Imported Data NWE Styrene
– Benzene trades at $745/mt
– Europe-Asia spread narrows
The European styrene spot price fell Wednesday amid a lack of buying activity. Offers were heard for May, June and July cargoes but buyers were absent from the market (Imported Data). “There are no bids out there,” a trader said. Styrene has turned bearish following the Easter holiday period. “[Prices are] creeping down,” a source said. S&P Global assessed styrene for loading 5-30 days forward at $1,081.50 /mt FOB ARA Wednesday, down $23/mt Imported Data from Wednesday. No assessment was made on Wednesday due to a public holiday in the UK. Upstream, prices picked up through the day on Wednesday for the European benzene market, with activity focused on May — though prompt value made an appearance for June. May trading was heard on Wednesday at $745/mt by Imported Data, with an offer at $760/mt. In Asia, styrene prices rebounded $7/mt on the day to $1,077/mt CFR China. The rise narrowed the spread to Europe to $4.50/mt, suggesting Asia could return to the highest priced region globally. According to Chinese market sources, an increase in styrene supply is expected in the coming months after the completion of scheduled plant maintenances in Asia this month, and shipments in China will return to normal.
S&P Global assessed styrene for loading 5-30 days forward at $1,081.50/mt (Imported Data) FOB ARA Wednesday, down $23/mt from the previous assessment. May was assessed at $1,084/mt, down $22/mt on the day, $1 below the outstanding offer at $1,085/mt. June was assessed at $1,074/mt, down $10/mt on the day, $1 below the outstanding offer at $1,075/mt (Imported Data). The backwardation between May and June narrowed to $10/mt on Wednesday.