Italy’s PS market yet to hit bottom after three-digit drops
A West European PS producer settled their December gentlemen’s agreements with decreases of €120/ton from last month. A producer source reported, “Demand was not encouraging this month as buyers avoided building stocks ahead of the Christmas holidays. For January, we expect styrene contracts to settle with decreases of €50-70/ton given the bearish energy markets.”
A distributor concluded some December deals €130/ton below last month after conceding to further discounts compared to the beginning of the month in order to entice buying interest, which remains weak. Another distributor reported, “We are keeping our stocks low after hearing talks about three-digit decreases for the awaited styrene contracts.”
Most buyers either bought only limited volumes to meet their monthly requirements or delayed their purchases duet to their bearish expectations for the upcoming month. A packaging producer received offers for December PS contracts €120-130/ton below last month, but he gave counter bids with larger decreases of €140-150/ton. For January, the buyer expects styrene contracts to settle with decreases of around €150/ton. A converter said, “We received South European PS offers with decreases of €100-120/ton while we didn’t search the market for non-European offers as we decided to delay our purchases to January when we expect to see further decreases."
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