28 March 2012 05:23 [Source: ICIS news]
SINGAPORE (ICIS)--Asian styrene monomer (SM) prices rebounded this week on the back of buoyant crude futures and an emergence of buying interest, market sources said on Wednesday.
Spot offers stood at $1,480/tonne (€1,110/tonne) CFR (cost and freight) China, up $20/tonne from last week, market sources said.
SM prices were assessed at $1,460/tonne CFR China on 23 March, shedding 3.6% over a three-week period, according to ICIS.
A firming up of crude prices helped lift the sentiment in the SM market. WTI crude futures are currently trading at close to $107/bbl on Wednesday.
“Some buyers believe that prices have limited downside potential for now, as crude is firm,” said a Korean trader.
A number of buyers, who were waiting on the sidelines for prices to slip further, re-entered the market, traders said.
An SM fixture for June shipment heard at $1,480/tonne FOB (free on board) ?xml:namespace>
Ongoing turnarounds at a number of SM facilities in Japan, South Korea and China are expected to keep product availability tight in Asia.
SM is a liquid chemical used for the manufacturing of plastic resins like polystyrene (PS) and acrylonitrile-butadiene-styrene (ABS) as well as synthetic rubbers like styrene-butadiene-rubber (SBR) and styrene-butadiene-latex (SBL)
($1 = €0.75)
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