London — European styrene spot prices soared to a two-month high Thursday, according to S&P Global Platts data, on the back of a production issue.
The 5-30 day forward styrene spot price was assessed at $1,371/mt FOB ARA Thursday, up $53/mt day on day, and a two-month high.
Sources said there was a production issue though no details could be fully corroborated by Platts.
On Thursday, a spot trade was heard at $1,370/mt for August.
Also on Thursday, the European August styrene contract price was fully settled at Eur1,315/mt, up Eur20/mt month on month. The price level was higher than industry expectations.
A decline in spot styrene prices in mid-July led to industry expectations of a rollover or a slight fall in the contract price level. However, spot prices climbed at the end of July and in early August.
Issues at Westlake Chemical's facility in the US and increasing Asia prices also supported the price rise, market sources said.
