Far East Asian ABS prices move down further in Turkey
A trader who received the new prices commented, “ABS prices continued to decline due to thin demand. Our supplier lowered their offers for ABS natural and colored grades although they were previously pointing to the rebounding spot butadiene costs in the previous weeks. We expect the producer to give additional decreases in the latter part of next month. So we will wait for a while more before buying.”
A different South Korean producer lowered their ABS natural price by $10/ton while keeping their natural offers flat for late November. “We received ABS natural and white prices at $1890/ton and $2200/ton, respectively, CIF Turkey, cash. We expect to receive new December offers this week. The producer may probably come with $20-30/ton drops for natural grade while they may reduce white grade more significantly by around $100/ton,” a trader commented regarding the producer.
A Taiwanese producer also applied $50/ton decreases for late November bringing their latest offers to $1840/ton for ABS natural and $1990/ton for ABS white, CIF Turkey, subject to 6.5% customs duty, cash. The producer concluded import deals for ABS natural with $30/ton drops in China at $1860/ton CFR China, cash over the past week.
ABS players in Turkey generally expect to see renewed drops for December given low crude oil prices, weekly losses in spot butadiene and ACN costs in Asia as well as sufficient availability. On the other hand, they believe that the market may recover afterwards in case energy markets regain strength depending on the result of the OPEC meeting that will be held in Vienna on November 27.
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