10 September 2008 08:41 [Source: ICIS news]
By Clive Ong
SINGAPORE (ICIS news)--Asia styrene monomer (SM) prices have remained on a downtrend in early September as persistently weak demand and lower oil values exerted downward pressure with the outlook similarly bleak, said traders on Wednesday.
With the imminent arrival of the week-long Chinese National Day holidays in early October, some market players believed demand for in the downstream resins sector could remain weak for the remainder of the year.
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Crude values had retreated from a record high of around $147/bbl in the first half of July to below $105/bbl in the corresponding period in September.
Apart from falling crude numbers, SM prices have also been weighed down by persistently poor demand since the start of the third quarter. Spot values declined from $1,640-1,685/tonne CFR (cost and freight)
Initially, market participants anticipated a rebound in demand post the Beijing Olympic Games at the end of August but they said buying interest had remained sedate so far.
The downstream styrenic resins sector has continued to see a slowdown with factories in
Meanwhile, shore tank inventories in eastern
Slow offtake from end-users despite low inventories pointed to feeble demand in the key Chinese market, sources said.
“Both domestic and import prices in
A deluge of cargoes from Asia and the Middle East is expected to arrive in
“With consumption looking unlikely to pick up, the market would not be able to digest the increased availability,” said one trader based in southern
Slow demand in
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