Import Asian PS prices move north after months in Turkey
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.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Initial ABS prices for July see larger increases than PS in Europe
- Supply constraints spark stronger PE trend than PP in global markets
- ABS, PS uptrend falters in China after H1 2020 ends at multi-month highs
- Stats: China’s total PP imports spike in May; Vietnam and India’s rising shares shine out
- Tight supply drives HDPE, LLDPE gains in Southeast Asia
- European PE markets set for 2nd bullish month on rising costs
- Turkey’s PP and PE markets propelled to a firm start to H2 despite vulnerable conditions
- Asian PVC sees V-shaped recovery in Q2, what will Q3 bring?
- Will capacity additions cast cloud on ethylene upsurge in Asia?
- US PVC offers in Egypt rise steadily but resistance grows in tandem