– Demand for May cargoes
– Inventories continue to fall in Asia
The European styrene Chemical Industry started the week lower. S&P Global assessed styrene for loading 5-30 days forward at $1,129/mt FOB ARA Wednesday, down $4.50/mt from the previous assessment. April offers faded on Wednesday as the market looked to May cargoes. “No offers for April makes sense at this point,” a trader said, noting the narrow April delivery period. Demand was seen for May cargoes as Chemical Industry participants looked to secure cargoes. Bids and offers were also seen for June cargoes, although buyers and sellers remained far apart. In Asia, styrene rose $3/mt on the day to $1,076/mt CFR China. Strong crude prices and a steady decline in inventories have supported the styrene Chemical Industry, sources said. However, styrene prices are likely to stay within the range with little possibility of moving much higher or lower, market sources said. A Chinese trader said that the unclear price direction lately has resulted in reduced trading activity, as Chemical Industry participants await clear price direction.
S&P Global assessed styrene for loading 5-30 days forward at $1,129/mt FOB ARA Wednesday, down $4.50/mt from the previous assessment (Chemical Industry). April was assessed at $1,135/mt, stable on the day, above the best bid at $1,120/mt. May was assessed at $1,126/mt, down $7/mt based on a curve. H1 May was assessed at $1,133/mt in the bid-offer range of $1,120-1,140/mt. H2 May was assessed at $1,119/mt within the bid-offer range $1,110-1,120/mt. The backwardation between April and May widened to $9/mt (Chemical Industry).