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European PS prices for July start to emerge in Turkey

by ChemOrbis Editorial Team -
  • 02/07/2015 (11:15)
Following the settlement of lower styrene contracts in Europe for July, initial import PS prices started to emerge in Turkey with decreases from last month in line with widespread market expectations. An agent of a West European PS producer reported offering new cargos at €1400/ton ($1549/ton with recent parity) for GPPS and €1460/ton ($1615/ton) for HIPS, CIF Turkey, cash no duty. These prices represent €50/ton ($55/ton) decreases with respect to the trader’s most recent June deals done for large purchaes although they indicate larger reductions of €110-130/ton ($122-144/ton) from early June.

July styrene contracts settled with a decrease of €85/ton ($94/ton) from June at €1325/ton ($1472/ton) FOB NWE on Wednesday. Prior to the styrene settlement, an initial July benzene contract settled at €792/ton ($881/ton) FD NWE, up €85/ton ($95/ton) from June.

“We hope to see better demand after our price cuts. Some companies delayed their decreases to August hoping that prices may not fall that much during July and that they can hold their price levels to some extent during the summer holidays in Europe,” the trader opined. The trader added, “If spot styrene retreats in the region, we might see additional discounts from initial July levels later in the month," he said.
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