- Flattening backwardation in China- Styrene rises with rising oil
prices





Asian spot styrene monomer prices rose
$47.50-53.50/mt to $1,152.50-1,180.25/mt CFR China. The China domestic price
was higher at Yuan190-250/mt at Yuan 9,900-10,500/mt exp-tank. This equates to
$1,272.81-1,300.50/mt based on import-parity July 26. China's domestic market was more stable, with
the prompt rising Yuan190-250/mt and the forward H2 August delivery prices
increasing Yuan430-500/mt on July 26 at Yuan 9,100-9,500/mt or $1,169.95-1,200.50/mt
if you use an import-parity basis. The time difference between H2 August
& H1 September was flattened from Yuan 70-90/mt to a Yuan 350-400/mt forward action. Spot negotiations remained muted in China's
export market due to a wide gap between buying and selling indications. A
source indicated that Japan would be offered CFR China plus $50-55/mt FOB
Korea. However, no bids were...