Chemical Industry news of NWE Styrene
– Imports from US add to supply
– Asia highest-priced region
The European styrene Chemical Industry fell significantly Thursday on weak demand and oversupply. S&P Global assessed styrene for loading 5-30 days forward at $1,039/mt FOB ARA Thursday, down $42.50 from Thursday. Despite the fall in European prices buyers and sellers remained far apart. Bids were seen at $1,000/mt while offers moved lower to $1,040/mt from $1,065 /mt earlier in the day. No deals were reported. Chemical Industry participants also pointed to styrene imports from the US increasing European supply. In Asia styrene inched $11 higher on day to $1,088/mt CFR China Chemical Industry Thursday on the back of the release of fresh weekly inventory data indicating a drawdown in stockpiles. The fall in European prices caused Asia to become once again the highest priced region globally. A Chinese source attributed styrene’s rise to greater Chinese domestic buying. According to sources, styrene inventory in East China Chemical Industry fell 19,500 mt week on week to 241,000 mt Thursday. In the US, prompt and forward-month styrene prices were assessed Thursday at $990/mt FOB USG.
S&P Global assessed styrene for loading 5-30 days forward at $1,039/mt (Chemical Industry) FOB ARA Thursday, down $42.50 from Thursday. May was assessed at $1,039/mt, down $45 on the day, $1 below the offer at $1,040/mt and above the bid at $1,000/mt (Chemical Industry). June was assessed at $1,039/mt, down $35 on the day, $1 below the offer at $1,040/mt and above the bid at $1,000/mt. This put May and June at parity.