Initial European PS prices emerge with large drops in Turkey
A trader offering on behalf of a West European producer announced their initial offers at €1120/ton ($1325/ton) for GPPS and €1180/ton ($1396/ton) for HIPS CIF Turkey, cash no duty. These most recent prices indicated €160-170/ton ($189-201/ton) decreases in the spite of €290/ton lower styrene contract settlements. Meanwhile, butadiene contracts settled €100/ton lower for January.
“We are not offering very actively as these initial prices may change in accordance with post-holiday demand and the situation in Europe. Meanwhile, if conditions improve, our supplier may not provide much material to Turkey this month as they are just resuming production after a shutdown that started on December 22. The lower euro/USD parity at 1.18 may help regional sellers to limit their discount amounts compared to styrene, but this will depend on supply and demand dynamics,” the trader stated.
Spot styrene prices in Europe were down by around $135/ton on an FOB NWE basis on the week while spot butadiene costs also plunged $140/ton on an FD NWE basis over the same period.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Muted demand in Europe paves way for plenty of PP, PE offers in Turkey
- Import PE uptrend persists in China despite bearish winds mounting in local market
- 3-digit hikes in Oct PVC offers reinforce supply-driven bullishness in Asia
- Crude oil caught between demand woes and production disruption
- Tightness drives European PVC market up, prices near pre-pandemic levels
- Major LDPE markets touch multi-year highs on growing tightness
- A prospect for Q4 through uncharted waters of 2020 amid pandemic
- China's import PP markets maintain uptrend under shadow of oil-driven losses in Dalian futures
- Weaker domestic demand prompts Vietnam to export polymers
- European PP market ceases upward trend in September