02 February 2010 08:14 [Source: ICIS news]
SINGAPORE (ICIS news)--Asian styrene monomer (SM) prices snapped a week-long losing streak to post gains this week on a rebound in energy futures and increased purchases by end-users before the Lunar New Year holidays, market players said on Tuesday.
Spot SM prices slipped to $1,250/tonne (€900/tonne) CFR (cost and freight) ?xml:namespace>
The rebound in energy futures to the mid-$70s/bbl lifted sentiment among SM players.Besides crude, buoyant feedstock ethylene numbers above $1,350/tonne CFR northeast (NE)
“Benzene values are weak but strong ethylene values had underpinned the SM price rise,” said a broker in
The replenishing of stocks among end-users ahead of the Lunar New Year holidays in mid-February also gave prices further impetus to rise.
“End-users have realised that prices could not go much lower towards last week,” said a producer in
Traders expected buying momentum in
Given the upcoming holidays across many parts of
“Without any near term catalyst, SM prices would likely track crude numbers,” said a Korean trader.
($1 = €0.72)
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections