Korean ABS dealt lower for August in Turkey
A trader reported, “We obtained $20/ton discounts from our South Korean producer compared to its initial August prices and replenished a limited quantity considering sluggish trading activities in Turkey.” The trader’s recent done deals stood at $1370/ton for ABS natural, $1510/ton for white and $1470/ton for black, all on CIF Turkey, cash basis with no customs duty.
Although he does not foresee dramatic falls in the ABS market over the near term, the trader voiced his concerns about financial struggles in the polymer markets including cash flow issues and collection problems.
In the meantime, a softening trend was in place in China’s ABS market in the face of fading demand, weaker costs and upcoming styrene shutdowns due to G20 Summit next month.
NYMEX crude oil futures were traded slightly below $40/barrel at the start of August before rebounding above $41/barrel later. Spot styrene costs did not change much on FOB South Korea basis week over week, whereas they indicated a $40/ton decreases from a month ago.
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