Styrene Price in Mexico
- Mexico: 1169 USD/MT
In December 2023, the price of styrene in Mexico for the fourth quarter hit 1169 USD per metric ton. Despite the market price declining, the trend remained bullish due to high to moderate demand for styrene.
The latest report by IMARC Group, titled "Styrene Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data" delivers a comprehensive analysis of styrene prices on a global and regional scale, highlighting the pivotal factors contributing to price changes. This detailed examination includes spot price evaluations at key ports and an analysis of pricing structures, such as Ex Works, FOB, and CIF, across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Styrene Prices December 2023:
- Mexico: 1169 USD/MT
- Japan: 1046 USD/MT
- Netherlands: 1028 USD/MT
- Saudi Arabia: 957 USD/MT
- Brazil: 1176 USD/MT
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The study delves into the factors affecting styrene price variations, including alterations in the cost of raw materials, the balance of supply and demand, geopolitical influences, and sector-specific developments.
The report also incorporates the most recent updates from the market, equipping stakeholders with the latest information on market fluctuations, regulatory modifications, and technological progress. It serves as an exhaustive resource for stakeholders, enhancing strategic planning and forecast capabilities.
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Styrene Price Trend- Q4 2023
The styrene market in early 2024 has been primarily driven by a complex interplay of supply chain dynamics, cost pressures from upstream markets, and robust demand from downstream industries. Feedstock costs, particularly benzene and ethylene, have seen significant fluctuations, directly impacting styrene production costs. Additionally, geopolitical tensions and logistical challenges, such as shipping disruptions and freight rate increases, have further complicated the supply landscape. For instance, events like the Red Sea geopolitical unrest have disrupted traditional shipping routes, leading to increased costs and supply tightness. Moreover, downstream demand has remained strong, especially from sectors like packaging and construction, which rely heavily on styrene-based products such as polystyrene and acrylonitrile butadiene styrene (ABS). This steady demand has exerted upward pressure on prices, even amidst the global economic uncertainties and varying regional market conditions.
Styrene Market Analysis
The global styrene market size reached US$ 7 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 12.3 Billion, at a projected CAGR of 6.40% during 2023-2032. In North America, particularly in the US, the styrene market has been influenced by a mixture of economic factors and supply chain issues. Starting the quarter with stable prices due to an oversupply and modest demand, the situation shifted as feedstock costs began to rise and freight challenges intensified. This combination led to gradual price increases. Supply chain disruptions, particularly in global shipping, contributed to a mismatch between product availability and market demand, putting additional upward pressure on prices. The market's response has been a cautious adjustment in prices, reflecting the ongoing balancing act between managing supply constraints and meeting downstream demand, ultimately leading to a noticeable increase in styrene prices by the end of March 2024.
The APAC region, especially China, faced significant price volatility in the styrene market during the first quarter of 2024. Initial price surges were driven by increased import costs and supply constraints, fueled by geopolitical tensions affecting shipping routes. Despite these challenges, the resilient downstream demand, particularly from the packaging sector, provided some price stability. However, escalating feedstock costs and a post-holiday rebound in demand pushed prices upward. The continuous supply tightness and elevated freight rates further pressured the market, with stakeholders adopting a cautious procurement strategy in response to ongoing cost escalations, resulting in a dynamic and fluctuating pricing environment throughout the quarter.
In Europe, the styrene market's dynamics were largely influenced by supply and demand imbalances, alongside external economic factors. The quarter began with an oversupply, prompting price reductions. However, as demand from the downstream ABS market increased and production costs rose due to upstream market surges, prices started to climb. Additional pressures from geopolitical tensions affecting key trade routes and shipping complications, such as those in the Suez Canal, exacerbated supply constraints. These factors, combined with a rise in feedstock benzene prices, led to a steady increase in styrene prices, reflecting the market's sensitivity to both regional and global economic shifts.
In the MEA region, particularly in Saudi Arabia, styrene prices were relatively stable at the start of the quarter but faced upward pressure due to several factors. Geopolitical unrest in the Red Sea affected shipping costs and routes, significantly impacting supply dynamics. As upstream costs rose, primarily for ethylene, the market adjusted prices accordingly. Increased demand from downstream industries also contributed to the rising prices. By the end of the quarter, the region saw prices stabilize at a higher level, demonstrating the market's resilience and adaptability to both geopolitical and economic challenges.
In South America, Brazil's styrene market experienced significant price movements due to a mix of international and domestic factors. Early quarter stability was quickly overshadowed by rising feedstock benzene costs and supply constraints from the US, exacerbated by logistical challenges. The tightening of global supply, particularly influenced by the Red Sea crisis, and the bullish trend in upstream crude oil prices added further pressure. The steady demand from industries like Polystyrene and Expanded Polystyrene ensured that the market remained responsive to shifts in the supply chain, leading to a noticeable increase in styrene prices as the quarter progressed.
Browse Full Report: https://www.imarcgroup.com/styrene-pricing-report
Key Points Covered in the Styrene Pricing Report:
The report delivers the following key findings, alongside a comprehensive breakdown of prices by region:
- Styrene Prices
- Price of Styrene
- Styrene Demand & Supply
- Styrene Market Analysis
- Demand Supply Analysis by Type
- Demand Supply Analysis by Application
- Demand Supply Analysis of Raw Materials
- Styrene Price Analysis
- Styrene Industry Drivers, Restraints, and Opportunities
- Styrene News and Recent developments
- Global Event Analysis
- List of Key Players
Regional Price Analysis:
- Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand
- Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece
- North America: United States and Canada
- Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru
- Middle East & Africa: Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco
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Note: The current country list is selective, detailed insights into additional countries can be obtained for clients upon request.
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