Asian prices firm up in Turkey’s PS market
A trader offering Indian cargos put forth his intention to lift his PS offers in the coming days provided that support from upstream costs persists. “The market is strong nowadays. Our supplier holds higher price targets, although they were deemed high by customers and we still had room to give some small discounts from our sell ideas to keep our prices firm at last week’s levels,” said the trader. Currently, Indian PS offers stand at $1125/ton for GPPS and $1175/ton for HIPS, CIF Turkey, subject to 3% customs duty, cash. Sell ideas are voiced at $1150/ton and $1200/ton, respectively.
Additionally, a trader reported, “We were offered $50/ton increases from South Korean PS producers with respect to last week.” Regarding another duty-free origin, Malaysian HIPS, a second trader stated, “We heard that a distributor offering this origin plans to seek $20-30/ton hikes for the coming term.” Malaysian HIPS offers were reported at $1130-1160/ton CIF, cash no duty, up $10-$40/ton from last week’s single price level.
"We would describe the market as entering a period in which sellers are taking a firmer stance on their prices,” commented a trader, adding that PS materials are being sold with higher prices when compared with recent weeks. “However, we don’t expect steep hikes over the short term. Factories are issuing $30-40/ton hikes from Asia while the post-holiday demand will set the tone there once players fully return and demonstrate if they will buy or not," he added.
If China does not see healthy purchasing activity, PS prices may follow a mostly stable trend at the current firm levels in the days to come, according to some players. A converter commented, “We purchased a smaller than normal quantity of GPPS this week as we are running our plant at reduced rates. We expect to see higher prices for March while demand for our end products is a bit slow.”
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