31 March 2008 23:59 [Source: ICIS news]
LONDON (ICIS news)--A second European barge styrene contract has been settled at a decrease of €17/tonne ($27/tonne) from the March average on expected market tightness, a source at a major producer said late on Monday.
“We have fixed our contract at €1,094/tonne, down €16.67/tonne from the midpoint of the March contract, or €28/tonne from the full settlement,” the source said.
“This high number shows that we expect tighter supply in April as a record number of outages take place around the world. We expect a lot of tightness.”
The producer’s contract partner was not available for comment, and the producer source requested that the number, settled on a free delivered (FD) northwest Europe (NWE) basis, not be published until Tuesday morning.
A first contract had been settled on the previous evening at €1,035/tonne FD NWE, down €53/tonne from the contract partners’ March contract, and in line with a €45/tonne fall on upstream benzene.
Three styrene barge contracts are traditionally settled in Europe. A key contract partner behind the third had said that it would be settled on Tuesday.
($1 = €0.63)
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