10 August 2012 19:22 [Source: ICIS news]
HOUSTON (ICIS)--US July styrene contracts settled up by 3.50 cents/lb from June on the back of the increase in the July benzene contract, market participants said on Friday.
The July styrene contract was assessed in a range of 70.50-74.50 cents/lb ($1,554-1,642/tonne, €1,259-1,330/tonne).
The July increase surpassed price increase nominations of 3 cents/lb.
The July contracts rose from June levels of 67-71 cents/lb, producers said.
The July US benzene contract had settled at $4.30/gal, up 19 cents from the June contract following heavy buying on tight supply positions.
Styrene producers are also looking to raise prices again for August contracts, and have already issued increases of 7-8 cents/lb, based on the 30 cent/gal increase in the August benzene contract.
Major US styrene producers include Americas Styrenics, Styrolution, LyondellBasell, Total and Westlake Chemical
($1 = €0.81)
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