The European styrene spot price fell below $1,400/mt on Monday, hitting a seven-week low and tracking bearish Asian prices, S&P Global Platts data showed.
The 5-30 day spot price was assessed at $1,391/mt FOB ARA Monday, down $56 from Friday and the lowest since January 24.
European prices are tracking prices in Asia, sources said. The CFR China marker price has been on a downward trend over the past few weeks, dropping to $1,259/mt on Monday from $1,400/mt on March 3.
The Asian market has been bearish in the past weeks as inventory levels in China soared and demand failed to inspire.
European supply is expected to ease in the coming days as Trinseo's Terneuzen styrene unit is expected to come back from maintenance.
Despite the bearishness creeping into the European market, a trader said Monday that it was possible that European prices might rebound marginally from their steep fall.
Similarly in Asia, traders said a modest recovery was possible on evidence of renewed inventory drawdown on Monday from a 20-month high last week.
Performance of the European spot market is crucial to the upcoming discussions for the April contract price.
