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(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.
mrcplast.com
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