Aug 23, 2023
China domestic styrene prices posted aggressive increase since the beginning of July with East China styrene price up by nearly 900yuan/mt to 8,080yuan/mt on July 18. CFR China styrene increased by about $100/mt to $970/mt.
The rise was initially triggered by anticipation of slower styrene output recovery, as producers were expected to lower styrene output in order to get more ethylbenzene for gasoline blending after China imposing consumption tax on mixed xylene starting from July 1. Meanwhile, the restart of Wanhua was later than expected and the restart of Shuangliang Leasty was postponed to the end of July.