NewsFlash1st April styrene barge falls €53/t

31 March 2008 18:06  [Source: ICIS news]

LONDON (ICIS news)--The first European styrene barge contract for April has been settled at a decrease of €53/tonne, on the back of falling spot and feedstock prices, a major producer and consumer confirmed on Monday.

 

The settlement was made at €1,035/tonne ($1,642/tonne) FD (free delivered ) NWE (northwest Europe), the producer said, on the basis of lower spot values in March and upstream benzene. 

 

This marked a decrease of €53/tonne from the producer’s March contract, settled at €1,088/tonne FD NWE.

 

“The settlement was a result of the perception that the [previous months’] contracts had already covered the shutdowns we will see in April, that the spot market was weaker and that this number reflected the situation in the current market,” the buyer said.

 

Three barge contracts have traditionally been settled in Europe, with the confirmed April contract’s partners generally yielding the lower number. 

 

At the time of writing, no news had been heard on the other contracts, both settled at €1,122/tonne FD NWE in March, with a source at one producer saying that settlements were not expected until the following day.

 

($1 = €0.63)

By: Peter Salisbury
+44 20 8652 3214

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