China's styrene imports continues to decline in 2024

Import

In 2024, China's styrene import volume continued to decline, but the overall decrease was less than expected. According to China Customs, China's styrene imports dropped significantly from 790 KT in 2023 to 408 KT in 2024, a decline of 382 KT or 48.35%.

2024 saw the least new capacity added in recent years, driving a slight increase in industry operating rates and stable non-integrated production. Due to ongoing industry losses, some facilities in Japan and South Korea have been shut down for extended periods, and mainstream units have also extended their shutdowns. South Korean plants, such as Hanwha Total's 400kt/year styrene unit, are in long-term shutdown, and LG Chem's 300kt/year styrene unit in Yeosu permanently shut down in March 2024. Additionally, the 680kt/year styrene unit of LyondellBasell in the Netherlands was shut down in mid-August 2024 due to profit concerns. As a result, import demand from South Korea and Europe has increased, with imports from the Middle East and China filling the gap, further reducing the supply of Middle Eastern styrene to China.

Export

As major net-importing countries are replacing demand with net-exporting countries' styrene, China's exports did not see a significant increase in 2024 and actually declined compared to 2023. Exports fell from 366 KT in 2023 to 247 KT in 2024, a reduction of 119 KT or 32.51%.

Net import volumes will decrease year by year, with exports mainly to Hong Kong, South Korea, and India, and small amounts to South America and Europe. Due to long-term losses in the industry, inefficient non-integrated domestic capacities will be shut down and gradually phased out, further enhancing domestic cost competitiveness, which will support the sustained and stable export of styrene.