European styrene prices surged to a five-week high on Friday, pulled higher by a strong Asian market, according to S&P Global Platts data.
Styrene was seen bottoming out in the past week, as prices recovered from a six-month low earlier in the month. However, strength continued despite relatively unchanged fundamentals as a result of higher Asian prices, sources said.
The 5-30 day spot price was assessed at $1,145/mt FOB ARA Friday, rising $57 day on day, $90 week on week.
The CFR China marker was assessed at $1,135.50/mt on Friday, jumping $110.50 week on week amid a fall in inventory levels and the start of maintenance at two units in China.
Although length in the European styrene market was reported to have eased, product was still heard available, despite reports that imports from the US for delivery between the end of May and the beginning of June were heard to be delayed.
"[I] do not see lack of product," a trader source said.
Downstream demand was reported firm, as anticipated, which continued to support the price.
Stronger feedstock prices also contributed to the rise in styrene.
Benzene was assessed at $852.50/mt CIF ARA Friday, increasing $68.50 week on week, in line with a stronger energy complex.
