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Egyptian GPPS producer issues hefty drops for Dec to Turkey

by ChemOrbis Editorial Team -
  • 04/12/2014 (10:19)
In Turkey, traders reported receiving new December GPPS offers from a nearby Egyptian source with large decreases from last month. The producer’s recent price cut was in line with sinking spot styrene prices, which have been hovering below the $1050/ton threshold on an FOB South Korea basis recently.

New Egyptian GPPS prices stand between $1470-1550/ton CIF Turkey, cash no duty ($1445-1525/ton FOB) which represents $135-155/ton reductions month over month. The low end was valid for quantities at and above 5000 tons, while the high end was given for at or below 500 tons. A trader commented that the source may have to come down further considering the weak market conditions and the softer upstream chain.

In Asia, spot styrene prices plunged $150/ton on an FOB South Korea basis over the week, pulled down by falling crude oil costs. The latest spot prices for styrene are the lowest figures seen since September 2010. Plus, styrene contracts settled down €150/ton earlier this week in Europe, where spot prices have hit the lowest levels seen since June 2012.
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