Asian PS, ABS makers seek three-digit hikes in Turkey for Sept
An Indian PS producer announced its list prices at $1600/ton for GPPS and $1690/ton for HIPS, CIF Turkey, subject to 3% customs duty, cash. These initial offers indicated dramatic hikes of $230/ton from the last August deals for this origin. “Our supplier cited the steep gains in spot styrene and butadiene costs in Asia as the reason behind their decision. We also believe that supply concerns stemming from Hurricane Harvey also strengthened sellers’ hands for September. We have not achieved any deals at these levels so far in Turkey though,” an agent of the producer stated.
A South Korean producer issued its new September prices at $1590/ton for GPPS and $1690/ton for HIPS , CIF Turkey, cash no duty. They were dramatically up by $140/ton and $190/ton, respectively, compared to August. The producer also revealed its new ABS offers with increases of $190-210/ton depending on the grade at $1990/ton for natural, $2140/ton for white and $2110/ton for black with the same terms.
A trader who received new prices from his Korean source said, “Spot styrene prices have eased recently in Asia in line with falling styrene futures market in China. Yet, they remain well above the pre-holiday levels. We will try to negotiate with the producer to obtain discounts in PS and ABS as it is getting harder to replenish stocks at such high levels.”
Additionally, a Taiwanese ABS producer issued $100/ton increases from their last August offers. The seller’s prevailing offers stand at $1970/ton for ABS natural and $2120/ton for ABS white, CIF Turkey, subject to 6.5% customs duty. “We already expected those increases considering the prices in China, where ABS injection prices already hit above $2000/ton,” a trader noted.
In Asia, spot styrene prices have erased some of their rapid gains in the recent days but still indicated an increase of $275/ton on FOB Korea basis from a month ago. Spot butadiene prices also soared $450/ton with the same terms in the same period and have held firm at their latest levels this week.
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