Europe spot styrene prices hit $1,000/tonne FOB Rdam
LONDON (ICIS)–After a sharp upturn late last week, European styrene spot numbers have hit the $1,000/tonne FOB (free on board) Rdam (Rotterdam) mark, sources said on Monday, with sentiment supported by renewed buying interest and the expectation of stronger demand as the rest of the first quarter unfolds.
After trading at $960/tonne on Friday 6 February, price ideas for the current month shot up this afternoon. Bids for February were seen at $990/tonne amid talk of a deal done at $1,000/tonne, with renewed buying interest seen.
March bids were higher at $1,005/tonne, after trading as high as $985/tonne on 6 February, but there were no firm corresponding offers for either month.
This is the first time that European spot prices for styrene have breached $1,000/tonne since mid-December 2014.
“It is going up, but I don’t know why,” said one trader this afternoon. “We are hearing all sorts of crazy stuff; it all feels a bit crazy at the moment.”
There has been an upturn in the downstream styrenics market so far in February, ahead of the traditional peak construction season, and with the Asian market pulling US export volumes, this has the potential to tighten the European market in the coming weeks.