Asian PS markets open post-holiday period on firmer note
Spot styrene prices on an FOB Korea basis have increased by around $25/ton when compared to initial February levels to be currently quoted at around $950/ton, indicating the highest levels seen since mid-August, according to data from ChemOrbis Price Wizard.
A source from a Taiwanese producer reported that they raised their PS prices to China and Southeast Asia by $20/ton for GPPS and by $10/ton for HIPS due to firmer styrene costs. The producer’s offers currently stand at $1080/ton for GPPS and at $1130/ton for HIPS, both on a CIF China/Southeast Asia, cash basis. The source commented, “We still see limited demand from China as most buyers are yet to return to their desks after the holidays. In Southeast Asia, demand is steady, with many players continuing to adopt a wait and see stance. We believe that buying interest will improve next week.”
An agent of another Taiwanese producer reported that their supplier lifted their PS and ABS prices to Southeast Asia by $10/ton when compared to pre-holiday levels, bringing their new offers to $1070/ton for GPPS, to $1100/ton for HIPS and to $1170/ton for ABS, all on a CIF SEA, cash basis. The agent attributed their supplier’s increase decision to higher styrene costs in Asia. “We are expecting to receive better demand next week as more buyers will be back to the market,” the trader said.
Meanwhile, a source from a Southeast Asian producer also reported that they increased their PS offers to Southeast Asia on the back of firmer styrene. The producer’s prices currently stand at $1130/ton for GPPS and at $1160/ton for HIPS, on a CIF SEA, cash basis. Their new levels indicate increases of $30/ton and $20/ton, respectively, when compared to their late January prices. “Demand has improved since we came back from the Chinese New Year holidays. We believe that spot styrene costs may witness further increases next week. Hence, we are trying to limit our sales quotas for now,” the source commented.
PS prices currently stand at $1070-1130/ton for GPPS and at $1100-1160/ton for HIPS, all on a CIF SEA, cash basis. In China, PS prices are currently reported at $1060-1090/ton for GPPS and at $1130/ton for HIPS on a CFR China, cash basis.
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