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Tuesday, June 6, 2023

Styrene is limited upside

Styrene (SM) is a basic petrochemical raw material for the production of general purpose polystyrene (GPS), high impact polystyrene (HIPS) and a variety of modified polystyrene resins widely used in automotive manufacturing, household appliances and toys manufacturing and other industrial sectors.

Currently, industrialized production technology mainly styrene dehydrogenation of ethylbenzene, propylene oxide generation method and pyrolysis gasoline extraction styrene three kinds of routes. Which is the main method of ethylbenzene dehydrogenation domestic production of styrene, which accounts for about 90% of the world production capacity of styrene total production capacity. The domestic styrene plant basically using foreign mature ethylbenzene dehydrogenation technology.

From the supply-side perspective, in 2012 the world’s total production capacity of 32.1 million tons of styrene / year. Among them, North America 6,356,000 tons / year, Europe was 5,727,000 tons / year, Asia and the Middle East to 18.227 million tons / year, South America was 69 million tons / year. In contrast, after a peak capacity expansion, styrene market in 2010 has been a fundamental supply and demand of relief. 2012 changed the domestic styrene market underperformance in 2011, the annual price increase of up to 30%. 2013 overall domestic styrene plant operating rate was essentially flat with 2012, its production capacity reached 6.74 million tons, an increase of 6%. But with the increase in raw material costs, styrene industry profit margins gradually decline.

From the demand side perspective, 2012 of styrene is mainly used in the following areas: polystyrene / expanded polystyrene (EPS), ABS resin / styrene-acrylonitrile copolymer (SAN), unsaturated polyester resin, SBR, SB elastomers (including SBS, SBC, SIS) and other chemical products, respectively, accounted for 55%, 14%, 10%, 5%, 2% and 14%.

Styrene prices with oil price fluctuations. 2013 domestic average price of 12,657 yuan styrene products / ton, up 13.85 percent compared with 2012.But entering 2014, earnings Styrene tons in 300 to 400 yuan, a significant decline compared to last year. It is understood that in the next February to April, part of Northeast Asia styrene plant planned maintenance is expected there will be some reduction in imports, or the market will play a boost, but if not change the weak downstream demand is expected to limited market upside. Involved in the secondary market of styrene-related stocks including Liao Tung Chemical (000059), ShuangLiang saving (600,481), too much of the shares (600,281), China Petrochemical (600028) and so on.

Translated by Google Translator from http://market.cria.org.cn/25/19079.html

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