01 October 2013 11:23 [Source: ICIS news]
LONDON (ICIS)--The European October styrene barge contract has been agreed at €1,450/tonne ($1,959/tonne), a €92/tonne decrease from the previous month, buyers and sellers confirmed on Tuesday.
Following the sharp increase for the September contract and the subsequent downward movement on spot pricing, players had been expecting a sizeable reduction this month.
The decrease on feedstocks benzene and ethylene for October also added to the downtrend.
The October settlement was agreed by three pairs of buyers and sellers, and while some felt the €92/tonne reduction was steep in comparison to raw material movements, one buyer involved in the negotiation process noted that a sharp drop was required “to reflect current market conditions and stimulate demand”.
The contract price was agreed on a free on board (FOB) Amsterdam-Rotterdam-Antwerp (ARA) basis.
($1 = €0.74)
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