Import ABS prices continue to fall gradually in Turkey
For late December, cargos for a different South Korean origin were offered at $1680/ton for ABS natural and at $1830/ton for ABS white, CIF Turkey, cash. These levels were down dramatically by $120-140/ton for natural grade and $220-240/ton for white from the previous week’s overall Korean ranges.
A Taiwanese producer lowered their prices by another $55/ton bringing their natural and white prices to $1695/ton and $1845/ton CIF Turkey, subject to 6.5% customs duty, cash, respectively. “We could easily obtain $1650/ton for natural grade if we were to buy since our supplier is quite open to negotiate,” said a trader.
The decreasing trend has been in place since late August this year, while it pushed ABS natural prices to the lowest levels since January 2012, when ChemOrbis Turkey ABS Price Index was first launched.
Source: ChemOrbis Price Wizard
Based on the latest prices in China, theoretical import prices would roughly come to $1660-1670/ton for South Korean ABS natural and to $1730/ton for Taiwanese natural on CFR Turkey basis.
Although spot styrene rebounded on plant shutdown news in Asia, players don’t expect to see a reversal in the near term given poor trading at the year’s end and still lower costs.
Distributors continue to refrain from building up stocks so long as crude oil prices remain low and unstable. Steadily retreating import prices may create a downward pressure particularly on the high end of the local market now that the overall ranges already broke below the $1900/ton threshold for ABS natural and $2250/ton threshold for white grade on the low ends, ex-warehouse Turkey, cash not inc VAT.
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