Spot prices for styrene in Europe fell last week amid lower crude oil prices and weaker demand in Asia, ICIS reported citing market participants.

June prices of styrene in Europe on Friday, June 23, were at the level of USD1,075-1,105 per ton, while the July prices were at the level of USD1,080-1,130 per ton.

Along with downward pressure on the wholesale market, retail prices also declined, while buying activity declined compared to a few weeks earlier.

In general, the demand for styrene is stable in the European market. However, the technical breakdowns in styrofoam production have caused concern in the styrene market.

Market players said that a stable demand during the summer months will increase confidence in the main styrene markets, which have experienced very difficult times due to large price fluctuations in recent months.

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

According to the Price Review of ICIS-MRC, last week prices of Russian polystyrene remained unchanged. The cost of the PSS / M production of Penoplex is at the level of 97,000 rubles. Per ton, including VAT. Prices of Nizhnekamsk polystyrene for general use at the spot were voiced in the corridor 92 000-94500 rub. Per ton. According to the information of a major player of the market, in the middle of June there is a good demand in the finished goods market. In his view, the good consumption of XPS-plates is associated with the accumulated deferred demand for products, which was formed during the unusually cold spring and early summer.