August sell ideas for West European PS surface in Turkey
The trader’s August sell ideas stand at €1300-1310/ton ($1425-1436/ton with the recent parity) for GPPS and €1370/ton ($1502/ton) for HIPS CIF Turkey, cash no duty. These levels represent €50/ton drops from the trader’s last July deals. “Our supplier will conduct a maintenance shutdown at their plant, but they may not face an issue while supplying buyers as they will have some material in stock as a precaution,” the agent reported.
In fact, the outcome of the new styrene contracts will set the tone of the market while there are mixed expectations for the August settlement. Spot styrene costs stand around $25/ton above early July to be reported at $1285/ton FOB NWE. Spot benzene prices, meanwhile, softened $20/ton to be reported at $850/ton CIF NWE compared to the beginning of July. August ethylene contracts settled €70/ton ($77/ton) down from previous month.
In Turkey, a converter from the insulation sector commented, “We expect to receive lower prices from Europe as we think that temporary gains in styrene costs would not have an impact on the trend across the region.” In Italy, some players believe that even though spot styrene prices are slightly higher, the market may see a more or less a stable trend for PS ahead of the upcoming summer holidays.
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