Indian PS producer lifts prices to Turkey

An Indian PS producer issued price increases to Turkey blaming the climbing styrene costs in Asia in response to the rebounding energy costs. An agent of the supplier reported that their supplier raised its list offers by $50/ton for GPPS and $60/ton for HIPS, accordingly.

Currently, Indian prices are at $1350/ton for GPPS and $1425/ton for HIPS, CIF Turkey, subject to 3% duty, cash. “Our supplier offered steady prices before withdrawing them to apply an upward revision due to the recent upward momentum in upstream chain. We are yet to gauge the reaction of our customers as it was a short working week due to a national holiday on Friday,” said the agent.

Turkey’s import PS market followed a bearish path for the last 3 months in the midst of discouraging buying appetite, the downturn in Asian and European downstream markets and sufficient availability. Now, players are questioning as to whether the rising styrene costs would help Turkey’s PS market reverse direction or not based on the developments in China. China’s PS market witnessed sellers’ hike attempts last week, which were met with skepticism due to the low season for several PS applications and the end of maintenance season for styrene.