2nd Europe Feb styrene barge settled at €1,038/t

01 February 2008 12:04  [Source: ICIS news]

LONDON (ICIS news)--A second February styrene barge contract has been settled at €1,038/tonne ($1,549/tonne), due to higher feedstocks and a tighter supply situation, a major producer and consumer said on Friday.

The second contract price, made on a FD (free delivered) NWE (northwest Europe) basis, marks an increase of €38/tonne for the contract partners who agreed their January contract at €1,000/tonne FD NWE.

“The increase is not only because of feedstocks but it’s also the supply situation,” the consumer said. “The market is tightish but not tight,” the source added.

The settlement came after news of a first styrene barge contract, agreed at €1,075/tonne FD NWE, up €40/tonne for the contract partners. 

The participants said that from a “contract average” the increase was €57.50/tonne month-on-month.

These settlements in turn followed the February benzene contract which was agreed on Thursday at €737/tonne FOB (free on board) NWE, up €35/tonne on January.

At 11:20 GMT, February styrene spot prices were talked $10-15/tonne firmer than the previous close, at $1.410-1,430/tonne FOB Rotterdam.

March styrene was in contango at $1,405-1,420/tonne FOB Rotterdam.

Sources said that concerns over supply in February were pushing the market up, but the arrival of US product in March was creating the $5-10/tonne contango. No early spot deals were reported.

($1 = €0.67)

By: Julia Meehan
+44 20 8652 3214

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