Compared with Febuary, The China EPS raw material price is jumping USD150 per ton than before Chinese new year.We think this price will keep and firm in March. The key reason is follow:

• Crude oil price: although now the oil price is extremely low level in history, it cannot effect the real market supply and consumption situation but more politics influence. Related chemicals like Styro Monomor has a great margin from low oil price. Since end of Febuary, oil price is keeping rising, that will keep SM price hard. 
• With China new year end, the market is keeping starting, the EPS is becoming more hot
• All the EPS plant is short of storage before Chinese new year. The stock cannot feed the order in hand. After holiday, all factory is fully operation to feed the market. 
• In Early March, SM supply will be a short blank in Asia ,some EPS factory buy from abroad will face the lack of material temperary. 

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