Egyptian GPPS producer reveals October prices to Turkey
“Prices at $1680-1695/ton are for large tonnages of 3,000 tons, while $1705-1720/ton are given for 1,000-2,000 tons. The upper end of the overall range is valid for purchases of 500 tons,” players stated. A trader claimed that the producer has en export allocation of 9,000 tons for October.
A distributor predicted that prices at or close to the upper end of the local GPPS range may disappear following the reduction from the Egyptian producer. The localized costs of the prevailing Egyptian GPPS offers come to around $2020-2080/ton ex-warehouse Turkey, cash inc VAT without distributors’ margins. However, prices at $2080-2100/ton have recently been offered for this origin in the distribution market, with deals at the low end.
Slow demand in export markets was cited as the reason behind the Egyptian producer’s lower pricing, which came despite stable styrene contract settlements in Europe. Spot styrene prices still represent an increase of over $150/ton with respect to the beginning of October, driven by Shell’s styrene force majeure, although some of the gains seen earlier in the month have been erased due to the persistently falling energy complex.
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