06 November 2008 12:42 [Source: ICIS news]
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“We have settled at €710/tonne FCA [free carrier]
A consumer confirmed that it had settled its November business at this level.
“We would have liked to see it more like €700/tonne, but it is a fair reflection of the market,” he said.
The truck CRP has traditionally followed the settlement of barge styrene contracts, with a minimum of three consumers confirming the number. Final confirmation was pending.
Three November barge styrene contracts were finalised on Tuesday and Wednesday at €580/tonne FD NWE (northwest
The settlements marked respective decreases of €530/tonne, €462/tonne and €456/tonne. Market participants believed that the largest decrease was the greatest month-on-month contract decrease ever seen in the petrochemical sector.
Upstream benzene settled at €316/tonne FOB (free on board) NWE, down €481/tonne, in November, and spot trading levels were seen as key to the drops.
Spot values had fallen 50% plus to five-year lows in October as energy complex values collapsed and demand faltered on fears over the global economy. Styrene values had lifted slightly by Wednesday, with a trade reported at $745/tonne FOB
($1 = €0.77)
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