21 October 2013 21:41 [Source: ICIS news]
HOUSTON (ICIS)--Prompt month US styrene spot prices were close to moving below the 70 cent/lb ($1,543/tonne, €1,126/tonne), following the decline in feedstock benzene prices, trade sources said on Monday.
US styrene spot prices have not gone below 70 cents/lb since November 2012.
Current styrene spot prices were discussed at 70-71 cents/lb FOB (free on board), slightly down from 71-72 cents/lb FOB on Friday.
Forward month styrene prices were already below 70 cents/lb, with November material said to have traded at 68.5 cents/lb today, according to trade sources.
The decline in styrene prices was also in line with other US aromatics markets, and expectations from earlier in the month that the styrene market would continue to come down, pointing not only to weaker US benzene, but to price erosion in Europe as well.
Trade sources have also said that the US styrene market has been following feedstock benzene prices more closely as opposed to supply/demand fundamentals.
US styrene supply has been described as tight with the aromatics turnaround season still in full swing.
Styrolution is still set to begin a planned 65-day outage at its Texas City styrene facility in Texas, starting in early November.
The Texas City facility has a styrene capacity of 485,000 tonnes/year.
($1 = €0.73)
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