Asian PS cargos traded lower in Turkey
This week, Indian PS prices were reported at $1250-1275/ton for GPPS and at $1300-1325/ton for HIPS CIF Turkey, subject to 3% customs duty, cash. Deals were concluded at the low end of both ranges and they indicated decreases of up to $70/ton when compared to last week.
Taiwanese GPPS prices had been reported at $1270-1285/ton CIF Turkey, subject to 6.5% customs duty, cash last week. A converter reported that he purchased some Taiwanese material this week at around $1225/ton, down $45/ton on the week. The buyer expects to receive lower prices next month looking at the persistently soft Chinese market and falling oil prices.
Malaysian HIPS, meanwhile, was offered by a trader at $1320/ton CIF Turkey, cash no duty. “We reduced our prices by $30/ton week over week. Overall demand is stagnant as players are in a waiting mood to see the bottom,” the trader said.
“The PS market is set for new drops due to plunging energy prices. Asian styrene shutdowns may not affect the market much as regional sellers are willing to deplete their PS stocks that were produced with higher cost styrene and they are less worried about making losses at this point," some players argue.
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