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European Apr styrene spot surges to two-week high on new supply problem

Increase font size  Decrease font size Date:2018-03-30   Views:647
The European April styrene spot price surged to a two-week high Tuesday on a new supply problem in Europe, according to S&P Global Platts data.

The April spot price was assessed at $1,399/mt FOB ARA Tuesday, the highest level for April since March 14.

April bids were heard rising to $1,400/mt at the end of the day Tuesday, indicating further upward pressure on the price. April spot fell to $1,325/mt on Thursday last week, but there have since been increases.

BASF's restart of its Ludwigshafen styrene unit in Germay has been delayed, industry sources said Tuesday. Works at the styrene unit began in February and were expected to be completed by the end of March. But the restart has been postponed, and a new restart date is unknown.


This led to strong bidding on Monday where trades for April were concluded at $1,420/mt and $1,435/mt.

The supply situation in Europe remained unclear as the market disagreed on availability.

One source said supply remained limited in early April, although cargoes can be found in late April.

A second source disagreed however, saying that "[there is] lots of product available for April."

This week, US export cargoes were fixed to Europe for arrival in early May.

An improved supply picture in May has kept the styrene market in a firm backwardation in Europe.

May was assessed at $1,335/mt Tuesday, at a $64/mt backwadation to April.
 
 
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