LONDON (ICIS)--European spot styrene numbers continue to push higher this week, with bids for both August and September as high as $1,840/tonne (€1,380/tonne) on Friday and no firm corresponding offers.
After opening the week with offers around $1,730-1,740/tonne for August while buyers were as low as $1,710/tonne, some prompt availability concerns saw a midweek spike. August traded at $1,740/tonne while September deals were done as high as $1,745/tonne.
The upward momentum continued towards the end of the week, with August bids moving up to $1,755/tonne while September was $10/tonne higher.
However, with some players caught short of prompt material in an increasingly dry market, bids grew more aggressively. There was an unconfirmed September deal heard at $1,820/tonne, and by Friday morning bids for both months were at $1,840/tonne.
“I’ve never seen such a price rally before,” said one trader, who pegged September offers as high as $1,880/tonne.
“People have to have the product on September 1, and today is the last day they can buy because of nomination period,” said another trader.
“Product has been shipped out to the Med and there are a lack of imports. Add the fact that one southern European producer will go out in September and the month is shaping up to be very interesting,” added an industry source.
($1 = €0.75)