12 December 2012 17:18 [Source: ICIS news]
HOUSTON (ICIS)--US December styrene contracts will likely stay flat or decline, based on a lack of producer price increases, according to trade sources on Wednesday.
Although US November styrene contracts were still being settled this week, producers have confirmed that they have not issued any price increases for December styrene contracts.
The producers’ decision to not raise prices came despite a December record high feedstock benzene settlement at $4.93/gal ($1,476/tonne, €1,137/tonne).
Initial US November styrene contracts have settled flat to an increase of 5 cents/lb ($110/tonne) from the previous month, in line with most market expectations. Producers issued November price increases of 6-7 cents/lb, based on the previous November record high benzene settlement of $4.90/gal.
Even though the December benzene contract settlement was at a record-high of $4.93/gal, it was only up 3 cents/gal from the previous month.
The November benzene contract, which was the previous record high, gained 50 cents/gal.
Earlier this month, the styrene feedstock ethylene contract moved down for November, dropping 2 cents/lb to 45.25 cents/lb from the October price.
Current November styrene contract prices are at 76-80 cents/lb FOB (free on board).
($1 = €0.77)
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