Asian Styrene: Drops $13-18/mt per day on the weaker Chinese
market- Steeper Aug/Sep Backwardation in Domestic China- China's June SM Exports Drop 49.2% Compared to the
MonthSpot styrene monomer prices in Asia were
down $13-18/mt to $1,137-1,170/mt CFR China. However, the China domestic price
was higher Yuan 30-50,/mt on that day at Yuan 9,610-9,800/mt exp-tank. This
equates to $1,234.81-1,250.59/mt based on an import-parity basis on July 22, at
$1,234.81-1,250.50/mt. China's
domestic market saw prompt delivery prices rise, but forward H2 August delivery
prices fell Yuan 65-70/mt to Yuan 8,880-9,000/mt or $1,141.01-1,170/mt if you
use an import-parity basis. Yuan 60-80/mt
was added to the time difference between H2 August & H1 September at Yuan
340-400/mt forwardwardation. The export
market is still dominated by spot discussions, despite a large gap between
buying and selling indications. Sources...