Dec PS business wrapped up with further hikes in China, SE Asia
Defying the resistance from buyers who complained about rapid hikes, sellers maintained their firm stance on their offers, citing the prevailing bullish factors which have been pushing the regional markets upwards since October.
A Taiwanese producer reported that they sold out their December PS quota to China and Southeast Asia with additional increases of $80-100/ton for GPPS and $90-110/ton for HIPS from last week. A producer source stated, “We closed our December business and we will start offering for January next week. Demand for GPPS is still better than HIPS while buyers are now more cautious when sourcing material as the market has been increasing rapidly for the last couple of months.”
A Southeast Asian producer also reported closing their December HIPS sales at $1450/ton CIF, cash. A producer source noted, “When compared to our initial November levels, our latest deal level indicates a $200/ton hike and we are planning to offer our January quota with a further increase of $50/ton. Demand is not great as converters limit their purchases according to their needs due to the resistance from their customers. Still, we believe that the surge in ABS will push more buyers to shift to HIPS soon.”
Meanwhile, players operating in the Mediterranean markets also reported that PS offers from Asia witnessed significant increases over the past week. In Turkey, an agent of an Indian PS producer reported that their supplier implemented cost-driven hikes of $50/ton on their offers while a trader stated that they were surprised by the higher PS offers that they received from a South Korean supplier, saying, “We had to reflect the recent increases onto our locally held offers.” In Egypt, a Taiwanese producer was reported to apply $40-50/ton increases on their PS prices to the country, citing higher upstream costs.
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