Spot prices fall following earlier buy interest

European styrene started the week with falls in the spot market following earlier buy interest. S&P Global CSG assessed styrene for loading 5-30 days forward at $992.50/mt FOB ARA Tuesday, down $1/mt on the day. Earlier in the day, trades were heard at $980/mt followed by $975/mt for February cargoes. A trade was also heard at $1,010/mt for March ahead of the anticipated styrene turnarounds set to begin at the end of the first quarter. Traders closely monitoring the market began discussions of arbitrage opportunities. “If we drop below Asia by $80 [to account for freight] then we will see exports,” a trader said. In Asia, Asian styrene monomer fell $13/mt from last Tuesday to $1,074/mt CFR China and $1,024/mt FOB Korea Tuesday. Discussion remained muted as participants began returning to the market after week-long Lunar New Year holidays. In the US, styrene demand remains soft and it was last assessed at $990/mt FOB USG.

RATIONALE:

S&P Global CSG assessed styrene for loading 5-30 days forward at $992.50/mt FOB ARA Tuesday, down $1/mt on the day. February was assessed at $976/mt, down $4/mt, $1 above the latest outstanding bid at $975/mt with the offer at $985/mt. Earlier in the day, a February cargo traded at $980/mt, followed by another at $975/mt. March was assessed at $1,009/mt, down $6/mt on the day, $1 below the latest outstanding offer at $1,010/mt and with the bid at $1,000/mt. Earlier in the day, a March cargo traded at $1,010/mt.

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