17 September 2009 05:27 [Source: ICIS news]
SINGAPORE (ICIS news)--The re-emergence of deep-sea parcels is exerting downward pressure on styrene monomer (SM) values in Asia - to the tune of $20/tonne (€13.6/tonne) - reversing last week’s price uptrend, traders and brokers said on Thursday.
SM spot prices in Asia rebounded last week when deep-sea parcels were placed to ?xml:namespace>
However, the price uptrend fizzled out this week when lower offers for October and November deep-sea cargoes re-appeared. Brokers in Asia said cargoes from the
Several end-users in
“These offers are around $20/tonne lower than the quotations for Asian cargoes at around $1,070/tonne CFR, LC 90 days,” said a buyer in
However, most buyers remained in a wait-and-see stance, believing that prices had further downside potential in the near term.
“Energy prices had rebounded above $70/bbl, but SM values continued to sag which showed that demand had tapered off,” said a Korean trader.
Meanwhile, plastics demand post the Chinese National Day holidays remained uncertain with some resin players anticipating minimal pick-up, citing the recession in the US and Europe curbing consumption of China-made products this year.
($1 = €0.68)
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