Europe styrene down $45/t on feedstocks, crude

20 March 2008 14:54  [Source: ICIS news]

LONDON (ICIS news)--Spot styrene traded $45/tonne (€29/tonne) lower on Thursday than two days earlier, as values continued to spiral downwards on a perceived surplus of March material, plateauing crude and upstream spot benzene values.

A March loading deal was confirmed at $1,445/tonne FOB (free on board) Rotterdam, $45/tonne lower than the last confirmed trade, at $1,490/tonne FOB Rotterdam on Tuesday.

“There is a bit of a surplus for March,” said a trader. “Material has arrived from the US, and demand has not been as high as was expected. Now that crude is taking a tumble, it is definitely on the downturn.”

Brent crude was valued at $98.81/bbl at 14:00 GMT on Thursday, up from earlier in the day but still more than $7/bbl lower than on Monday’s open.

Players also pointed to upstream benzene as a contributing factor to styrene’s collapsing values.

A deal was earlier confirmed at $1,100/tonne CIF (cost, insurance and freight) ARA (Amsterdam, Rotterdam, Antwerp), down $35/tonne from a deal done the previous day and down $70/tonne from indications heard at the week’s open.

“Styrene is definitely on a downwards trend,” said one European consumer. “Today would be a good time to buy.”

($1 = €0.64)

For more on styrene visit ICIS chemical intelligence

By: Peter Salisbury
+44 20 8652 3214

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