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Asian styrene monomer market will remain under pressure for the rest of the year

September 22/2011

(ICIS) -- The Asian styrene monomer (SM) market will remain under pressure for the rest of the year as a result of persistently weak demand in the region, producers and traders said on Thursday.
Spot prices for October and November parcels slipped below USD 1,450/tonne (EUR 1,059/tonne) CFR (cost & freight) China this week, compared with prices at above USD 1,500/tonne CFR China a month ago, according to ICIS data.


Demand from the downstream styrenics sector is weak, although Chinas manufacturing season for exports typically lasts for three months until the end of September each year.


The ongoing debt crisis in the eurozone and the weak economic outlook in the US has dampened demand for China-made products. At the same time, tightened credit conditions in China have also curbed domestic demand for resins.


The outlook for the SM market remains weak, given that the fourth quarter is an off-peak season for styrenic resins. Therefore, most players are cautious about the near-term outlook. Prices in the region are weak despite the tight supply conditions in the Asian market.


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