The European styrene spot price sunk to a seven-month low on Wednesday on ample supply, according to sources.
The styrene spot price was assessed at $952/mt FOB ARA Wednesday, down $6/mt on the day, and reaching the lowest point since February 25.
All European styrene monomer plants were heard to be operating smoothly, meaning that supply was plentiful.
"There is a little bit too much [of product]," a source said Wednesday.
European prices have been on a downward trajectory through September, seeing large declines from September 1 when the price was assessed at $988/mt.
Prices were seen at near parity levels to the US where the price was last assessed at 43.25 cents/lb ($953/mt).
Spare product in Europe meant there was interest to ship to Asia where several turnarounds were seen in the market. A second source said there were cargoes expected to be loaded in October from Tarragona and the ARA region heading towards Asia.
But the arbitrage between Europe and Asia is closed on paper.
The CFR China marker price was last assessed at $1,010/mt on Wednesday.
