NewsFlash1st Europe styrene barge up at €1,075/t

01 February 2008 10:33  [Source: ICIS news]

LONDON (ICIS news)--The first February styrene barge contract has settled up at €1,075/tonne ($1,604/tonne), due to higher spot prices and a tighter market caused by production problems, a major producer and consumer said on Friday.  

 

The February contract price marks an increase of €40/tonne for the contract partners but both confirmed from a “contract average” the increase was €57.50/tonne month on month.

 

The contract was agreed on a free delivered NWE (northwest Europe) basis.

 

“The increase is largely on the back of developments in the spot market and the continued strength of Europe because of production problems and shutdowns coming up,” the major producer confirmed.

 

The contract partners settled their January contract at €1,035/tonne FD NWE.

 

The styrene contract follows the February benzene contract which settled on Thursday at €737/tonne, up €35/tonne on January.

 

($1 = €0.67)

By: Julia Meehan
+44 20 8652 3214

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