The Northwest European styrene monomer contract price for July has been fully settled at Eur1,232/mt ($1,545/mt) FD NWE, a decline of Eur115/mt from June, negotiating parties confirmed on Tuesday.
The initial settlement was concluded between Synbra and Shell. That was followed by Styron and Total, Synthomer, Styrolution and Ineos Styrenics.
The contract price is considered fully settled when two pairs of producers and buyers agree on a single price.
The decrease was attributed to a sharp reduction in costs and lackluster demand.
The Northwest European benzene contract price for July was settled Eur68/mt or $87/mt lower at Eur953/mt or $1,183/mt FD NWE on June 29, while the July ethylene contract price was settled on June 28 at Eur1,035/mt FD NWE, down by Eur170/mt on the month. Accordingly, the composite cost effect for styrene was for a decrease of Eur103/mt.
