Asian PS markets see sharp declines
In Asia, spot styrene prices plunged by around $485/ton since mid-May to reach their lowest levels since February, 2015, according to data from ChemOrbis Price Wizard.
In Southeast Asia, regional and Taiwanese producers implemented decreases on their import PS prices in the face of lower spot styrene prices as well as sluggish demand. A source from a regional producer commented, “We reduced our prices given weaker styrene. Sellers are now willing to lower their offers and decreases are passing on done deals at the moment. Demand, meanwhile, remains limited as most buyers are still waiting on the sidelines.” Overall import PS prices in the region currently stand at $1130-1230/ton for GPPS and at $1180-1320/ton for HIPS, all on a CIF SEA, cash equivalent basis.
In China, import PS prices posted decreases during the past week before some sellers moved to pare their losses at the end of the week following a late week rise in crude oil prices. A distributor stated, “We believe that PS prices may regain some lost ground thanks to the recent crude oil rebound. However, we are not expecting to see real increases in the near term. The current bearish trend is likely to remain in place for a while more.”
In China, import PS prices are currently reported at $1140-1205/ton for GPPS and at $1260-1345/ton for HIPS, all on a CFR China, cash equivalent basis.
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