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Asian Styrene monomer: Prices are ranging amid a slow buying appetite / Rising freights widen China India spread / SM operating rates are rising in the week

Asian Styrene monomer: Prices are ranging amid a slow buying appetite / Rising freights widen China India spread / SM operating rates are rising in the week

Apr 29, 2024

CFR China styrene monomer and FOB Koreamarkers April 26 at $1,170.50/mt and $1,160.50/mt, both up 50cents/mt from the last assessment.Price discussions for Asian SM in Chinese domestic marketswere heard to have remained thin, with some market participantsattributing it to poor buying appetite."There is not much [market participants] who still requirerestocking, so it is relatively quiet," a market source shared.Crude oil futures were higher in mid-afternoon Asian tradeApril 26, as investors mulled supply-side worries as Israelincreased air strikes at Rafah and may later proceed with aground operation.Overall, the front-month ICE Brent futures contract ended 77cents/b higher on the day at $89.15/b.Despite the rise in upstream crude oil prices and lowered SMinventory levels in China, increased SM capacity utilizations andweak buying appetite has pressured SM prices.The SM futures DCE EB2406 futures contract...

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