Asian producers raise PS, ABS prices to SEA, China
An agent of a Taiwanese producer operating in China reported that their supplier lifted their GPPS and HIPS offers by $40-50/ton, bringing their new offers to $1380/ton and $1490/ton, respectively, on a CIF SEA and CIF China/Hong Kong, cash basis. Meanwhile, the producer’s ABS offers are reported at $1880/ton with the same terms.
A source at another Taiwanese producer also reported that their PS offers are up by $80/ton for GPPS and $30-80/ton for HIPS when compared to last week’s levels. The producer’s new offers currently stand at $1400/ton for GPPS injection and at $1460/ton for HIPS injection CIF SEA/China/Hong Kong, cash basis.
The source opined, “Demand is quite good. We have already sold out our GPPS cargoes for this month and we will start to offer for January shipments next week. Demand for GPPS is better for HIPS. We heard that ABS prices will break above the $2000/ton threshold soon and this will lead to better demand for HIPS. Players are cautious on their purchases given the high price levels. Styrene plants in Japan will have maintenances next year around March-May period. Our current production rate for GPPS is 100% while it is 70% for HIPS.”
A source from a third Taiwanese producer stated that their GPPS offers increased in line with the firmer styrene prices. “Buyers are showing resistance to the price levels since December. Demand for GPPS is bad while it is still good for ABS. We are firm on our offers since styrene prices are too high this week,” the source commented. The producer’s GPPS injection offer to the Southeast Asia region is reported at $1390/ton CIF, cash basis.
A Vietnamese producer, whose offers for GPPS injection also stand at $1390/ton CIF SEA, cash stated that demand in Vietnam is weak this week when compared to last week in line with the higher prices and buyers are showing resistance. “We think that prices will remain stable in the near term, at least until the end of December,” he added.
A producer in Singapore raised their offers to Southeast Asia by $50-60/ton this week. Accordingly, the producer’s offers stand at $1360-1370/ton for GPPS injection and at $1440-1450/ton for HIPS injection CIF SEA, cash basis.
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