Further PS, ABS drops from Asian producers to China, SE Asia
In Asia, styrene prices on FOB Korea basis are currently down by around $95/ton when compared to early April levels while butadiene prices on CFR China basis witnessed a more significant drop of $525/ton in the same period.
A Taiwanese producer cut its prices by $30/ton for HIPS while keeping its GPPS offers stable to China and Southeast Asia when compared to last week. The producer’s PS offers currently stand at $1290/ton for GPPS injection and at $1360/ton for HIPS injection, on CIF China/SEA, cash basis while they concluded deals with an additional discount of $20/ton at $1270/ton for GPPS and at $1340/ton for HIPS with the same terms.
A source from the producer commented, “Demand remains sluggish as buyers prefer to stay on the sidelines or source based on their needs in anticipation of seeing additional decreases. On the supply side, styrene inventories in China are still high with traders doing back to back business. We think prices will remain under downward pressure in the near term.”
An Indonesian trader reported receiving lower offers from a South Korean producer this week. Accordingly, the producer cut its prices by $50-60/ton for ABS and by $100/ton for PS to Indonesia when compared to last week, bringing its new offers to $1690-1700/ton for ABS injection, to $1300/ton for GPPS injection and to $1400/ton for HIPS injection, all on CIF, cash basis.
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