Asian PS, ABS prices for Nov emerge in Turkey
In the PS market, initial South Korean offers emerged at $1230/ton for GPPS and $1280/ton for HIPS, CIF Turkey, cash no duty for November. These latest prices indicated increases of $40/ton and $60/ton, respectively compared to the last October transactions. “We are yet to negotiate with the producer. The picture in Turkey does not accept higher prices based on surging PS prices in Asia. Buying amounts remain limited to basic needs among Turkish buyers,” said a trader.
Higher announcements followed a firming trend in China which started after the National Day holiday for HIPS because of a butadiene rally and this week for GPPS driven by rebounding styrene costs in Asia. Spot styrene prices were up by around $25/ton on FOB South Korea basis week over week to be quoted at $1015/ton. Butadiene prices stabilized at $1600/ton with the same terms, but they still represented a cumulative increase of $240/ton from early October.
In the ABS market, producers applied increases of $50/ton citing soaring styrene and butadiene prices. A Taiwanese major lifted its ABS natural and white offers by $50/ton to $1500/ton and $1650/ton, respectively, on CIF Turkey, subject to 6.5% customs duty, cash basis. “We are not planning to replace material at those levels for the time being,” a trader who received those offers said.
Similarly, a South Korean ABS producer revealed price increases for the coming month. A trader was offered ABS natural at $1500/ton, white at $1650/ton and black at $1600/ton, all CIF, cash no duty. “We were expecting these increase requests considering higher upstream costs,” noted the trader.
An agent of a different Korean producer stated, “We are expecting to receive fresh ABS offers from our supplier towards the end of this week with $50/ton increases mainly due to upwards pressure from costs.”
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