22 May 2008 12:03 [Source: ICIS news]
LONDON (ICIS news)--Spot styrene traded above $1,600/tonne (€1,008/tonne) for the first time on Thursday, up $40/tonne on a record set the previous day, on an upturn in buying interest alongside all time high upstream costs.
A European trader confirmed selling a 1,000-tonne lot of June loading styrene at $1,620/tonne FOB (free on board) Rotterdam to an industry buyer early Thursday morning.
The deal set a new record high for a spot styrene, according to global chemical market intelligence service ICIS pricing. It was up $40/tonne on a deal confirmed the previous day at $1,580/tonne FOB Rotterdam for May.
This deal had equalled a record high set in August 2006.
Market participants attributed the trade, the first ever seen in the $1,600s/tonne, to all time highs on upstream benzene and crude oil coupled with an unforeseen flurry of demand for spot styrene.
Benzene had traded at $1,300/tonne CIF (cost, insurance and freight) ARA (Amsterdam, Rotterdam, Antwerp) for June the previous day.
Earlier on Thursday, July NYMEX light sweet crude futures had peaked above $135/bbl after an unexpected large decline in US crude stocks and on a weakening dollar.
($1 = €0.63)
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