24 October 2013 21:47 [Source: ICIS news]
HOUSTON (ICIS)--The drop in US benzene spot prices this week has caused the downstream styrene spot market to drop below 70 cents/lb ($1,543/tonne, €1,126/tonne), establishing an 11-month low, according to trade sources on Thursday.
US styrene spot prices have not gone below 70 cents/lb since November 2012.
Feedstock benzene spot prices had already dropped to a 16-month low this week, which have pressured the styrene market lower.
October price discussions were last heard at 71-72 cents/lb earlier in the week, but trade sources said they have since shifted to November timing.
With November styrene taking over as the front-month during the week, current spot prices were at 69 cents/lb FOB (free on board), sources said.
November had already traded below 70 cents/lb with a deal at 68.50 cents/lb on Monday, when October was still considered the front month.
($1 = €0.73)
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