Asian PS, ABS markets lifted by firmer costs

The current week has witnessed an uptick in the Asian PS and ABS markets, as local and import prices increased due to rising upstream costs. Furthermore, some production cuts emerged as an additional underpinning factor contributing to the firmness observed in the market dynamics.

PS sees cost-driven hikes under shadow of dull demand

In China, import PS prices for all origins were assessed stable to $30/ton higher compared to last week at $1170-1240/ton for GPPS injection and stable to $20/ton higher at $1220-1280/ton for HIPS injection, both on a CIF, cash basis.

PS markets in Southeast Asia also followed an uptrend with slight increases. Accordingly, import prices for all origins were assessed $10-15/ton higher at $1155-1260/ton for GPPS inj., and stable to $30/ton higher at $1250-1350/ton for HIPS inj., on CIF SEA, cash basis.

“Prices rise due to reduced production and increased feedstock costs. However, the market is still quiet. Factories are planning an early closure for holidays,” commented an agent of a Taiwanese producer.

A trader also pointed to the rising styrene prices for the upward adjustments in their prices and added: “We adjusted our prices due to the cost pressure. However, most players are still buying based on their needs.”

According to ChemOrbis Price Wizard, spot styrene prices climbed $25/ton from last week to $1070/ton CFR China, the highest level since September.

China’s ABS market up after four-week stability

As for ABS prices in China, the import markets saw an increase after four weeks of stability. The overall range for import ABS inj. prices was assessed stable to $20/ton higher from last week at $1240-1380/ton CIF, cash.

Southeast Asian import markets followed suit with a $20/ton increase from last week, and the overall range for ABS inj. was assessed at $1280-1400/ton CIF, cash.

According to market players, overall demand remained weak, with poor sales and scarce orders.

Demand from Indonesia a tad better than other markets

A few PS and ABS sellers operating across the Southeast Asian markets reported that demand from Indonesia remained a tad better compared to the rest of the region due to concerns over an import quota in March.

A source from a Southeast Asian PS producer commented, “Demand from Indonesia remains relatively good, compared to the rest of the region. We cannot sell to China, as it’s hard to compete with their local prices.”