Chemical Industry news of NWE Styrene
– Contract price to settle this week
– US producer set for restart
The European styrene Chemical Industry started the week on a quiet note as prices remained stable on the day. Expectations for the May styrene contract price in Europe have been heard at a rollover or a small increase. “I expect a Eur30/mt increase relative to benzene and ethylene costs,” a source said. Despite the rise in April styrene spot prices some Chemical Industry participants expected a rollover for the May contract price. “With the [current] supply-demand balance and the spread between spot and contract price at 13% there is no reason for an increase,” the source said, referring to the typical spread between spot and contract prices. The 5-30 day forward styrene spot price was assessed at $1,124/mt on Wednesday, rising 4% since the start of the month. Although the European Chemical Industry has been well supplied, prices have been increasing on falling Chinese inventories, styrene plant maintenances as well as an increase in feedstock benzene. In the US, sources said derivative demand could improve amid talk that LyondellBasell could restart styrene production at its Channelview facility in early May, following planned maintenance. In Asia, styrene rose $7/mt from last Wednesday to $1,075/mt CFR China Wednesday amid thin discussion ahead of the holiday in China.
S&P Global Chemical Industry styrene for loading 5-30 days forward at $1,124/mt FOB ARA on Wednesday, stable on the day. May was assessed at $1,124/mt FOB ARA, stable on the day amid no disproving indications. June was assessed at $1,096/mt FOB ARA, stable on the day amid no disproving indications.