09 January 2013 15:48 [Source: ICIS news]
LONDON (ICIS)--German chemicals giant BASF is now participating in the European monthly barge styrene contract price (CP) process as a seller, the company confirmed on Wednesday.
“As one of the largest styrene producers in Europe, BASF is selling significant volumes to third parties with price references to the contract price as published by ICIS,” said a source from the company.
BASF and INEOS had previously spun off the majority of their styrenics business to form the joint venture Styrolution. However, BASF retained its styrene monomer capability in Ludwigshafen, Germany, as well as expandable polystyrene (EPS) assets there.
A major styrene buyer said: “We are happy that the single-number process has been established for over a year now and there are more people involved. The negotiations are always difficult, but a consensus has always been reached each month and a single number is valued by the industry.”
The European styrene barge contract price for January settled at €1,488/tonne ($1,958/tonne) free on board (FOB) Amsterdam-Rotterdam-Antwerp (ARA), an increase of €60/tonne from the previous month.
The increase followed a €69/tonne rise in feedstock benzene for January and subsequent spot price developments.
($1 = €0.76)
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