PS and ABS markets in China and Southeast Asia made a strong start to the post-holiday period, while the pace of gains accelerated over the past week. Production upsets in the cold-hit US Gulf Coast fueled concerns over availability and surging spot styrene markets added to the bullish run.

Styrene hits new highs across the globe

The rally in spot styrene markets was reinforced by the severely impaired production along the US Gulf Coast and strong crude oil prices. Inclement weather forced LyondellBasell and INEOS Styrolution to declare force majeure on their styrene output as of February 17-18.

According to ChemOrbis data, spot styrene prices on FOB USG basis have surged by 41% since early February to hit their highest level since March 2018.

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