INEOS NOVA announced that prices for all Polystyrene products in Europe will decrease

11-07-2008: INEOS NOVA announced that, in light of the higher than expected fall of Styrene Monomer Contract Price, the prices for all Polystyrene products in Europe will be decreased in a range of 150 - 180 Euro per ton effective from November 6th, 2008. The expected large fall in contract styrene pricing will have such a negative effect on financials due to stock devaluation that INEOS NOVA has no other option than retaining a significant proportion of the fall in styrene price, according to the company.

The price spread between PolyButadiene Rubber and Styrene Monomer has also reached a record high. Therefore, INEOS NOVA will seek to expand the premium for High Impact Polystyrene grade (HIPS) to a 100 Euro per ton over General Purpose Polystyrene grades (GPPS). Unfortunately, prices for Butadiene rubber have continued to rise for the last eighteen months.