The European styrene November contract price settlement has been delayed following a holiday in parts of Europe Thursday.
The contract typically settles on the first day of the month but with many market participants away for All Saints' Day, discussions were thin.
"I heard mixed opinions, some say it will settle today and others say Monday when people return from the holiday," the first trader said.
Styrene spot prices have fallen 14% or $181.50/mt since October 1, leading market participants to expect an at least Eur100/mt decrease in the contract price.
A downstream converter expected even further falls in the November styrene contract. "I am expecting a big drop for the November contract, about a Eur100-Eur150/mt decrease," a converter said.
Styrene prices this week were at a 25% discount to the October contract price of Eur1,310/mt ($1,501/mt) prompting some polystyrene market participants to wait for the styrene settlement before buying more product.
