Import PS market gives signs of stabilization in Turkey
Indian PS cargoes were dealt $10/ton softer at $1150-1160/ton for GPPS and $1200-1210/ton for HIPS, CIF Turkey, subject to 3% customs duty, cash. “Although demand generally remains calm, we could conclude some deals this week,” said a trader.
Iranian offers, which created downwards pressure on other import origins because of competitive prices during the last few months, mostly stabilized at the previous low ends. They stood at $1110-1120/ton for GPPS and $1150-1160/ton for HIPS, on FCA Turkey, subject to 6.5% customs duty, cash basis. A converter commented, “Iranian suppliers are not as aggressive as they were earlier this month.”
Saudi Arabian GPPS was also stable at $1100-1150/ton CFR, subject to 6.5% customs duty, cash. Non-dutiable South Korean and Malaysian HIPS offers were mostly stable at $1220-1230/ton CIF, cash. This week, a trader reported, “We sold out our June allocation at $1210/ton for Malaysian HIPS.”
Although spot styrene costs fluctuated up and down in the last couple of weeks given volatile energy costs, they indicated a gain of around $15/ton from the start of June on a FOB South Korea basis. In China, some sellers attempted to lift their PS prices up citing the upcoming G20 Summit and turnaround season although no real improvement is foreseen in demand until September.
Players in Turkey generally expect buying interest for PS to return in the second week of July after the end of Ramadan holiday. Attempts to reverse the market sentiment have not been observed in the PS market yet in contrast to PP and PE.
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