Asian PS prices spike on soaring costs in Turkey
Looking at origins that are subject to 3% customs duty individually, Indian PS offers are reported at $1500/ton for GPPS and $1550/ton for HIPS, both on a CIF Turkey, cash basis. A trader confirmed, “Our supplier applied $100/ton hikes when compared to last week following the recent rise in styrene costs.” Styrene availability has been tight in recent weeks due to a number of shutdowns across the globe.
Pakistani PS prices also posted noticeable increases of $75/ton within the week. They now stand at $1550/ton for GPPS and $1625/ton for HIPS, CIF Turkey, subject to 3% customs duty, cash. “We are not surprised by those increase requests considering the fact that spot styrene moved above the $1350/ton FOB South Korea threshold recently,” a trader opined.
This week, GPPS and HIPS offers for a South Korean origin also showed up as high as $1625/ton and $1675/ton, respectively, on CIF Turkey, cash no duty basis.
Traders generally report that they are not planning to commit to any fresh import PS cargos at the prevailing levels as they find these prices to be unworkable.
Spot styrene prices were reported at $1365/ton FOB South Korea, up $130/ton week over week. Meanwhile, spot butadiene costs on an FOB South Korea basis surged $95/ton in the same period.
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