02 January 2013 15:34 [Source: ICIS news]
LONDON (ICIS)--An initial European styrene barge contract for January has settled at €1,488/tonne ($1,958/tonne), an increase of €60/tonne from the previous month, one buyer said on Wednesday.
“It is a hard month but the derivative market needs to show strength in demand after the Christmas break, and we expect higher prices to come in the run up to outages at the end of the first quarter,” the buyer said.
“So a number just over costs is compromise reached,” it added.
The contract price is agreed on a free on board (FOB) Amsterdam-Rotterdam-Antwerp (ARA) basis. Further confirmation from other players is pending.
Two producers and two consumers need to confirm the contract price for it to fully settle.
($1 = €0.76)
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