NewsFlashEurope spot styrene up $20/t to record

23 May 2008 11:28  [Source: ICIS news]

LONDON (ICIS news)--Spot styrene business in Europe was confirmed at a new record high, up $20/tonne (€12.7/tonne), as bids and offers fell and the market looked for direction on Friday, market participants said.

 

Two traders confirmed a June styrene deal at $1,640/tonne FOB (free on board) Rotterdam from the previous night, $20/tonne higher than a record set the previous day and $110/tonne up on the highest deal done the previous week. 

 

The 7% week-on-week improvement in values had been attributed to record highs seen on upstream benzene and within the energy complex, as NYMEX and Brent crude traded at $135/bbl on Thursday.

 

Bids and offers for May loading benzene were currently being talked within a $1,600-1,630/tonne FOB Rotterdam range, with June valued at $1,615-1,635/tonne FOB Rotterdam, down $10/tonne on the previous close.

 

Players were cautiously assessing the market, unsure of what crude and benzene would bring for the rest of the day.

 

($1 = €0.64)

By: Peter Salisbury
+44 20 8652 3214

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