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Europe styrene prices fall in line with crude despite firm demand

November 17/2010

(ICIS) -- European styrene prices this week have dropped significantly, in line with falls in crude prices, despite healthy demand in the fourth quarter ahead of an anticipated quiet December and lengthening supply, market sources said on Wednesday.


Following the steep drop in crude values that began late last week and a subsequent dip in styrene prices in Asia, styrene prices in Europe have fallen by up to $40/tonne (?30/tonne).


After styrene prices closed last week at $1,220-1,240/tonne FOB (free on board) Rotterdam, November spot values were at $1,180-1,200/tonne on Wednesday.


Crude values have fallen by almost $5/bbl since last week as the US dollar gained ground against the euro, which was suffering from concerns about Ireland's debt crisis.


Even before crude prices began to fall, sources said styrene prices were already fundamentally too high. Several buyers said that they had been content to remain on the sidelines, believing there was still room for prices to come down even further.


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