South Korea balanced following supply
increment  SM margin remains negative  



Asian spot styrene monomer
price was lower by $10-12/mt, at $1,295-1,315/mt CFR China mark. The China
domestic price was down by Yuan 110-140/mt, at Yuan 9,665-9,695/mt exp-tank.
This equates to $1,277.72/mt based on import-parity on April 28. Spot discussion in China was held on April 28 at Yuan
9,650-9,670 for prompt delivery; Yuan 9,680-9,690/mt H2 May delivery; and Yuan
9,650-9,660/mt H2 June delivery. Sources
expect the spot discussion to be limited in the international market due to the
forthcoming Labour Day holidays. The
import demand from South Korea was less than expected, despite the more
balanced domestic fundamentals. On April
28, the SM production margin for non-integrated SM manufacturers was negative
$170-180/mt. Upstream, spot ethylene
prices were down $40-46/mt at $1,240-1,260/mt in Northeast Asia....