02 July 2013 11:44 [Source: ICIS news]
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LONDON (ICIS)--The European July styrene barge contract has settled at €1,410/tonne ($1,831/tonne), a reduction of €4/tonne from the previous month, two sellers and two buyers said on Tuesday.
The fall in the styrene barge contract price followed a €67/tonne fall in the upstream benzene July contract price. Styrene reductions were limited by tight supply.
A buyer involved in the settlement was unhappy with the reduction, which it said could suppress derivative demand.
“This is seen by all buyers as a poor settlement and may have impact on demand in the derivatives market. I for one am not happy with it,” the buyer said.
The buyer added later: “From our perspective, settlement was achieved after buyers broke the deadlock.
“The settlement was seen as one that heavily favoured the producers who are riding on the back of spot prices in the market to force a roll over. INEOS is not happy with the settlement but felt it was not in anyone's interest to draw the process out any further.”
The contract price was agreed on a free on board (FOB) Amsterdam-Rotterdam-Antwerp (ARA) basis.
($1 = €0.77)
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