On September 11, European pure benzene prices rose, following a recent strengthening of upstream energy prices.
Based on the spot premium structure between September and October, indicative prices for pure benzene with 5–30 day forward delivery were assessed at USD 1,241/mt CIF Amsterdam-Rotterdam-Antwerp (ARA), up USD 15/mt from the previous day.
The most competitive bids for September and October cargoes rose by USD 40/mt and USD 30/mt respectively from the previous day, while offers increased by USD 20/mt. This follows feedback from a trader that bids and offers on September 10 had not significantly tracked the rise in crude oil prices.
Overall, despite limited trading activity this week, the CIF ARA benchmark has risen by USD 55.25/mt week-on-week.
Downstream, based on the spot premium structure between September and October, indicative prices for styrene monomer (SM) with 5–30 day forward shipment were assessed at USD 1,696.25/mt FOB ARA, up USD 95/mt from the previous day.
Prices moved higher in line with elevated transaction levels for September and October cargoes. Market sources reported one trade of 2,000 mt for September cargo at USD 1,730/mt, and another of 1,000 mt for October cargo at USD 1,650/mt.
The most competitive bids for September and October also rose by USD 55/mt and USD 30/mt respectively from the previous day, while offers remained limited.
A producer stated that the price gains were driven by recent tightness in market supply, a view echoed by a consumer who noted that the market appeared to be tightening.
A distributor indicated that delays in material arrivals have led to an increase in near-term demand, while rising pure benzene prices have also provided support for September and October pricing.
Overall, the FOB ARA styrene benchmark has risen by USD 126/mt week-on-week, with at least 7,000 mt reportedly traded this week.
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