Global spot styrene markets hit new highs
by ChemOrbis Editorial Team - content@chemorbis.com
Spot styrene markets have retained their strength in all three major regions, namely in Asia, Europe and the US, on the heels of strong crude oil and a series of weather-related production disruptions in the US Gulf Coast.
In a region-based breakdown, spot styrene prices in Asia have increased by $75/ton so far this week despite a daily loss on Wednesday. Prices are now hovering at around $1285/ton FOB Korea, the highest level since October 2018, according to ChemOrbis Price Wizard.
Spot styrene markets in Asia have been following a firming trend since late December 2020 and soared by around $470/ton (58%) since then.
The upward rally has been more visible in European styrene markets, buoyed by an ongoing force majeure at LyondellBasell/Covestro’s styrene plant in Maasvlakte, the Netherlands.
In fact, spot prices have witnessed an unprecedented gain of $600/ton since the rally fully kicked off during the first week of February.
Spot styrene prices have reached their highest levels since January 2014 to stand at around $1680/ton FOB NWE, ChemOrbis data revealed. On a weekly comparison, spot prices gained nearly $100/ton so far this week.
The sharpest weekly gains were recorded in the US, where styrene production was severely affected by the freezing temperatures last week. ChemOrbis data show that spot styrene prices have jumped by $150/ton this week to stand at $1450/ton FOB USG, the highest level since March 2018. The cumulative increase amount in the US’ spot styrene market has reached $570/ton (64%) since the rising trend first started 8 weeks ago.
*Right click the image and open in a new tab to view the full-sized snapshot.
.jpeg)
In a region-based breakdown, spot styrene prices in Asia have increased by $75/ton so far this week despite a daily loss on Wednesday. Prices are now hovering at around $1285/ton FOB Korea, the highest level since October 2018, according to ChemOrbis Price Wizard.
Spot styrene markets in Asia have been following a firming trend since late December 2020 and soared by around $470/ton (58%) since then.
The upward rally has been more visible in European styrene markets, buoyed by an ongoing force majeure at LyondellBasell/Covestro’s styrene plant in Maasvlakte, the Netherlands.
In fact, spot prices have witnessed an unprecedented gain of $600/ton since the rally fully kicked off during the first week of February.
Spot styrene prices have reached their highest levels since January 2014 to stand at around $1680/ton FOB NWE, ChemOrbis data revealed. On a weekly comparison, spot prices gained nearly $100/ton so far this week.
The sharpest weekly gains were recorded in the US, where styrene production was severely affected by the freezing temperatures last week. ChemOrbis data show that spot styrene prices have jumped by $150/ton this week to stand at $1450/ton FOB USG, the highest level since March 2018. The cumulative increase amount in the US’ spot styrene market has reached $570/ton (64%) since the rising trend first started 8 weeks ago.
*Right click the image and open in a new tab to view the full-sized snapshot.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- March hints at further hikes in European PP, PE markets
- India’s PVC market dips to new lows on Taiwan’s March cuts, players seek signs of bottom
- Q1 turnarounds uplift Mid-East PP, PE markets in February; will it spill over to March?
- SE Asia’s indefinite PE shutdowns: A market in crisis as demand woes threaten survival
- Türkiye’s PPH markets perform better than copolymers in February
- Margin recovery priorities outweigh supply imbalances in European PVC markets
- Asian PVC demand stagnant; recovery hopes shift to end of Q1
- Tough slog in S Korea’s petchem industry spells disappointing 2024 financial results; will government's recent plan help weather the storm?
- China’s PP, PE markets face post-holiday supply surge and tepid demand
- A tug-of-war unfolds in Türkiye as PVC demand struggles against rising costs
