Shouchuang Futures: Cost support, port destocking, and styrene futures continue to rise

K-LinePoet · 2026-04-09T05:00:38+00:00

Last week, domestic styrene load increased, but inventories decreased by 46k tons. Rising upstream ethylene prices led suppliers to declare force majeure, compressing profits and increasing production cuts. Downstream demand remained weak, but increased exports caused inventories to decline significantly. In the short term, styrene futures are expected to remain strong.

K-LinePoet

2026-04-09 05:00:38

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On the supply side, last week’s domestic styrene operating rates improved somewhat, but East China’s styrene port inventories fell by 46k tons month-over-month. Due to a sharp rise in upstream ethylene prices, some suppliers announced force majeure, which squeezed styrene profit margins and increased the number of planned styrene production cuts in April.

On the demand side, downstream buyers are reluctant to accept high-priced feedstocks, and demand follow-through has been weak. Overseas arbitrage demand increased, driving higher styrene exports and causing port inventories to drop significantly.

In short, export demand has boosted port destocking; the styrene basis strengthened. It is expected that in the near term, styrene futures prices will maintain a relatively bullish trend. Pay attention to geopolitical developments, crude oil prices, and changes in operating rates of upstream and downstream units. (Founder Futures)

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