Europe styrene falls to 2005 levels

21 October 2008 18:45  [Source: ICIS news]

LONDON (ICIS news)--European spot styrene values fell by more than $80/tonne (€60/tone) on Tuesday to their lowest levels since 2005 on failing demand and upstream value erosion, players said.

An October deal was rumoured in the late afternoon at $900/tonne FOB (free on board) Rotterdam with the front-month bid and offered at $875-900/tonne FOB Rotterdam.

The deal was down $80/tonne from business confirmed on Monday.  It also marked the lowest values seen in the market since trading was conducted within an $845-945/tonne FOB Rotterdam range in the week ended 23 December 2005, according to global chemical intelligence service ICIS pricing.

The fall was attributed to weak demand and falls in upstream benzene and worsening demand in downstream markets.

Earlier in the day, benzene had also traded at the lowest levels seen since 2005, down 50% from October contract settlement levels.

“Demand just isn’t there, and with benzene on the slide, it can only go one way,” said a trader source. 

($1 = €0.75)

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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