15 June 2011 22:30 [Source: ICIS news]
HOUSTON (ICIS)--Growing inventories, coupled with a closed arbitrage window have kept the US styrene market quiet for much of June, according to trade participants on Wednesday.
Trade sources have said about 25,000-30,000 tonnes of styrene have been stranded in the US Gulf with no place to go.
In addition, trade sources said Total’s combined 1.2m tonne/year styrene complex was running normally, following a power outage that led to equipment failure on 4 June, caused by bad weather.
Total would not comment on the status of the complex. Prompt styrene last traded on 8 June at 65 cents/lb ($1,433/tonne, €989/tonne) FOB (free on board). Since then, offers have come down to 63.00 cents/lb FOB, with no buying interest.
Some sources said the US styrene price might be lower, but with no buying interest it was difficult to determine where spot prices were.
“Hard to move it anywhere even at 60 cents/lb,” said one US styrene broker.
In Europe, current styrene spot prices are at $1,360-1,390/tonne FOB RDAM (Rotterdam).
In Asia, styrene spot levels were at $1,355-1,365/tonne (61-62 cents/lb) FOB Korea.
($1 = €0.69)
For more on styrene visit ICIS chemical intelligence
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