Ethyl benzene was valued at $1,343-1,352/tonne FOB NWE, up on higher spot numbers across the aromatics complex.
A sizeable increase is expected for the European August benzene contract later today following gains of nearly $200/tonne on spot prices during July. Several production problems and healthy downstream demand are keeping the market balanced-to-tight, while firm prices in Asia and the US added to the current bullishness. Spot values were at $1,280-1,295/tonne CIF ARA on Friday, up $35-42/tonne from last week’s close.
The European styrene market was subdued this week as players waited for the August barge contracts to settle. Activity was sparse, with buyers electing to remain on the sidelines. Many feel the market has become overheated, one trader said, adding to the muted feeling during the week. Spot values were at $1,500-1,520/tonne FOB Rotterdam on Friday, up $20/tonne from the previous week’s close.
The European ethylene contract settled at €1,120/tonne FD NWE for August, up by €30/tonne from July. The increase was driven by firm feedstock and a better-than-expected outlook for demand. Spot numbers are rising and have reached the low €1,000s/tonne on the pipeline.
($1=€0.70)
This week on ICIS ( www.icis.com ) :
29/07/2011 07:29 Asia benzene hits three-month high on rising prices in US, styrene
28/07/2011 20:48 US Congress may review 'likely carcinogen' label on styrene
28/07/2011 16:07 Europe August benzene contract to firm on global bullishness
27/07/2011 05:58 Rising SM prices in Asia open US-China arbitrage
