Japan’s Nihon Oxirane Co has increased its May styrene monomer (SM) contract nomination by $125/tonne (€95/tonne), said a company source on Monday. Its May contract nomination was set at $975/tonne CFR (cost and freight) Asia, LC (letters of credit) 30 days, compared to April’s nomination of $850/tonne CFR Asia, LC 30 days. The higher May contract nomination was due to surging spot prices in the first half (H1) of April, market sources said. Spot SM values more than doubled to above $1,050/tonne CFR China in the first half of April from the low recorded in November 2008, according to global market intelligence service ICIS pricing. Nihon Oxirane operates a plant at Sodegaura in the Chiba prefecture which produces 180,000 tonnes/year of propylene oxide (PO) and 425,000 tonnes/year of SM.