05 January 2011 10:04 [Source: ICIS news]
LONDON (ICIS)--A third European January styrene barge contract has been agreed between one pair of settlers at €1,205/tonne ($1,606/tonne), up €118/tonne from the previous month, the buyer and seller involved said on Wednesday.
“We are unhappy about the increase as it was announced in a very quiet market,” said the buyer.
According to the producer, the January contract price was the result of sharp increases in European benzene, ethylene and energy values, as well as a healthy supply/demand balance.
However, the producer added that the current price did not allow it to cover costs and when derivative markets strengthened it would be looking to recover losses and rebuild margins.
The settlement was made on a free delivered (FD) northwest Europe (NWE) basis.
($1 = €0.75)
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