N. American June styrene settles down on benzene

Brian Balboa

11-Jul-2014

HOUSTON (ICIS)–North American June styrene contracts have settled at a decline 0.75 cent/lb ($17/tonne) on average from May, following the drop in the June benzene contract sources confirmed on Friday.

The decline, which took June styrene contracts to 78.75-82.75 cents/lb FOB (free on board) was in line with initial settlements throughout June at a rollover to a decline of 1.25 cent/lb.

The lower June settlement also represented the fourth consecutive month that styrene contracts have come down.

Producers did not announce any price increases for June styrene contracts.

North American styrene producers are already separately seeking to raise July contract prices by 8-9 cents/lb though, based on the most recent 80 cent/gal increase in the July benzene contract.

The higher July benzene settlement was in line with expectations from June, as the benzene market saw strong downstream demand from the styrene market, tight supply and limited prompt availability.

Buyer reaction to the proposed July styrene increases has remained thin since the July announcements came out last week. The July styrene contracts are expected to be fully settled in early August.

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