Update2nd Europe October styrene drops €88/t
30 September 2008 11:10 [Source: ICIS news]
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MONTE CARLO (ICIS news)--A second European October barge styrene contract has been settled down €88/tonne ($128/tonne), at a larger increase than the initial settlement, a major producer and consumer said on Tuesday.
Speaking on the sidelines of the European Petrochemical Association (EPCA) meeting, sources from a major producer and consumer reported the settlement at €1,162/tonne FD (free delivered) NWE (northwest
The contract partners’ September settlement had been agreed at €1,250/tonne FD NWE.
An initial European October barge styrene contract was confirmed on Monday down €84/tonne at €1,166/tonne FD NWE, at lower levels than feedstock decreases in order to maintain production margins, a source at a major producer said.
Players at the EPCA meeting had expected decreases of around €100/tonne on the basis of decreases in October benzene and fourth-quarter ethylene of €74/tonne and €108/tonne respectively.
One styrene producer said that the level of the decrease had been necessary in order to maintain margins.
Three monthly barge styrene contracts and one FCA (free carrier) or contract reference price are usually settled publicly in
September barge styrene contracts had been settled twice at €1,250/tonne FD (free delivered) NWE (northwest Europe) and once at €1,230/tonne FD NWE, down €36/tonne, €30/tonne and €30/tonne.
The September FCA CRP was settled at €1,250/tonne FCA Rotterdam, down €40/tonne.
($1 = €0.69)
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By: Peter Salisbury
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