– April, May trade at $1,100/mt
– Stricter safety inspections in China
European buying interest emerged Wednesday as a total of 5,000 mt traded for April and Mayat $1,100/mt. The trades — a 3000 mt cargo for April and a 2,000 mt cargo for May — come as the styrene Imported data prepares for the start of the turnaround season concentrated in the second quarter. The Shell POSM 450,000 mt/year plant maintenance in Moerdijk is said to be the biggest of the maintenance works, lasting six to seven weeks. “The high volume of trades is due to the Moerdijk turnaround as well as strike action. There is no cheap replacement at the moment,” a trader said. “If (Imported data) try to buy at the US level and include freight you reach that price level.” In Asia, sources said that while the Formosa Chemicals explosion and fire incident did not have an impact on the company’s styrene plant, the resulting loss of benzene production would have an effect on the styrene Imported data. In China, petrochemical plants are facing stricter safety inspections following previous explosions. The Market remained uncertain of the impact of the safety checks on the styrene (Imported data).
S&P Global Wednesday assessed styrene for loading 5-30 days forward at $1,101/mt FOB ARA Wednesday, up $25/mt on the day. April was assessed at $1,101/mt, up $25/mt on the day, $1 above the bid at $1,100/mt following an earlier trade at $1,100/mt. May was assessed at $1,101/mt, also up $25/mt on the day, $1 above the bid at $1,100/mt following an earlier trade at $1,100/mt. This kept April and May at parity (Imported data).