China’s import PS, ABS offers show signs of recovery on higher costs
A Chinese producer stated, “PS and ABS prices were pushed up by higher styrene and crude oil prices. Styrene prices increased on the back of better demand for electrical appliances. We need to clear our backlog orders, although we need to reduce our operating rate by 10% due to the upcoming G20 Summit. Local supplies are tight due to a shutdown at a domestic producer. We think prices will have room to go up.”
A producer in Taiwan reported, “ABS and HIPS prices posted slight increases today on the back of improving styrene and crude oil prices rather than demand. Market response to the price level is still unclear, but we anticipate that prices will track a stable to slightly firmer trend in August as crude oil prices are showing signs of an uptrend. Demand, on the other hand, is expected to remain mostly stable.”
Taiwanese ABS offers stand at $1380/ton on CIF China, cash basis, up $10/ton on the low end and down $20/ton on the high end from a week earlier. Taiwanese GPPS offers posted weekly gains of $10-20/ton to be currently reported at $1170/ton while HIPS offers for the same origin are at $1200-1220/ton with the same terms, stable on the low end and up $20/ton on the high end on the week.
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