Asian PS prices break below new lows in Turkey
Last week, dutiable Asian prices were reported at $1500-1520/ton for GPPS and at $1570-1600/ton for HIPS, all on a CIF Turkey, subject to 3% customs duty, cash. These ranges included Pakistani and Indian origins. However, these cargos broke below the $1500/ton threshold for both GPPS and HIPS this week driven by plunging spot styrene costs in Asia, which have hit their lowest levels in more than 4 years. Spot styrene prices on an FOB South Korea basis have plummeted to $850/ton, down around $185/ton in a week.
The prevailing Asian GPPS range is quoted at $1420-1450/ton while HIPS offers stand at $1490-1520/ton, CIF Turkey, subject to 3% customs duty, cash. These levels represent decreases of $70-80/ton from last week.
A trader who offered Indian PS at the upper ends of the range stated, “Our supplier conceded to discounts given drastically lower styrene prices.” A converter reported receiving Vietnamese GPPS prices at $1420-1430/ton, down from the levels of $1530/ton reported in late November. “We prefer to remain sidelined for now since we expect to receive lower prices in the coming days and our end business is seasonally slow,” he highlighted.
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