The inventory level of styrene monomer held by traders in East China increased this week to almost 93,000 mt, the highest level in 18 months, as end-users in China are lowering operations ahead of the Lunar New Year holidays, market sources said Wednesday.
The inventory level was up by more than 25,000 mt from the end of last week, sources said.
The last time SM stocks in East China were higher was in the third week of July, 2012, when they stood at around 97,000 mt, Platts data shows.
Market sources said the total inventory of SM held by traders as well as end-users in East China rose week on week by over 40,000 mt to almost 158,000 mt this week.
During the Lunar New Year holiday, which is celebrated in China over January 31-February 6, factories and plants lower operating rates and some shut down completely due to a shortage of workers and low demand.