- Benzene August prices tumble- Styrene activity muted



As June ended, European benzene prices
dropped on June 29, with a strong backwardation in July and August delivery
dates. Due to
higher gasoline demand, European stock levels were constrained. In August, there was a backwardation structure that
indicated some hope for supply improvement, despite the fact that aromatics
were scarce through summer and gasoline specifications changing to winter
grade. The forward delivery can for five
to thirty days was valued at $1,779-1,800/mt CIF-ARA on June 29, an $11
decrease on the previous day. August
prices fell by more than $90-96/mt, as offers dropped to $1,670-1,700/mt. Styrene activity was still muted downstream with prices
hovering around $1,800-1,820/mt FOB AR. The
market was quiet, as sources were focusing on the settlement of the benzene
contract price before the settlement...