Europe November styrene truck CRP confirmed down €9/t

06 November 2009 10:08  [Source: ICIS news]

(Recasts, clarifying headline)

LONDON (ICIS news)--The European November styrene truck customer reference price (CRP) has been agreed down €9/tonne ($13/tonne) from October, one producer and a consumer said on Friday.

The CRP was settled at €820/tonne FCA (free carrier) Rotterdam.

Players had anticipated the fall after the styrene barge contract for November was agreed earlier in the week at €813/tonne FD (free delivered) NWE (northwest Europe), down €16/tonne from October.

The barge contract was a compromise of upstream movements and lower styrene spot values, sources had said earlier. The same was valid for the CRP.

“We took spot values into consideration,” the consumer involved in the negotiations said. “Although benzene settled up for November, the prospect is that December and January will see lower benzene values,” the player added.

The source also mentioned that styrene demand was already weakening ahead of the holiday season, with lower spot values anticipated towards the year-end.

On Friday morning, global chemical market intelligence service ICIS pricing assessed November values at $1,010-1,030/tonne FOB (free on board) Rotterdam, while December was slightly backwardated and pegged at $1,000-1,025/tonne.

($1 = €0.67)

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By: Madelon Ten Cate
+44 20 8652 3214

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