Styrolution has nominated a rollover for its general purpose grade polystyrene gross market price from November, the company said in a statement on its website late Friday.
European GPPS gross prices at the end of November were assessed at Eur1,475-1,485/mt ($1,983-1,996/mt) FD Germany while HIPS gross prices closed at Eur1,605-1,615/mt FD Germany, according to Platts data.
The price was effective December 1, Styrolution said. The company did not comment on the actual fixed prices for the CP but added that it had also rolled over its prices for its high-impact polystyrene grades at a Eur120/mt premium above GPPS.
According to a company source, the rollover was attributed to a more or less similar price movement in key feedstock styrene monomer prices.
On Friday, major CP negotiating parties Synbra and Shell Chemicals settled their December CP at Eur1,094/mt,swiftly followed by the same settlement between Ineos Styrenics and Shell Chemicals. Styrolution and Synthomer were said to have concluded theirs at the same price, but confirmation from both counterparties remains unavailable after several attempts at reaching both companies.
Compared to the November styrene monomer CP at Eur1,088/mt, December's CP represented only a Eur6/mt increase.
This is the first time for a number of years that the major styrene CP counterparties have sought to settle a single contract price.
Going forward, Styrolution expects demand for PS to remain dull.
"We expect December and January to be two- to three-week months due to several converters planning holidays in the year-end to new year period," said the source. "So demand has been reduced and the margins on PS has also been reduced -- we are nearly at the bottom."
