13 November 2008 16:57 [Source: ICIS news]
LONDON (ICIS news)--Spot styrene prices fell to a 68-month low in Europe on Thursday despite reports from producers and consumers that production was down by as much as 50-60%.
A December trade was confirmed at $635/tonne FOB (free on board) ?xml:namespace>
The lower deal marked the lowest point seen in the styrene market since the week ended 6 March 2003, when trading was conducted within a $590-610/tonne FOB
Market participants expressed both surprise and concern over the 68-month lows, with many having thought that the recent five-year trough had been a bottom to the market.
Producers in particular expressed surprise that values continued to fall, given the level of production in
Other producers were reluctant to disclose their exact production rates but several agreed that the vast majority of production was running at a technical minimum, with a number of lines shut completely.
Dow’s Terneuzen production unit had one line down, and Repsol had halted production at Tarragona due to “mechanical problems”, sources said.
Reports of an 18,000 tonne consignment of styrene due to arrive in Europe from South
“We spoke to them this morning, and not even half of this has been sold,” said a source at one major producer.
Further volumes were seen as coming in from oversupplied Asian and
($1 = €0.80)
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