- Backwardation narrows- Source: China imported 62,000 mt of styrene
from China in May





The Asian styrene prices dropped on June
20, following a weak Chinese domestic market. Intermonth spreads continue to shrink amid
market weakness. On an ex-tank base, the domestic China prompt
mark is down Yuan 95/mt to Yuan 7,430/mt. This is around $900.37/mt if you use
import parity. The June-July differential narrowed from Yuan
140/mt to Yuan85/mt in the previous session. Similarly, the July-August
difference narrowed from Yuan130/mt to Yuan90/mt. The region
continued to experience tepid demand conditions despite poor downstream demand. "I
received FOB Unv1 proposals, which were rumored to be headed to Korea. "But
the levels are too low for serious consideration," said an Unv1 producer. "In
addition, downstream customers' operating rates are quite low. I've heard
that some Unv1ese ABS (acrylonitrile-butadiene-styrene) producers...