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Import Asian PS prices move north after months in Turkey

by ChemOrbis Editorial Team -
  • 06/02/2015 (17:32)
In Turkey, players reported that import Asian PS offers rebounded this week on the back of firmer upstream costs. Accordingly, dutiable Indian offers showed significant gains while duty free South Korean cargos were also priced higher compared to last week. Turkey’s PS market posted relentless drops for the last six months to hit the lowest levels since May 2009, according to ChemOrbis Price Index.

Indian offers were reported at $1200-1235/ton for GPPS and $1300/ton for HIPS, all on CIF Turkey, subject to 3% customs duty, cash. These origins were last traded as low as at $1100-1120/ton and $1150-1170/ton, respectively.

Also, South Korean PS offers moved up this week owing to producers’ firmer policies given higher crude oil and styrene costs. A trader reported selling some South Korean material at $1180/ton for GPPS and at $1240/ton for HIPS CIF Turkey, cash at the beginning of this week. These levels already indicated $10-20/ton gains from last week. “Our producer sold out at their new levels and they hope to achieve increases on their new shipment prices,” the trader said.

Later, South Korean HIPS offers for different origins were reported higher at $ $1250-1300/ton CIF, cash. “We received higher HIPS offers from a producer but they do not offer GPPS,” reported a trader.

Players are at odds regarding the current situation. Some players think that the PS market will continue to move up so long as energy costs remain close to their current higher levels, adding that GPPS supplies are rather limited compared to HIPS. However, other players believe that this firming scene may not be long lived as the upcoming Chinese New Year holiday may prevent major hikes from passing.

Spot styrene prices in Asia rose $30/ton to be reported at around $930/ton FOB South Korea week over week while they showed no change compared to a month ago. Spot benzene and butadiene prices gained $10/ton with the same terms. The main trigger behind rebounding production costs was said to be the recent spike in crude oil prices, which have surged by a total of $6/barrel in a week on the NYMEX.
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