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U.S. March styrene contract prices plummet

 Last Update: 2022-08-22
 Source: Internet
 Author: User

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On April 3, Houston reported that the March styrene contract in the United States was assessed to have fallen sharply on Friday, with a total of 15 cents/lb ($330/ton) down due to the impact of the epidemic on demand and the slump in upstream benzene costs

The styrene contract was one month in arrears

ICIS price data shows that the 30% drop in contract prices was the largest single-month drop since November-December 2008, when contract prices fell more than 43%

The market was weighed down by persistently weak derivatives demand, but the recent downtrend was amplified by a sharp drop in crude oil prices spurred by a price war between OPEC and Russia

The sharp drop in crude prices has also been driven by plunging demand, as restrictions have been imposed on most of the country except for essential services amid the pandemic

Spot benzene prices fell in March as the impact of the outbreak continued to push down global crude oil prices

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