China’s import ABS market hits 10-month high
The bullishness of the market was mainly attributed to the ongoing rally of the energy complex as well as the upstream markets. Spot styrene prices in Asia have also been steadily improving. Plus, limited supplies at some of the regional producers are the other bullish factor that supports the firm sentiment.
As can be seen in the below graph created by ChemOrbis Price Wizard, import ABS prices in China have been on an uptrend since early November, hitting their highest levels since mid-February, 2017.
A Chinese trader opined, “Import ABS prices increased by $60/ton from last week. The recent correction in styrene prices has had no impact on the market sentiment. End-users are still buying on their need basis while supplies have been cut down since last week due to the government’s environmental policy.”
A source from a South Korean producer operating in the Chinese market commented, “As we have already sold out our December quota, we are currently selling for January shipments. Demand is still fine as we are still able to conclude deals both with traders and end-users.”
In China, import ABS prices increased $65/ton so far this week, to be currently reported at $1985-2180/ton CIF China, cash basis.
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