Locally-held ABS market sees new lows in Turkey
For locally-held Asian materials, the distribution market broke below the $2000/ton threshold for ABS natural on the low end while ABS white offers moved down below the $2300/ton threshold given discounts from distributors. According to ChemOrbis Price Wizard, ABS natural prices have retreated to the lowest levels seen since December 2012, when the ChemOrbis ABS Price Index was first launched for Turkey.
Source: ChemOrbis Price Wizard
In the ABS natural market, the prevailing price range stands at $1950-2050/ton ex-warehouse Turkey, cash not inc VAT, down $40/ton on the low end compared to the previous week. The ABS white range is reported at $2275-2325/ton with the same terms, down $25/ton on the low end. Players concur that prices at or close to the high end of the ranges see limited buying interest and are usually valid for only small amounts.
“We had to apply significant price drops in an attempt to sell as much as we could before prices decline further. We aim to minimize our losses in this way. We are not optimistic about the market outlook after OPEC’s decision to keep their production unchanged,” said a distributor who reduced his prices by $25-50/ton.
Buyers are mostly sticking to the sidelines as they anticipate additional discounts from distributors, citing the lower localization costs of import cargos. “We are only buying according to our needs and not beyond 100-200 tons as we believe prices will move down more in December,” a converter from the electronics industry reported. Import ABS natural offers plummeted by around $170/ton on average in the last three months, according to data from ChemOrbis Price Index.
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