Styrene monomer (SM) prices journey southward Asia

Despite a rise in naphtha values, Styrene monomer prices trended downward in the Asian region last week.

An industry source in Asia on condition of anonymity informed a Polymerupdate team member, " Prices were under pressure owing to limited buying appetite as the demand for the product waned across the Asian region. Weak demand sentiments have resulted in ample product availability in the region. Meanwhile, bearish benzene rates further supported the drop in prices.”

The source added, “Furthermore, a persistently sluggish purchase pulse in the derivatives market resulting from tepid consumer demand sentiments has also contributed to the overall bearish market undertone.”

On Friday, FOB Korea SM prices were assessed at the USD 1025-1035/mt levels, while CFR India SM prices were assessed at the USD 1080-1090/mt levels, both lower by USD (-35/mt) from the previous week.

Meanwhile, CFR China SM prices were assessed at the USD 1015-1025/mt levels, while CFR Japan SM prices were assessed at the USD 1015-1025/mt levels, both down USD (-35/mt)from the previous week.

CFR South East Asia SM prices were assessed at the USD 1050-1060/mt levels, a sharp week on week drop of USD (-35/mt).

Meanwhile, benzene feedstock prices on Friday were assessed at the USD 870-880/mt FOB Korea levels, a decrease of USD (-20/mt) from the previous week.

In plant news, Sinochem Quanzhou Petrochemical is likely to shut its Styrene monomer (SM) plant by end November 2023 for maintenance. Further details on the duration of the shutdown could not be ascertained. Located at Fujian in China, the plant has a production capacity of 450,000 mt/year.

In other plant news, Lianyungang Petrochemical is likely to take offstream its Styrene monomer (SM) plant for maintenance on December 1, 2023. Further details on the duration of the shutdown could not be ascertained. Located at Jiangsu in China, the plant has a production capacity of 600,000 mt/year.