US styrene participants at odds for April

21 April 2008 21:16  [Source: ICIS news]

HOUSTON (ICIS news)--US styrene monomer buyers and producers are at odds over price direction for April and the remainder of 2008, market participants said on Monday.

Some buyers and traders have forecast a rollover or decline for April styrene contracts at 71.00-74.00 cents/lb ($1,565-1,631/tonne or €986-1,028/tonne) FOB (free on board), due to the lack of contract nominations for the month.

Styrene traders also said a rollover or decline in April was likely due to the lack of demand and a drop in the April benzene contract, which settled 22 cents lower at $3.75/gal FOB.

The lack of demand has led some buyers and traders to not rule out the possibility of a flat year for 2008.

Producers, however, do not agree on the notion of a flat April or flat year, based on recent record highs in the NYMEX energy complex.

“Take all forecast with a gain of salt,” said a major US styrene producer. “We are not even in May yet, and crude is already at $116/bbl, and moving up.”

Major US styrene producers include INEOS NOVA, Equistar and Cosmar.

($1 = €0.63)

For more on styrene visit ICIS chemical intelligence

By: Brian Balboa
+1 713 525 2653

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