E-Styrenics reveals January GPPS prices
by ChemOrbis Editorial Team - content@chemorbis.com
Egyptian PS producer E-Styrenics announced their new January export GPPS prices in line with previous expectations. The producer was expected to reduce their prices given the €290/ton lower settled European January styrene contract as they obtain their monomer needs from this region.
Plus, overall demand is not very good in global markets. General buying interest towards Egyptian cargoes in E-Styrenics’ nearby export destination Turkey have been fading given the proposed antidumping duties on Egyptian origin GPPS. Turkish players, believing that the cabinet would approve the proposed duties, started to cancel their orders since the duties, once approved, would be effective retroactively dating back to November 30.
E-Styrenics’ new January GPPS prices now stand at $1285/ton for cargoes above 505 tons on an FOB Dekhelia, cash basis. The producer also offers at $1315/ton for cargoes below 505 tons with the same terms. These offer levels indicate $175/ton decreases when compared with the producer’s December levels.
A source from E-Styrenics commented, “Overall demand performs very slowly and buyers are only meeting their immediate needs given the decreases seen in upstream costs. In Turkey, Asian offers are more competitive than our prices, but we hold a shorter transit time advantage. We believe that the declines seen on European styrene prices will affect the market further. Regarding our stocks, our availability is comfortable and we can deliver cargoes to our local arm ECHEM.”
Plus, overall demand is not very good in global markets. General buying interest towards Egyptian cargoes in E-Styrenics’ nearby export destination Turkey have been fading given the proposed antidumping duties on Egyptian origin GPPS. Turkish players, believing that the cabinet would approve the proposed duties, started to cancel their orders since the duties, once approved, would be effective retroactively dating back to November 30.
E-Styrenics’ new January GPPS prices now stand at $1285/ton for cargoes above 505 tons on an FOB Dekhelia, cash basis. The producer also offers at $1315/ton for cargoes below 505 tons with the same terms. These offer levels indicate $175/ton decreases when compared with the producer’s December levels.
A source from E-Styrenics commented, “Overall demand performs very slowly and buyers are only meeting their immediate needs given the decreases seen in upstream costs. In Turkey, Asian offers are more competitive than our prices, but we hold a shorter transit time advantage. We believe that the declines seen on European styrene prices will affect the market further. Regarding our stocks, our availability is comfortable and we can deliver cargoes to our local arm ECHEM.”
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