The European styrene spot price surged Monday, breaching the $1,100/mt mark and reaching the highest level since June 3, despite length in the European market.
The styrene spot price was assessed at $1,100.50/mt FOB ARA Monday, up $16.50/mt, driven by upward movements in Asia, according to sources.
"It's an Asian story. [There is] no shortage of styrene [in Europe]," a source said adding that, if it was not for Asia, the European price would be $100-200/mt lower than the current level.
The CFR China marker price was assessed at $1,198/mt on Tuesday, rising sharply from $1,141.50/mt last Wednesday.
Sources have said that there was plenty of product available in Europe, but tightness in other regions, primarily Asia, was pushing up the price.
Exports were heard fixed to both Asia and Latin America.
The US, which is a major seller into both regions, was heard to be tight on product. This has made Asia and Latin America reliant on European product.
The first source added that he did not foresee much relief in prices in the coming months due to a heavy turnaround season in Asia and the US in Q1 2017.
"[We are talking] about months, not weeks," he said.
