The contract price of styrene monomer in Europe was finally agreed at EUR1,067 per tonne for February deliveries, which is EUR50 per tonne higher than the level of the previous month, ICIS reported.
The contract price was agreed on the terms of delivery free on board (FOB) Amsterdam-Rotterdam-Antwerp (ARA).
So, in the European market, four approvals were reached at the February contract price for the material at the level of EUR 1,067 per ton from three buyers and two sellers.
Since June 2019, ICIS has been applying a new methodology for calculating the contract price of styrene based on the arithmetic average of all concluded transactions. Thus, it was approved at the level of EUR1,067 per ton.
It was previously noted that the January contract price for the material rose (by EUR64 per tonne) for the first time after three months of a downtrend, and in December last year it reached the lowest level since February 2016.
Styrene is the main raw material component for the production of polystyrene (PS).
According to the ICIS-MRC Price Review, no significant changes are expected in the Russian PS market in February. The Nizhnekamskneftekhim plant maintained the cost of material for shipments in February at the level of January. Penoplex also kept prices for general purpose polystyrene (PSS / M) unchanged. Gazprom Neftekhim Salavat (GFS) will finally set February prices this week, but no significant changes are expected.