Styron Europe GmbH announced today that it has been able to settle prices for 90% of its PS EMEA monthly negotiated business within the first 10 days following its recent proposal for changing pricing settlement.
On March 16, Styron made an appeal for an improved process to settle contract pricing for polystyrene at the beginning of the month, effective as of May. In mid-April more than 20 of Styron’s key customers had already endorsed the proposal to change the timing to the beginning of the month, no later than May 11. Today, the result is an early pricing settlement of 90% of Styron’s PS EMEA monthly negotiated business. Moving forward, Styron is confident that with the broader support of the industry, this process will be maintained in June and become a more established industry practice over the coming months. This will bring the European Polystyrene pricing process in line with other regions and polymers.
"Following our proposal for an improved pricing process for polystyrene, we are pleased to see that 90% of our PS EMEA negotiations for the month of May has already been settled. In addition, it is encouraging that most of our customers saw the benefits of this early month settlement and have made the necessary efforts to align to this accordingly. We are very grateful for their support”, said Paul Moyer, Styron's Vice President and General Manager for Plastics. “We obviously recognize that the new practice is not fully operational and that it will take time for the industry to adopt this progressively but this result brings us one step closer to our goal of bringing more clarity and consistency on polystyrene pricing in the future.”
Styron confirms successful launch of early contract pricing settlement for PS