Initial Feb buy, sell ideas for European PS voiced in Turkey
A trader offering on behalf of a West European PS producer expressed his February sell ideas at €1090/ton ($1232/ton) for GPPS and €1150/ton ($1300/ton) for HIPS, all on a CIF Turkey, cash basis. These levels were slightly lower for GPPS and almost steady for HIPS with respect to the most recent January levels, although they indicated €30/ton ($34/ton) drops from the initial January announcements.
“We expect February benzene and styrene contracts to settle lower and these may pave the way for PS decreases. However, our supplier may apply rollovers as they have supply issues, which have resulted in delayed shipments for us. Meanwhile, we expect to see improved demand this month as the euro/dollar parity is favorable for sellers offering European materials,” the trader stated.
A converter, on the other hand, voiced much lower buy ideas for European PS this week. “We expect to receive new European GPPS prices below the €1000/ton CIF threshold for the new month. We believe that prices will fall in February and reach the bottom shortly afterwards,” he highlighted.
Spot benzene and styrene prices in Europe retreated by $125/ton and $50/ton, respectively, during January, which has generated expectations for new drops on the awaited February monomer contracts.
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