08 July 2013 19:44 [Source: ICIS news]
HOUSTON (ICIS)--Initial US June styrene contract settlements have emerged at rollovers to declines of about 1 cent/lb ($22/tonne, €17/tonne) last week, according to trade participants on Monday.
US styrene producers did not come out with any price increases for June contracts, following the 5 cent/gal drop in the June benzene contract.
Price direction for the June styrene contracts had been unclear in late June because of the globally tight supply situation and declining feedstock benzene market in the US.
However, with the strain on styrene inventory in the US and globally, trade sources have said the styrene market is now decoupled with the feedstock benzene market.
The styrene market typically follows price direction from the feedstock benzene market. The largest outlet for benzene is ethylbenzene, of which nearly all is consumed in the production of styrene.
June styrene contracts are expected to be finalised later this week.
May styrene contracts were settled at 77.25-81.25 cents/lb.
($1 = €0.78)
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