Import PS markets hit almost one-year low in Asia
The softening trend has mostly been in place since mid-August in the midst of weak upstream and energy costs as well as limited demand.
The overall ranges for import GPPS and HIPS prices on CIF China/SEA basis witnessed additional decreases of ranging from $20/ton to $60/ton last week since sellers remained under pressure from lower costs.
“Spot styrene prices have posted another round of sharp declines and this is keeping our customers on the sidelines in anticipation of seeing further drops. We believe that market activities might pick up if spot styrene prices stabilize,” a source from a Taiwanese producer noted.
As can be seen in the below graph created by ChemOrbis Price Wizard, the weekly average of spot styrene prices on FOB Korea basis has recorded a cumulative decrease of around $265/ton since the downtrend kicked off at the start of October.
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