Indian PS prices see correction on thin demand in Turkey
Accordingly, import PS prices from India were reported at $1330/ton for GPPS and $1380/ton for HIPS, all on a CFR Turkey, subject to 3% customs duty, cash basis. These list prices indicate $30/ton softening for both products. An agent of an Indian supplier confirmed, “We are maintaining a relatively flexible pricing policy this week in line with the slight step backs observed in Asia amidst weaker styrene costs.”
PS prices are not likely to see further increases considering moderate demand in Turkey and Asia, whereas if traders return to their cautious stance in their replenishment activity, supply would once again tighten in June, the trader argued.
Upstream, spot styrene costs on an FOB South Korea basis were reported at around $1075/ton toward the end of this week. Although monomer costs have regained some lost ground recently, styrene prices in the region weakened earlier in April and remain $25/ton below early month levels.
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