03 June 2013 21:07 [Source: ICIS news]
HOUSTON (ICIS)--Initial US May styrene contract settlements are expected this week at a rollover to slightly lower, according to market participants on Monday.
Only one major producer confirmed a price-increase nomination of 2 cents/lb ($44/tonne, €34/tonne) for May, following the 11 cents/gal rebound in the May feedstock benzene contract.
However, the recent weakness in the benzene spot market has caused the June contract price to decline by 5 cents/gal.
Some styrene trade sources have said it might be difficult to pass through any May price increases, as suppliers are seeing healthy margins despite weak demand.
US styrene demand has been thin, but the market has been globally tight because of recent and ongoing turnarounds in the US and abroad.
May styrene contracts are expected to be fully settled by next week.
April styrene contracts were settled at 77.25-81.25 cents/lb FOB, down 2.25 cents/lb from the previous month.
($1 = €0.77)
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