Traders are looking to export styrene from Europe to Asia against the background of uncertainty about anti-dumping duties in China, market sources said.
The global styrene market has had no clarification about anti-dumping duties on product from US, Taiwan and South Korea into China.
As a result, Chinese buyers reduced imports from the US last year and are increasingly turning elsewhere for extra styrene supplies.
Other sources confirmed traders were looking to export product from Europe to Asia, waiting for the arbitrage to open.
The Europe-Asia export arbitrage is currently closed.
The CFR China March price was last assessed at $1,378/mt, while Europe was heard trading at $1,320/mt on Tuesday.
Freight to carry styrene from Europe to Asia would be a minimum of $80/mt.
A second trader source said that there was still room for Asian prices to increase in the coming weeks as consumers restock styrene before the Chinese Lunar New Year holiday.
There will also be numerous turnarounds in the first quarter in Japan, South Korea and Taiwan.
Turnarounds are also expected in Europe from February.
