Asian import PS prices move further south in Turkey
In the import market, Indian PS prices are reported at $1250/ton for GPPS and $1300/ton for HIPS, CFR Turkey, subject to 3% customs duty, cash. In the meantime, some players claim that Indian GPPS prices as low as $1230-1240/ton were available in case of firm bids.
“We applied additional drops of $30/ton this week but buying interest remains thin even after our discounts. On the other hand, we feel that traders started to cut their replenishment volumes as they are not confident about the demand outlook for the coming weeks. Thus, supply will probably be limited this summer,” an agent of an Indian supplier opined.
Non-dutiable Korean PS cargos are also priced lower compared to last week. South Korean GPPS was reported at $1260/ton for GPPS and $1310-1340/ton for HIPS, all on a CFR Turkey, cash basis. Prices for a South Korean origin indicating price cuts of $60/ton for GPPS and $80/ton for HIPS with respect to initial announcements for May appeared mid-last week.
A trader who was offered HIPS at $1340/ton for a different South Korean origin early this week said, “We will negotiate with our supplier to obtain $1320/ton or even lower since their initial price level is not workable for us.”
Buyers are not rushing to purchase material nowadays with sellers confirming scarce deals in the market. “Sellers are open to negotiations on their prices whereas we are not in urgent need of material. Expectations call for additional discounts for the near term and thus we prefer to wait on the sidelines at the moment,” a disposables manufacturer noted. A packager commented, “Some buyers even purchase on a weekly basis in minimum amounts as they forecast further softening once Ramadan slows the market more.”
Upstream, spot benzene prices have softened $10/ton since early May on an FOB South Korea basis. Spot styrene costs declined $45/ton with the same terms in the period. Meanwhile, spot butadiene costs gained $25/ton on an FOB South Korea basis since May started.
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