Korean ABS prices break below $1900 CIF threshold in Turkey
Accordingly, South Korean ABS natural prices broke below the $1900/ton threshold. The latest prices were reported at $1850/ton CIF Turkey, cash for this grade, while white and black grades were also down to $2000/ton and $1950/ton, respectively.
“Our sources conceded to additional decreases of $50/ton for ABS natural and $80/ton for white and black grades. However, we have not replaced any material at the most recent levels since we believe prices may still have some room to decline in Turkey. All players keep an eye on the referendum at the moment, which keeps activity depressed,” said a trader.
On the other hand, the recent rebound in styrene costs in Asia and crude oil markets may help the market stabilize, according to some other players. A trader argued that supply may tighten by the month of May as many players refrained from replenishing stocks during the recent bearish trend.
Spot styrene prices gained around $30/ton on a FOB Korea basis since April started while they still indicated a drop of $180/ton from a month ago. Butadiene costs, on the other hand, remained on a decreasing trend and plunged nearly $400/ton on Friday with the same terms.
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