European benzene and styrene prices were rebounding strongly Friday from a mid-week lull tracking bullishness in the Asia market, S&P Global Platts data showed.
The 5-30 day benzene spot price fell to $970/mt CIF ARA Wednesday, the first time it was assessed below $1,000/mt since January 19. On Thursday, the spot price was assessed at $975.50/mt CIF ARA. The styrene spot price was assessed Thursday at $1,510/mt FOB ARA, the lowest level since February 1, with offers earlier in the day on Thursday heard even as low as $1,500/mt.
However, bid-offer ranges heard Friday lunchtime in London were significantly higher.
Benzene March bids were heard at $1,010/mt, while styrene bids were heard at $1,535/mt.
Strength in the European market mirrored a rebounding Asia market.
The benzene FOB Korea marker price was up $44/mt on the day to an assessment of $970.50/mt Friday and the styrene monomer CFR China marker price was assessed at $1,407.50/mt, up $35/mt on the day.
Market players will be eagerly watching developments in the benzene and styrene spot prices.
The March benzene and styrene contract settlements expected next Tuesday and Wednesday respectively will be largely dictated by developments in the spot market in the next few working days.
