The Saudi Petrochemical Company, or Sadaf, has notified its contract customers in India that it will reduce shipments of styrene monomer in March, market sources based in India said Friday.
According to sources, the reduction could be as much as half. The reason for the reduced supply is not clear, but sources said Sadaf has not declared a force majeure on product from its 1.2 million mt/year plant in Al-Jubail.
Sadaf typically ships around 10,000-12,000 mt/month of SM to India, sources said.
Sadaf is a 50:50 joint venture between Saudi Arabia's Sabic and Shell Chemicals Arabia. The company could not be reached for comment.
Traders said SM cargoes were being bid around $1,470/mt CFR India Friday versus offers at close to $1,500/mt CFR India. Platts last assessed the CFR India price at $1,450/mt last Friday.
