The contract price of styrene monomer in Europe was finally agreed at EUR613 per tonne for May deliveries, which is EUR13 per tonne lower than the level of the previous month, ICIS reported.

The contract price was agreed on the terms of delivery of free on board (FOB) Amsterdam-Rotterdam-Antwerp (ARA).

This contract price has been confirmed by two sellers and three buyers, which is sufficient configuration to approve the contract price.

The material contract price has been declining for the third month in a row. In April, the contract price of styrene fell to its lowest level since the start of monitoring ICIS market quotes in 2012. Thus, in May, it fell even further.

According to ICIS, this level of contract price was last registered in this region in February 2009.

The negotiation process this month was delayed due to the holiday, which was celebrated in many countries on May 1.

Styrene is the main raw material component for the production of polystyrene (PS).

According to the ICIS-MRC Price Survey, at the end of last month, participants in the Russian PS market were dominated by bearish sentiment regarding the cost of Nizhnekamsk material in May. Against this background, PS market prices began to decline even a week earlier. In contrast to the situation a month ago, the main influence on price changes in May was exerted not by external markets, but by the situation on the domestic market.