New partners to publish Europe monthly styrene price with ICIS

29 July 2010 14:32  [Source: ICIS news]

LONDON (ICIS news)--A new set of European partners has agreed to publicly publish a monthly styrene barge contract price in a bid to establish a benchmark price for the industry, both players said on Thursday.

There has been some frustration in the European styrene market regarding the monthly barge settlement following several consolidations that brought the number of settling partners down from three to just one.

Some players felt that the single settlement did not accurately reflect the domestic market, and others questioned who was to take responsibility for monthly contracts in the styrene sector.

While a new pair of settlers agreed to publish a monthly price earlier this year, they have frequently been unable to reach consensus on where the barge number should be.

“This has to be better for all involved in the market than a single reference point we have seen in recent months,” said one European styrene player.

The July styrene barge contract was agreed at €973/tonne ($1,264/tonne), down €99/tonne from the previous month.

($1 = €0.77)

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By: Truong Mellor
+44 208 652 3214

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