Asia SM rises $30/tonne to hit 14-year high

06 May 2008 11:25  [Source: ICIS news]

SINGAPORE (ICIS news)--Record high crude values and buoyant feedstock benzene and ethylene numbers propelled spot Asian styrene monomer (SM) up $30/tonne on Tuesday to a 14-year high.

 

A deal was confirmed concluded at $1,470/tonne FOB (free on board) Korea for June lifting, after buy-sell indications narrowed to around $1,465-1,475/tonne FOB Korea, according to global chemical market intelligence service ICIS pricing.  

 

Spot prices had breached the $1,400/tonne FOB Korea level on two occasions, once in April 1995 and this year.

 

“Record crude values above $120/bbl this week amid supply concerns had boosted aromatics and SM prices,” said a trader based in eastern China.   

 

Yeochun Naphtha Cracking Centre's (YNCC) crackers experiencing power outages since the weekend had also boosted sentiment as it had lead to shutdowns at local plastics facilities in South Korea, traders said.

 

For more on SM see ICIS chemical intelligence

By: Clive Ong
+65 6780 4359

< previous article(ICIS Chemical Business podcast November 2, 2009)

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