Europe prompt styrene moves up ahead of November

29 October 2013 12:07  [Source: ICIS news]

LONDON (ICIS)--Prompt pricing in the European styrene market has seen a sharp upturn so far this week, sources said on Tuesday, with concerns about availability for the first week of November emerging.

After closing last week around the $1,600/tonne (€1,152/tonne) FOB (free on board) mark following a deal done at this level, November spot numbers have gradually pushed higher this week. Bids opened on Monday at $1,585/tonne but quickly moved higher to $1,620/tonne, and there was an unconfirmed deal heard at $1,625/tonne.

By this morning, prompt November deals were confirmed at $1,650/tonne and $1,655/tonne with some bullishness ahead of November nominations supporting the uptrend.

However, several traders all cited availability concerns for early November as the key catalyst for the upward movement, with some vessel delays for imported material.

“There is some tightness for 1-5 November,” explained one trader. “It feels like history repeating itself.”

With derivative demand not expected to see any major improvements in the fourth quarter, other sources, however, do not see the likelihood of a sustained upturn on styrene pricing next month.

($1 = €0.72)

By: Truong Mellor
+44 208 652 3214

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly