04 November 2010 21:47 [Source: ICIS news]
HOUSTON (ICIS)--Initial US styrene monomer (SM) October contract settlements were driven up 3 cents/lb ($66/tonne, €47/tonne) on average by higher feedstock costs, producers said on Thursday.
The increase took styrene contract prices to 61.00-64.00 cents/lb FOB (free on board) before discounts, as assessed by ICIS.
The price hike followed a 34.5 cents/gal increase, or 11%, in November benzene contract prices.
Sources said that producers were already planning another increase of 6-7 cents/lb for November styrene contracts.
The November hike would be based on stronger benzene prices, reduced supply for the remainder of the year and a 27% increase in ethylene spot prices this week, brought on by cracker outages in Texas and rising ethane prices.
Major US styrene producers include Americas Styrenics, BP, INEOS NOVA, LyondellBasell, SABIC, Total, Valero and Westlake. Major buyers include Helm, Shell, and Sunoco.
($1 = €0.71)
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