Domestic PS deals concluded lower in China
A distributor based in Shanghai said that they sold B-grade GPPS at CNY11300-11400/ton ex-warehouse China, cash inc VAT ($1575-1589/ton without VAT), CNY200-300/ton ($33-49/ton) below their initial offers for this material. “Demand is not very encouraging these days and we had to agree to some price reductions in order to conclude deals. We believe that prices still have some room to move lower,” the distributor stated.
A B-grade producer reported that they maintained their prices over the past week while adding that they are willing to consider giving some discounts for buyers who are serious about purchasing. “GPPS demand is relatively better than HIPS demand, but we are not very optimistic about the demand outlook for either product,” a producer source commented.
Domestic GPPS prices in China currently stand at CNY11300-11700/ton ($1575-1631/ton without VAT) for B-grade cargoes and at CNY11800-12000/ton ($1645-1673/ton without VAT) for A-grade materials, both on an ex-warehouse China, cash equivalent basis inc VAT. Meanwhile, local HIPS are reported at CNY11800-12400/ton ($1645-1729/ton without VAT) for B-grade cargoes and at CNY12500-12800/ton ($1742-1784/ton without VAT) for A-grade materials.
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