01 February 2010 17:03 [Source: ICIS news]
LONDON (ICIS news)--BASF aims to increase its polystyrene (PS) price in February by €45/tonne ($63/tonne), after Monday’s two barge styrene contract settlements were agreed at €1,002-1,005/tonne FD (free delivered) NWE (northwest Europe), down by €13-16/tonne from the sole January styrene contract, a company source said on Monday.
General purpose PS (GPPS) was trading at €1,120-1,150/tonne FD NWE in January, up by more than €150/tonne from December.
“The supply/demand balance supports such a move,” said the source.
Over 10% of installed European PS capacity had been permanently closed in 2009, creating a fine market balance which had not been seen in the PS industry since 2007. Throughout 2009, PS output had been significantly reduced in ?xml:namespace>
One major PS buyer did not accept the argument that prices should rise in February.
“They increased in January on the back of a styrene price hikes, now it’s gone down, they should bring the price back down again,” it said.
Monthly pricing discussions in the PS market were typically slow to evolve and an early settlement was not expected.
Major PS producers in
($1 = €0.72)
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