European styrene is on another upward streak this week on firm buying interest as well as support from rising Asia prices, according to market sources.
European styrene prices eased back last week following a surge at the end of June after the shutdown of Ellba's propylene oxide styrene monomer unit in Moerdijk on June 27.
However, European prices are on another upward streak this week, with three consecutive days of price increases between Monday and Wednesday.
The styrene spot price was assessed by S&P Global Platts at $1,217/mt FOB ARA Wednesday, up $86/mt from last Friday. The Ellba production complex remains shut and the price hike has been supported by rising bids, sources said.
Several July trades were reported on Wednesday at $1,220/mt for the last week of July.
There was strength in both prompt and August prices Wednesday, whereas previously bullishness was concentrated in July prices.
August prices increased sharply on Wednesday, marking a $40/mt daily rise, in line with a trade concluded at $1,170/mt.
Recent bullishness in Asia supported the rise across the months, sources said.
Late Sunday, there was a collision of vessels near the Changzhou Huarun petrochemical terminal. This led to the shutdown of Changzhou Donghao Chemical Industry's styrene monomer plant on Monday, industry sources said at the time. In turn, the supply disruption helped to firm up Asia prices.
The CFR China marker price rose to $1,190/mt on Tuesday, up $54/mt from Friday. On Wednesday, the marker dipped a dollar to $1,189/mt.
August delivery cargoes remained in high demand on the back of recent disruptions in Asia, adding to bullishness in Europe.
