01 February 2013 22:57 [Source: ICIS news]
HOUSTON (ICIS)--A major styrene producer said on Friday it has settled some initial January contracts at an average increase of 3 cents/lb ($66/tonne, €49/tonne) from December, following the record high feedstock benzene price of $5.16/gal.
The initial settlements were above the December styrene contract price of 79.25-83.25 cents/lb FOB (free on board), according to ICIS. The early settlements were also in line with market expectations.
Consumer reaction was thin, but additional settlements are expected in the week ending 8 February. Suppliers had come out with January styrene contract price increases of 4-6 cents/lb, based on the January benzene price.
The producer said it would increase February styrene contract prices by an additional 2 cents/lb.
($1 = €0.74)
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