Northwest European styrene monomer prices rose above the US$1500/mt mark for the first time since November 12, 2014 as supply tightness in the region continued to bite, as per sources in Platts.
Styrene barges loading 5-30 days forward were assessed at US$1517/mt FOB ARA Thursday, up US$75/mt day on day. Week on week, prices have risen US$122/mt (9%) and US$372/mt (33%) since the beginning of the month. Market participants attributed the soaring styrene prices to a combination of turnarounds at styrene plants in Europe and vessel delays in the Houston Ship Channel. The delays mean styrene cargoes scheduled for early April for the Amsterdam-Rotterdam-Antwerp hub will not now arrive till early May, leaving the region with limited spot material in the coming weeks. The same source also highlighted the steepening backwardation between April and May, which he attributed to the different supply outlook for the months.
Sources estimated at least 100,000 mt of material was due to arrive in the ARA region in the second quarter, the majority coming from the US. One source also highlighted that no Asian material would be shipped to Europe, despite the open arbitrage, as the region has a heavier turnaround season than Europe.
30-Mar-15 
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