10 February 2011 23:27 [Source: ICIS news]
HOUSTON (ICIS)--US January styrene monomer (SM) contracts rose by 4.50 cents/lb ($99/tonne, €72/tonne) because of higher feedstock prices, market sources said Thursday.
The settlement brought contracts to 72.50-75.50 cents/lb FOB (free on board), market sources said.
Additional settlements emerged during the week, after initial settlements were confirmed a week earlier at increases of 4.00-5.50 cents/lb.
Styrene producers had targeted hikes of 7.00-8.00 cents/lb for January and have nominated increases of 6.00-9.00 cents/lb for February.
The February styrene nominations came after that month's benzene contracts settled at $4.35/gal FOB, the third-highest contract ever.
One major styrene buyer said this week it was certain there would be an increase in February styrene contracts, based solely on the higher benzene contract.
Major North American styrene producers include Americas Styrenics, Styrolution, LyondellBasell, Total, and Shell Canada.
($1 = €0.73)
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