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The styrene prices have been recently seeing an uptick in China. The rise in styrene prices in China can be attributed to a combination of rising raw material costs, driven by higher international oil and pure benzene prices, and reduced production outputs due to extensive maintenance across several major plants. This situation has created a tight supply environment, propelling the prices of styrene upward in the domestic market.

A significant driver behind the rising styrene prices is the continuous increase in international oil prices. As crude oil prices climb, the cost of pure benzene, a primary raw material in styrene production, has also surged. Since ethylbenzene is the primary feedstock to produce styrene, benzene prices have a significant effect on the prices of styrene.

Moreover, the styrene market is currently facing a supply squeeze due to scheduled and unscheduled maintenance activities across several key production units. Notably, Zhejiang Petrochemical's 600,000 ton/year styrene unit was shut down for a two-week maintenance period. Similarly, the Huaxing Petrochemical 80,000 ton/year unit temporarily halted operations for maintenance.

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Looking ahead, the Gulf Chemical 500,000 ton/year styrene plant is slated for a 45-day maintenance shutdown in July. Additional reductions in operational capacity have been reported, with facilities such as Zibo Junchen, Satellite Petrochemical, Xinpu Chemical, and Anhui Jiaxi running their styrene units at only 70% capacity. Hence, the low inventory levels of styrene further amplify the upward pressure on prices, as the demand continues to outpace the limited supply.