Europe styrene traders question Asia import parcel

14 November 2008 17:08  [Source: ICIS news]

LONDON (ICIS news)--Participants in Europe’s styrene market expressed concern on Friday over the arrival of an 18,000-tonne styrene parcel from Asia amid the falling market and weak demand.

“I don’t understand what they can do with it,” said one trader. “Shifting that kind of volume is going to be really hard.”

A European trader who was marketing the styrene import confirmed that the transport ship, which had originated in Korea, would arrive in early December.

“We have already located volumes [offtake] and storage,” said the trader.

Market players questioned the logic of bringing the material into the market when, although it is more highly valued compared with Asia or the US, Europe values were in freefall and end-user demand was very weak.

Spot styrene had traded at five-year lows of around $600/tonne (€474/tonne) FOB (free on board) Rotterdam within the last several days.

Little relief was seen in the downward march on prices as demand continued to fall and energy complex and benzene values crumbled.

($1 = €0.79)

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By: Peter Salisbury
+44 20 8652 3214

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