12 April 2013 18:06 [Source: ICIS news]
HOUSTON (ICIS)--US March styrene contracts have settled at a decline of 2.25 cents/lb ($50/tonne, €38/tonne) on average from February, following a drop in the feedstock benzene market according to market participants on Friday.
Soft demand and readily available styrene inventories have also lent support to the drop in March styrene contracts.
The decline puts the March styrene contract price at 79.50-83.50 cents/lb FOB (free on board), and was in line with initial contract settlements over the past two weeks heard at a rollover to declines of 3.50 cents/lb.
Looking ahead, US styrene producers have already said this week that they did not issue any price increases for upcoming April contracts, also in line with the recent drop in the feedstock April benzene contract.
Although there are no price increases expected for April, one styrene consumer has said it expects a rollover for April contracts.
($1 = €0.76)
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