Europe benzene, styrene falls $35-45/tonne

08 October 2008 13:11  [Source: ICIS news]

LONDON (ICIS news)--The co-related European benzene and styrene markets were trading down $35-45/tonne (€26-33/tonne) on Wednesday, hitting new lows for 2008 on the back of energy complex losses and wider economic concerns, market participants said.

October loading benzene was valued at $950-975/tonne CIF (cost, insurance and freight) ARA (Amsterdam, Rotterdam, Antwerp) by global chemical market intelligence service ICIS pricing on Wednesday morning.

Styrene was heard offered at $1,290/tonne FOB (free on board) Rotterdam at the same time with no bids noted.

On Tuesday the benzene market closed at $995-1,010/tonne CIF ARA and the styrene market at $1,290-1,330/tonne FOB Rotterdam, $35-45/tonne higher than the previous close.

Market participants attributed the sharp fall to overnight losses in the energy markets, with crude oil down $4/bbl to a 10-month low in early trading. Fears over future demand in a weakening global economy were also cited.

Market values were at the lowest point of 2008, according to ICIS pricing historical data.

($1 = €0.73)

For more on benzene and styrene visit ICIS chemical intelligence

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By: Peter Salisbury
+44 20 8652 3214

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