Daily Report: Traders Operate Cautiously, PS Prices Remain Stable at High Levels

Market Review: On April 28, the average price of GPPS was 10,578 yuan/ton, up 1 yuan/ton from the previous working day, with a rise of 0.1%, and the mainstream market price ranged between 9,150 and 14,000 yuan/ton; the average price of HIPS was 11,941 yuan/ton, up 112 yuan/ton from the previous working day, with a rise of 0.95%, and the mainstream market price ranged between 10,450 and 15,000 yuan/ton. The PS price in East China remained stable with slight fluctuations, while the price in South China was in a high range with oscillation. International crude oil prices rose, while the upstream styrene price fluctuated and weakened. The cost support was generally moderate. Sellers maintained stable prices with slight changes, and traders operated cautiously. Downstream demand remained at the level of essential purchasing, and the trading atmosphere was quiet, with overall transaction levels remaining moderate. The PS price remained generally stable at a high level.

Crude oil: On the weekend, Trump canceled the trip of senior envoys to Pakistan to mediate, causing the US-Iran negotiations to hit a deadlock. Coupled with the continued low volume of shipping through the Strait of Hormuz, it triggered concerns about market supply, leading to a rise in international crude oil futures prices. On April 27, U.S. WTI crude oil June futures closed up $1.97 per barrel, or 2.09%, at $96.37 per barrel; Brent crude oil June futures closed up $2.90 per barrel, or 2.75%, at $108.23 per barrel. The main contract of SC futures, 2606, was quoted at 647.4 yuan per barrel.

Styrene: On April 28, 2026, the average market price of styrene was RMB 10,007 per ton, down RMB 46 per ton or 0.46% from the previous trading day. Styrene prices rebounded after an initial decline today, with spot prices in East China ranging between RMB 10,020 and RMB 10,100 per ton. Crude oil futures showed strength today, providing some bullish support. However, news of early restarts of domestic styrene units, combined with persistently weak market sentiment, led to a pullback in EB futures. Nonetheless, short-term inventory drawdowns provided underlying support, helping EB futures recover after the dip.

Market Forecast: International crude oil prices have risen, while the upstream styrene prices have shown a weak fluctuation. The support from the cost side is average. Traders' quotations remain stable with slight movements. Most market participants are operating cautiously. Downstream demand is maintaining a just-in-time buying, and the market trading atmosphere is light. The overall transaction level is average, and PS prices are generally in a high-level fluctuation.