Styrene prices skyrocket in Asia, Europe amidst reduced capacities in the US
Players attributed the recent steep increases in both markets to the increasing demand from the US as a result of prolonged production disruptions in the country.
In Asia, spot prices surged about $345/ton since the beginning of the year to be currently reported at around $1515/ton on an FOB Korea basis. In addition to the disabled supplies in the US, several maintenance shutdowns and strong benzene prices in Asia are also supporting the firming sentiment in the styrene market.
Similarly, European styrene prices have reached the highest levels since late March 2015, according to ChemOrbis Price Wizard. Spot prices are now reported at around $1506-1510/ton on FOB ARA basis, up approximately $320/ton from early this year.
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