08 July 2008 15:51 [Source: ICIS news]
LONDON (ICIS news)--Spot styrene traded up $53/tonne (€34/tonne) in Europe to a new record high on Tuesday, the buyer and seller confirmed, with an ever-tightening July market held to account for the unprecedented spot values seen in the past week.
A trade buyer reported the deal with both an industry seller and broker confirming trading 1,000 tonnes of July loading styrene at $1,830/tonne FOB (free on board) Rotterdam.
This was $53/tonne higher than a deal reported earlier in the day at $1,777/tonne FOB Rotterdam which had represented a new record high.
Players cited low production levels across Europe and high demand from traditional consumers and traders looking to cover contracted volumes.
Demand was almost entirely focused on prompt business, with the market strongly backwardated.
The July market was valued at $1,815-1,830/tonne FOB Rotterdam whilst August was seen $30-35/tonne lower at $1,780-1,800/tonne FOB Rotterdam.
($1 = €0.64)
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