06 June 2013 22:58 [Source: ICIS news]
HOUSTON (ICIS)--Initial US May styrene contract settlements this week have been stable to slightly higher, alongside tight supply, according to trade participants on Thursday.
One producer and a consumer have reported increases of about 1.00-1.50 cents/lb ($22-33/tonne, €17-25/tonne) this week, while a second producer has settled at a rollover.
Only one major producer confirmed a price-increase nomination of 2 cents/lb for May, following the 11 cents/gal rebound in the May feedstock benzene contract.
Market participants had expected May contracts to be stable to weaker because of the recent weakness in the benzene spot market that caused the June contract price to decline by 5 cents/gal.
US styrene demand has been thin, but the market has been tight globally because of recent and ongoing turnarounds in the US and abroad.
Additional settlements are expected to emerge this week.
($1 = €0.76)
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