Global spot styrene markets hit new highs
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.
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