Asia styrene falls on global commodities rout, market cautious

23 September 2011 03:47  [Source: ICIS news]

SINGAPORE (ICIS)--Spot prices of styrene monomer (SM) in Asia opened sharply down following heavy sell-offs in global equities and commodities markets, said traders on Friday.

NYMEX crude futures slumped more than $5/bbl (€3.70/bbl) overnight to just above $80/bbl, weighing on Asian petrochemical prices.

Offers for November SM parcels slipped to $1,375/tonne CFR (cost & freight) China on Friday, from $1,400/tonne CFR China on Thursday. No bids were heard, so far.

“Buyers are staying away, in anticipation of lower prices,” said a Korean trader.

The sharp decline in SM prices is expected to keep buyers cautious, said a broker in Singapore.

“There are no bids on my side,” the broker said.

November SM offers of around $1,375/tonne CFR China represents a complete erosion of the price gains this year, according to ICIS data.  

($1 = €0.74)

By: Clive Ong
+65 6780 4359

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