19 December 2012 15:28 [Source: ICIS news]
LONDON (ICIS)--European spot styrene prices have moved up because stock positions are low and buyers have been in the market restocking, sources said on Wednesday.
The continuation of firm benzene spot prices was also a supporting factor, according to some market followers.
One week ago, December spot styrene was valued at $1,570-1,600/tonne (€1,193-1,216/tonne) FOB (free on board) Rotterdam, while on Wednesday December styrene was pegged at $1,650-1,675/tonne FOB Rotterdam.
Not every market participant was entirely clear what was behind the gains, with many describing the market as thin.
One trader, who was quoting higher prices, said: “I guess it’s due to benzene and some speculation.”
Another trader said: “I’ve no clue why we are so high, but we sold [out] and so is Asia.”
The second trader also said that a trading arm of a major aromatics producer bought March styrene at “around” $1,700/tonne.
($1 = €0.76)
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