Asian PS prices move down in Turkey
The recent Asian offers form overall ranges of $1550-1630/ton for GPPS and $1600-1700/ton for HIPS, all CIF Turkey, subject to 3% customs duty, cash. Within these ranges, Indian offers indicate $50/ton decreases, while Pakistani prices recorded $25/ton drops on the week.
“Our Asian supplier pointed to recent recovery in styrene costs as a reason to take a firmer stance on their prices. However, we believe they will not be able to apply any hikes as spot styrene prices remain under the levels of a month ago and global demand for styrenics is not supportive nowadays,” a trader stated. Spot styrene costs on an FOB South Korea basis are up around $20/ton on the week, although they remain $85/ton below the levels seen in early May.
Players concur that those levels are facing lackluster buying interest since they are not deemed workable given already muted trade in Turkey’s PS market ahead of the rapidly approaching elections and the approaching Ramadan.
Meanwhile, the localization costs of the recent Asian cargos come to roughly $1920-2010/ton for GPPS and $1980-2100/ton for HIPS, ex-warehouse Turkey, cash inc VAT, without distributors’ margins. Distributors’ offers stand between $1880-1950/ton and $1930-2000/ton, respectively. “Resellers hesitate to replace any material at the current levels considering slow demand towards even current offer levels, which may cause some supply tightness in the coming term,” players comment.
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