05 January 2011 15:17 [Source: ICIS news]
LONDON (ICIS)--INEOS NOVA is targeting a €135/tonne ($180/tonne) increase for January polystyrene (PS) in Europe following settlement of the third styrene barge contract on Wednesday, the company said.
The move came hot on the heels of an announcement by BASF of a €140/tonne increase for January PS.
Three styrene barge contracts were settled for January at an average increase of €126/tonne.
PS buyers had paid increases of around €35/tonne in December, leading to general purpose PS (GPPS) prices close to €1,400/tonne FD (free delivered) NWE (northwest Europe) at smaller accounts.
Styron had already made it clear in December that it would be seeking €130/tonne increases for January.
It was too early to tell how successful European PS producers would be in covering upstream costs in January, but the supply/demand situation was in their favour following several permanent plant closures in 2009.
“Prices are getting close to their historical high,” said a buyer. “I wonder how long this can last.”
January business was not expected to come under discussion until well into the month.
($1 = €0.75)
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