China’s domestic SM prices fall on crude oil decline

23 September 2011 09:02  [Source: ICIS news]

SINGAPORE (ICIS)--China’s domestic spot prices of styrene monomer (SM) fell by yuan (CNY) 250/tonne ($39/tonne) from 22 September in line with a sharp drop in NYMEX crude futures to nearly $80/bbl and persistently poor demand from end-users, traders said on Friday.

The prices have fallen to CNY10,700-10,750/tonne ex-tank Zhangjiagang on 23 September from CNY11,350/tonne ex-tank seen earlier this week, the traders added.

“There are lots of offers this morning, but buyers have temporally adopted a wait-and-see stance,” a trader in east China said.

“SM demand has been weak in recent weeks and now that the prices of crude oil is down, there is even less support for the SM market,” a second trader said.

The inventory levels of spot parcels in east China are low, but most market players are cautious about the market in the near term given the price volatility this week, a third trader said.

($1 = CNY6.39)

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By: Cindy Wu

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