08 July 2008 11:14 [Source: ICIS news]
LONDON (ICIS news)--A European spot styrene deal was reported $30/tonne (€19/tonne) up at a new record high of $1,777/tonne on Tuesday, giving market participants much needed clarity on market value.
A source at a major European producer, who cited a lack of prompt material, reported buying 1,000 tonnes of styrene with July loading at $1,777/tonne (€1,137/tonne) FOB (free on board) ARA (Amsterdam, Rotterdam, Antwerp), from a second producer that was not available for comment at the time of writing.
The previous high was set on 4 July at $1,747/tonne FOB ARA.
Players had commented that it was extremely difficult to assess the level of the market, given that there were no firm bids or offers. The deal gave the market direction, one trader said, although not a direction end-users would be happy with.
Buy/sell indications were pegged at $1,770-1,780/tonne FOB Rotterdam after the deal, up $20/tonne on the buy-side from the previous day’s closing range.
($1 = €0.64)
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