12 July 2013 15:48 [Source: ICIS news]
HOUSTON (ICIS)--US June styrene contracts have settled at 76.75-80.75 cents/lb ($1,692-1,780/tonne, €1,286-1,353/tonne) this week for an average decline of 0.50 cents/lb, according to trade participants on Friday.
The decline was in line with some market expectations after US styrene producers opted not to raise prices, following the 5 cent/gal drop in the June benzene contract.
Initial US June styrene contract settlements had emerged last week and this week at rollovers to declines of 1.50 cent/lb.
However, styrene 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.
Looking ahead to July, styrene producers have opted again not to increase contract prices after the July benzene contract declined by 35 cents/gal.
($1 = €0.76)
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