Asian PS cargos dealt with decreases in Turkey
Indian PS prices are reported at $1160-1170/ton for GPPS and $1210-1220/ton for HIPS, CIF Turkey, subject to 3% customs duty, cash. The ranges declined $30-40/ton for both products from last week.
An agent of an Indian source reported selling some GPPS at $1170/ton. “Manufacturers are buying material this week, albeit for limited volumes. Yet, traders are still not interested in our cargos given competitive pressure from Iranian PS materials. Players started to question whether prices will shift direction after Ramadan or not," he said.
Vietnamese GPPS prices initially emerged at $1250/ton for June, with a $50/ton decrease from the latest May level. Traders reported that prices for this origin broke below the $1200/ton threshold this week to be traded at $1180/ton CIF Turkey, subject to 3% customs duty, cash. A trader replaced some material at this level and said, “We purchased 300 tons since the seller could not give us the 500 tons which we asked for. There is still not much demand, but there some players questioning whether sentiment may shift after Ramadan.”
Meanwhile, HIPS prices for a South Korean origin plunged $70/ton from last week to stand at $1230/ton, CIF Turkey, cash no duty. “We may push for a slightly lower price but even if the supplier does not accept our bid, we may need to replace some material as we have no HIPS in our stocks,” a trader reported.
The drop for South Korean HIPS was not surprising considering the competitive pressure it faced from another duty-free origin from the region. Malaysian cargoes are given at more attractive levels of $1220-1230/ton CIF, cash.
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