NewsFlashEurope styrene hits $1,700/t record high

30 June 2008 14:37  [Source: ICIS news]

LONDON (ICIS news)--European spot styrene traded at $1,700/tonne (€1,077/tonne) for the first time on Monday, $25/tonne higher than a deal done the previous week, spurred on by high energy and feedstock values and reduced production in Europe.

 

A trade seller and industry buyer confirmed the deal for 1,000 tonnes of July loading styrene at $1,700/tonne FOB (free on board) Rotterdam.

 

A deal done the previous week at $1,675/tonne FOB Rotterdam for July had constituted a new record high.

 

The most recent deal came on the back of higher benzene numbers seen earlier in the day and a general sentiment of market tightness after major producer Dow announced that it would run at reduced rates.

 

Benzene was talked at $1,315-1,330/tonne CIF (Cost, insurance and freight) Rotterdam on Monday afternoon, up $15-20/tonne from Friday’s close.

 

($1 = €0.63)

By: Peter Salisbury
+44 20 8652 3214

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