Market Sentiment Rebounds, PS Prices Trend Upward

Market Overview: On April 30th, the average price of GPPS in the market was 10,673 RMB/ton, an increase of 61 RMB/ton from the previous working day, with a growth rate of 0.57%. The main market prices ranged from 9,300 to 14,000 RMB/ton. The average price of HIPS in the market was 11,981 RMB/ton, an increase of 7 RMB/ton from the previous working day, with a growth rate of 0.06%. The main market prices ranged from 10,600 to 15,000 RMB/ton. PS prices in East China showed an upward trend, while prices in South China experienced minor fluctuations. International crude oil prices surged, and the price of upstream styrene was relatively strong, providing robust support from the cost side. This bolstered the confidence of market participants, leading some merchants to shift their offer focus upward. However, the performance of downstream demand was average, with a small amount of pre-holiday inventory replenishment, and the overall trading atmosphere was acceptable, with moderate transaction levels. The overall trend for PS prices was upward.

Crude Oil: Trump may extend sanctions against Iran, and the U.S.-Iran standoff remains unresolved, intensifying market concerns over prolonged global supply disruptions. Combined with a larger-than-expected decline in U.S. crude inventories last week—indicating tightening supply—international crude futures prices closed higher again, rising nearly 7%. On April 29, U.S. WTI crude June futures settled up $6.95 per barrel, or 6.95%, at $106.88 per barrel; Brent crude June futures rose $6.77 per barrel, or 6.08%, closing at $118.03 per barrel. The SC crude futures main contract 2606 closed at RMB 668 per barrel.

Styrene: On April 30, 2026, the national average market price of styrene stood at RMB 10,149 per metric ton, up by RMB 39 per metric ton (a 0.39% increase) from the previous trading day. Today’s styrene market experienced range-bound fluctuations, with the mainstream spot prices in the East China region ranging from RMB 10,210 to RMB 10,320 per metric ton. The U.S. continues its blockade against Iran, reigniting concerns over tightened feedstock supply; meanwhile, crude oil prices remain firm and rally, providing ongoing cost support for styrene. However, expectations of declining domestic styrene export volumes continue to weigh on market sentiment, resulting in a relatively balanced standoff between bullish and bearish forces; consequently, the EB futures contract opened higher but subsequently traded within a narrow range.

Market Outlook: International crude oil prices surged, driving upstream styrene prices higher, providing strong cost support. This bolstered market sentiment, prompting some traders to raise their offering prices. However, downstream demand remained lackluster, with only limited pre-holiday restocking activities observed. Overall trading activity was moderate, and PS prices trended upward.