US styrene set to hit Europe through arbitrage window
According to the weekly average prices on ChemOrbis Price Wizard, spot styrene prices on FOB NWE basis are currently carrying a premium of around $125/ton against the US market. Data also reveal that Europe’s premium over US climbed by around $60/ton from last week.
Players report that a notable amount of styrene from the US is set to arrive at European ports in the second half of April. “Despite the awaited arrival of US cargoes and weak fundamentals in the regional PS and ABS markets, spot styrene prices in Europe continue to follow a firm path,” a few traders opined.
In Europe’s spot naphtha market, prices have maintained their rising trend recently owing to bullish crude oil futures. According to data from ChemOrbis Price Index, the weekly average of spot naphtha prices is currently hovering around its highest level since November 2014.
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