11 November 2011 17:05 [Source: ICIS news]
HOUSTON (ICIS)--US October styrene contract settlements dropped 7.50 cents/lb on average from September, on the back of lower benzene feedstock prices and weak demand, market participants said on Friday.
The declines took the October styrene contract price range to 60.50–65.50 cents/lb, and comes a week after initial settlements were heard at a drop of 7.00–7.50 cents/lb from September.
The lower October styrene settlement was also in line with expectations as styrene producers did not come out with any price initiatives for the month.
Market sources have said November styrene contracts, which are expected to settle in December, were already under downward pressure following an 18 cent/gal decline in the November benzene contract.
Major North American styrene producers include Shell Canada, Styrolution, Americas Styrenics and Total.
($1 = €0.74)
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