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February PS deals settling with decreases in Europe

  • 11/02/2016 (03:10)
Players in Europe report that February PS deals are starting to settle with decreases in line with the €50/ton drop in the February styrene settlement. In addition to softer feedstock costs, sluggish demand was also cited as a factor weighing down on prices.

A distributor in the Netherlands stated that they sold West European PS with a €50/ton decrease from January. “Our supplier initially sought a €25/ton reduction, but they ultimately agreed to a €50/ton decrease after another West European producer agreed to a €50/ton price cut,” the distributor stated.

A converter in Belgium reported purchasing West European PS with €50/ton reductions from last month. “Supply is steady while PS prices moved lower in line with softer costs. The outlook for March is unclear as European feedstock costs are holding mostly steady while spot styrene prices in Asia have regained some lost ground,” the buyer commented.

A distributor based in Germany said that their West European supplier agreed to an additional reduction of €30/ton after implementing a €50/ton decrease at the start of the month. “Demand is disappointing and this prompted our supplier to agree to a price reduction larger than the monomer decrease. We have no clear outlook for March yet,” the distributor stated. A distributor based in Switzerland reported concluding deals for West European PS with €50/ton decreases on the month. “We expect to see some price increases for March based on our past experience. PS demand is not bad these days,” the distributor added.

A converter based in Italy said that they purchased Pakistani and South Korean material from the import market while adding that they received offers for West, Central and Southern European PS with €30/ton declines. “Our European suppliers seem more flexible these days and we believe we could negotiate for the full €50/ton decline in the monomer contract if we were to place firm bids. However, we are covered for the next few months after sourcing some import cargoes and are not planning to make any additional purchases for now,” the buyer stated. Another Italian converter also reported receiving €30/ton decreases for various European origins while adding that they also received offers for Iranian PS on an ex-works Iran basis. “We are mulling over whether or not to purchase this month and will make our decision based on the strength of demand for our end products. HIPS supply is comfortable these days,” the buyer commented.
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