# Styrene: Correlation Prices it moves with, and why Source page: https://www.materialinsights.org/chemicals/styrene/correlation/ Styrene is made by reacting benzene with ethylene and dehydrogenating the result, so those two feedstocks set most of its cost. Demand comes from polystyrene, ABS, synthetic rubber and resins, and new Chinese plants weigh on margins. Proxy **US PPI: cyclic intermediate chemicals** index (BLS base period) · monthly, Jan 2006 to Sep 2026 There is no free public price for styrene itself, so this tab uses the closest public series as a stand-in. Read the numbers as an indication, not as the price of this exact item. #### What its price moves with Selected link ##### Styrene and Benzene Monthly changes 0.50 moderate correlation 12-month changes 0.73 strong correlation Last 5 years 0.02 monthly changes Lead or lag +1 mo Benzene tends to lead by 1 month (r 0.56) Price function, Jan 2006 to Sep 2026 Styrene ≈ 116.6 × (Benzene)^0.10 R² 0.02 On this fit, a 10% higher benzene price goes with a 1.0% higher styrene price over the long run. Units: index (BLS base period) and index (BLS base period). The fit is loose, so treat the function as a rough guide. Chart: Styrene and Benzene prices rebased to 100 at Jan 2006, log scale Both prices rebased to 100 at Jan 2006, on a log scale so equal percentage moves look the same size. Chart: Styrene price against Benzene price, monthly, log scales, with fitted line Each dot is one month; paler dots are older (2006), darker dots recent (2026); the ringed dot is the latest month. The dashed line is the fitted price function. Both axes are logarithmic. Chemical [Bz Benzene](https://www.materialinsights.org/chemicals/benzene/)Feedstock 0.50 Benzene supplies most of the weight of styrene, so styrene is often quoted as a spread over benzene. The petrochemical proxy moves with the cyclic proxy at 0.50 monthly and 0.73 yearly, though only 0.02 over the last five years. moderate co-movement month to month · 249 months Show charts Chemical [C2H4 Ethylene](https://www.materialinsights.org/chemicals/ethylene/)Feedstock 0.50 Ethylene is the second building block, reacted with benzene to make ethylbenzene. It shares the petrochemical proxy with benzene, so the measured figures are the same as for benzene and cannot separate the two inputs. moderate co-movement month to month · 249 months Show charts Chemical [PS Polystyrene and EPS](https://www.materialinsights.org/chemicals/polystyrene/)Main product 0.38 Polystyrene and EPS take the largest share of styrene, so packaging and insulation demand feeds back into monomer prices. The broad resin index moves with the cyclic proxy at 0.38 monthly and 0.73 yearly. weak co-movement month to month · 249 months Show charts Chemical [SBR Styrene-butadiene rubber](https://www.materialinsights.org/chemicals/sbr/)Product 0.41 Styrene-butadiene rubber for tyres uses styrene alongside butadiene, adding car and tyre demand to the picture. The synthetic rubber index moves with the proxy at 0.41 monthly and 0.69 yearly. moderate co-movement month to month · 249 months Show charts Energy [Oil Crude oil](https://www.materialinsights.org/energy/crude_oil/)Feedstock cost 0.20 Both styrene inputs ultimately come from oil or gas liquids, so crude sets the cost floor. The tie is looser than for the basic petrochemicals, 0.20 monthly and 0.67 yearly, as styrene margins swing with its own supply cycle. little or none co-movement month to month · 249 months Show charts Energy [Ref Refining and reforming](https://www.materialinsights.org/energy/e_refining/)Feed source 0.34 Refinery reformers supply much of the benzene that goes into styrene, so refinery runs and petrol blending decisions shift aromatics supply. The refinery index moves with the cyclic proxy at 0.34 monthly and 0.74 yearly. weak co-movement month to month · 249 months Show charts How to read these numbers **Correlation of monthly changes** (the number in the coloured pill) compares how much each price moved, month by month, since 2006 or the first month both series exist. It runs from −1 to +1: near +1 the two usually rise and fall in the same months, near 0 there is no link, and a negative number means they tend to move in opposite directions. Above 0.7 is strong, 0.4 to 0.7 moderate, 0.2 to 0.4 weak. **12-month changes** compare year-on-year moves, which shows whether two prices share the same cycles even when the month-to-month noise differs. **Price function** is a straight-line fit of the two prices on logarithmic scales: price ≈ k × (partner price)^β. β is how much this price moves, in per cent, for a 1% move in the partner over the whole period, and R² is the share of the variation the fit explains. Two prices that both drift up with inflation can fit well without any real link, so read it together with the monthly correlation. **Lead or lag** checks whether the monthly correlation is clearly higher when one price is shifted by 1 to 6 months. Correlation is not cause. The reasons on each card explain the economic link; the numbers show how strongly it has shown up in prices. Proxy series are US producer price indexes or related prices and can blur the real link. Data: World Bank Commodity Price Data (Pink Sheet), October 2026; US Bureau of Labor Statistics producer price indexes, IMF primary commodity prices and US EIA prices via FRED, Federal Reserve Bank of St. Louis, retrieved November 2026. Calculations by this site. ## Other sections - [Summary](https://www.materialinsights.org/chemicals/styrene/index.md) - [Overview](https://www.materialinsights.org/chemicals/styrene/overview/index.md) - [Production route](https://www.materialinsights.org/chemicals/styrene/routes/index.md) - [Production](https://www.materialinsights.org/chemicals/styrene/production/index.md) - [Feedstocks](https://www.materialinsights.org/chemicals/styrene/feedstocks/index.md) - [Cycles](https://www.materialinsights.org/chemicals/styrene/cycles/index.md) - [Trading](https://www.materialinsights.org/chemicals/styrene/trading/index.md) - [Movement](https://www.materialinsights.org/chemicals/styrene/movement/index.md) - [Regulation](https://www.materialinsights.org/chemicals/styrene/regulation/index.md) - [Characteristics](https://www.materialinsights.org/chemicals/styrene/characteristics/index.md) - [Emissions](https://www.materialinsights.org/chemicals/styrene/emissions/index.md) - [Relationships](https://www.materialinsights.org/chemicals/styrene/links/index.md)