market in March shows positive signs, and attention should be paid to crude oil prices and equipment maintenance progress.

K-LinePoet

2026-03-12 13:51:48

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On the energy front, geopolitical conflicts have escalated, leading to a rise in crude oil prices which has driven up styrene prices. On the cost side, the supply and demand pattern for pure benzene remains stable, with no significant destocking expected in the short term, providing no effective impetus for styrene. Regarding supply, according to Zhuochuang, in March, new units at Gulei, Hengli, Yanchang refining, and Zibo Juncheng underwent maintenance; Xuyang plans to restart in late March, so a decline in styrene operating rates is expected. On the demand side, as the Spring Festival holiday ends, downstream industries are gradually resuming work, and overall demand is expected to improve. Attention is on the progress of EPS price increases and the resumption of work and production at terminals. Overall, styrene will return to destocking in March, with the near-term fundamentals remaining decent. Focus on crude oil, equipment maintenance and restart progress, and the demand strength after the holiday. (CITIC Futures)

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