Asian ABS cargos traded with increases in Turkey
“We are not hearing any South Korean ABS prices below $1700/ton anymore. We purchased some material with hikes from February,” a trader reported. A second trader had to pay a hefty increase, saying, “Our supplier was not flexible on their March pricing policy.”
Another trader commented, “We expect to receive additional increases from our South Korean supplier for April shipments soon as availability from the country is tight nowadays.”
Meanwhile, Taiwanese ABS cargos were dealt with relatively smaller hikes of $20/ton at $1620/ton for natural and $1770/ton for white grade, CIF Turkey, subject to 6.5% customs duty, cash. “We had to purchase some material despite the duty disadvantage of this origin,” a player stated.
The near term outlook remains firm given higher spot feedstock costs for styrene and butadiene in Asia. Despite the recent losses in energy costs, spot styrene and butadiene prices still indicate increases of $25/ton and $100/ton from early March, respectively, both on an FOB South Korea basis. However, for the medium term, some distributors believe that materials to arrive by end March or April may ease tightness for prompt materials and cause the current bullish trend to lose steam.
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