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Hike attempts from Asian PS sellers see resistance in Turkey

by ChemOrbis Editorial Team -
  • 01/07/2016 (16:32)
In Turkey, several Asian PS producers are seeking firmer prices for July since last week. Sellers are justifying their increase decisions with soaring production costs in Asia. However, initial hike requests, that are mostly driven by costs, have not seen acceptance from buyers and caused some sellers to step back considering silent demand during the last week before Ramadan Holiday.

South Korean GPPS prices are reported at $1200-1240/ton while HIPS offers are given at $1220-1250/ton CIF Turkey, cash no duty. A trader replaced limited quantities at the low ends with $30-60/ton discounts depending on product after receiving price hikes from his South Korean supplier. “We could not get discounts as large as we pushed for due to firmer production costs. We expect to receive visibly better demand after holidays, meanwhile.” Another trader received $40/ton hikes from a different South Korean producer. “We plan to negotiate with the seller and we expect to pay $20/ton gains," said the trader.

Malaysian HIPS prices firmed up for July as well with increases up to $40/ton from late June at $1220-1260/ton CIF Turkey, cash, while no deals were reported so far as players started to go to sidelines already given holiday mood.

For dutiable origins, new Vietnamese GPPS prices suggested a $30/ton increase for July to be pegged at $1210/ton CIF Turkey, subject to 3% customs duty, cash. A trader who received the level argued, “Considering the steady Indian offers at $1150/ton with the same terms, this level is not workable.”

In Asia, spot styrene prices increased by around $45/ton on FOB Korea basis week over week. Butadiene costs soared by $75/ton with the same terms in the period.
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