LONDON (ICIS)--The European September styrene barge contract has been confirmed at €1,542/tonne ($2,029/tonne), an increase of €85/tonne from the previous month, as the second initial settlement received further support from players in the market on Tuesday.
Following an initial agreement between a pair of settling parties on Monday 2 September at €1,552/tonne, other players felt it was too high given the wider market fundamentals, and subsequently negotiated another number.
The buyer and seller involved in the initial settlement later agreed to follow the second negotiated number “in the interest of creating stability across the market,” the seller confirmed this morning.
European spot prices have soared to record highs since the end of August, with offers for prompt material reaching $2,000/tonne and deals for September already confirmed as high as $1,940/tonne.
The contract price was agreed on a free on board (FOB) Amsterdam-Rotterdam-Antwerp (ARA) basis.
($1 = €0.76)