Original Futures: Cost increase and export benefits stacked, styrene futures prices strong, limit up

On the spot side, the CFR China price of styrene on March 4th was $1060 per ton, up $10 per ton from the previous trading day. In East China, the spot price of styrene was 8300 yuan per ton, up 120 yuan per ton from the previous trading day. In terms of supply, Kuwait's 450,000-ton styrene plant is scheduled for maintenance from early January to the end of February, currently declared force majeure. In domestic news, Xuyang's 300,000-ton styrene plant caught fire and is expected to restart in late March, Dalian Hengli's annual production of 720,000 tons of styrene plant plans to stop for maintenance for 10 days in mid-March, Zibo Juchen's annual production of 500,000 tons of styrene plant plans to be under maintenance for 40 days at the end of March, and Jingbo's annual production of 670,000 tons of styrene plant plans to restart in mid to late March. In terms of demand, overseas supply is relatively tight, with active export shipments. Additionally, geopolitical tensions have driven up crude oil prices, with firm futures prices and downstream styrene stocking purchases. Trading atmosphere is decent, driving high port inventories to fall. Cost support is relatively strong, good export performance drives inventory reduction. Short-term styrene futures prices are expected to remain relatively strong, focusing on crude oil prices, plant operational changes, and progress in downstream resumption of work.