A second North American producer has nominated the May styrene monomer contract price 8 cents higher, a source confirmed Tuesday. Ineos on Tuesday said the May increase was 8 cents, matching an earlier announcement from SABIC.
"Some have gone up 7 [cents], some have gone up 8 [cents]," the source said. "But everyone is going up."
Variable costs for styrene were near 68 cents/lb on Tuesday, based on spot feedstock prices. Based on April contracts for feedstocks, variable costs were closer to 60.5 cents/lb. The last reported spot deals were at 70.5 cents/lb and 71 cents/lb. A source on Tuesday said the next spot deal would be at 72 cents/lb or higher.
The increase pushes the domestic contract price for styrene into the mid-70s cents/lb, a source said. The domestic contract price is generally a few cents above spot prices to account for delivery charges.
