Asia: SM prices slump in Asia on Tuesday

Chemical News: Asia: SM prices slump in Asia on Tuesday

https://www.chemnet.com Apr 22,2011 POLYMERUPDATE
Styrene Monomoer (SM) prices on Tuesday slumped in Asia. Prices fell in line with declining crude and naphtha rates. The price drop was also supported by a tumble in upstream prices of benzene coupled with weak regional buying trends.

FOB Korea prices were assessed sharply down at the USD 1430/mt levels, a day on day fall of USD 20/mt. CFR China prices were assessed down at the USD 1435/mt levels. In China, domestic prices on Tuesday were down on the day at Yuan 10700/mt levels.

Meanwhile, Saudi Petrochemical Company (Sadaf) is reported to have shutdown its 600 kt/annum SM line located in Al Jubail, unexpectedly. The outage was due to some technical problems which were expected to be corrected by the weekend.

A trader a polymerupdate team member spoke with said, “ the Sadaf shutdown did not have any bullish impact on the markets as the producer is well stocked with material and customers will therefore not be affected in anyway.”

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