Worst is over for Styrene Monomer; prices expected to firm up in the coming weeks – 18 Dec 2014

Styrene monomer prices falling continuously in South Korea due to huge inventory and sliding of the crude oil globally. In third week of November 2014, price of the solvent went high by 3% only but after that it doesn’t show any spike in upward direction.

During the last week of November, prices were rolling down everyday and settled at $1,133 per MT FOB Korea by 28th November2014. Declining in the Styrene prices was noticed to be around 10% with in the same week. On 1st December 2014, prices gained some upward movement and showed 1.8% increase to settle at $1,021 per MT. But the chemical could not maintain this level and by the end of the week (5th Dec-2014) it again came down to $1,040 per MT FOB Korea.

In the second week of December 2014, the market continued with the downward trend of the chemical and price depreciated by 18.7% to settle at $830 per MT FOB Korea, which was the lowest price recorded for Styrene in 2014. Prevailing week shows mixed trend for Styrene monomer and the price settled at $ 833.50 /MT FOB Korea as on 17th December2014.

According to our sources, “Prices of the Styrene has already hit its bottom and market is expected to show some affirmative response in the coming weeks". Ruling demand for Styrene monomer is moderate in Indian market.

An Official from M/S Supreme petrochem told the website, “ Discount is being given by the company on styrene due to ample amount of stock in the market but there is approving that market will firm up in coming weeks surely”.

Current Booking price of the Solvent is $940 per metric tonne FOB which is 80 USD up from the previous couple of weeks.