Gap between local HIPS and GPPS prices largest in one year in Turkey
GPPS continued to hover at $1920-2010/ton while HIPS was at $2050-2100/ton ex-warehouse Turkey, cash inc VAT. According to data from ChemOrbis Price Wizard, the premium of locally-held HIPS over GPPS has widened nearly to $120/ton, marking the widest gap of the last one year.
Source: ChemOrbis Price Wizard
This was attributed mainly to the comfortable supply levels in the GPPS market, which made sellers to stay more willing to give discounts unlike for HIPS. “The downward pressure on GPPS is more visible compare to HIPS, supply of which is tight,” many players confirmed. Some traders reminded the fact that the number of Malaysian HIPS offers was reduced in the last couple of months following the drastic hikes they saw during the previous bullish trend. “Traders remained reluctant to replace material for that origin due to the unworkably high prices for the origin,” a trader said.
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