European PS prices adjusted down in Turkey
Currently, West European PS offers are reported at €1500-1510/ton ($1695-1076/ton) for GPPS and €1525-1570/ton ($1723-1774/ton) for HIPS, CIF Turkey, cash no duty. These recent levels stand €80-100/ton below last week.
A disposables maker reported that he finds the prevailing levels very high even after discounts. “We are not in need of material at the present anyways,” he said.
A trader commented, “We adjusted our May offers downward this week given weak buying interest. Buyers are sidelined as they hope for some price relief in the coming months. Thus, producers may not be able to insist on their current price levels.”
On the other hand, spot styrene prices recovered their previous losses to reach back to early May levels in Europe. This recovery was mainly attributed to supply limitations due to maintenance shutdowns. Styrolution is reportedly planning to shut a styrene unit in Antwerp, Belgium in the last week of May for a month-long maintenance. The company has two units in Antwerp with capacities of 240,000 tons/year and 260,000 tons/year, respectively.
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