23 September 2011 03:47 [Source: ICIS news]
SINGAPORE (ICIS)--Spot prices of styrene monomer (SM) in ?xml:namespace>
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
“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)
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