Fresh decreases in China’s import PS market
A source from a Southeast Asian producer reported that they lowered their import GPPS prices to China by $50/ton due to thin demand. “Our sales are not satisfactory while customers are still placing lower bids even after our most recent reduction. Upstream costs are softening in the face of lower energy prices and this may keep prices on a softer path for the short term,” the source commented. The producer’s GPPS prices currently stand at $1300/ton CIF China, cash.
A Taiwanese producer also reduced their import PS prices to the country by $50/ton for GPPS and by $40/ton for HIPS, brining their new offers to $1310/ton and $1380/ton, respectively, on a CIF, cash basis. A source from the producer stated, “Lower costs are weighing down PS demand and we have cut our operating rates to around 60% of capacity. We hope that demand will pick up in September.”
Meanwhile, a trader operating in China reported that they implemented reductions of $15-30/ton on their PS prices for different Asian origins. He said, “Buyers are not willing to replenish their stocks at the moment as they think that prices will go down further in the face of weaker upstream markets and slow demand.”
In China, overall import PS prices currently stand at $1300-1330/ton for GPPS and at $1380-1435/ton for HIPS, all on a CIF, cash equivalent basis.
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