Asian PS markets track weaker styrene
In Southeast Asia, overall import PS prices came down by $30-50/ton on the week on CIF SEA, cash basis while in China some producers and traders conceded to discounts of around $10/ton. Lower Asian spot styrene costs, which shed around $20/ton during this past week, coupled with limited buying interest in the region resulted in these price decreases on PS offers.
To track weekly developments in Southeast Asia’s PS market, please see SEA/India Weekly PS Analysis (For members only)
Most players are currently eyeing upstream developments as they believe that spot styrene’s direction will pave the way for Asian PS markets.
A source from a Taiwanese producer reported that they revised down their PS offers by $10/ton both to Southeast Asia and China during last week. “We feel like PS demand is weaker when compared to April but it is still not too bad. However, we believe that the PS trend will closely follow the styrene trend.”
A Singaporean PS producer commented, “Despite the fact that we cut our prices last week, we still saw thin demand since buyers, pointing to the lower styrene costs, were pushing for even lower levels and were very cautious about making fresh purchases.”
A converter operating in Philippines said, “We made some fresh purchases this week but judging from the current styrene trend we are planning to bid at least $50/ton lower when compared to our latest purchase for the next time. For now, we hold sufficient availability to work with until June. On another note, the demand side is not very encouraging.”
To track weekly developments in China’s PS market, please see China Weekly PS Analysis (For members only)
In China, a trader highlighted the restricted demand and noted that they have not made any purchases lately given the softer trend. “We only offer from our existing stocks,” he further added.
Meanwhile, a source at a local Chinese producer said, “Overall GPPS and HIPS prices retreated inside China’s local market, by around CNY100-200/ton ($15-31/ton), while we saw relatively better demand for HIPS than for GPPS, during this past week.”
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