More Asian producers lift PS offers to China, SE Asia

Several Asian PS producers applied increases on their PS offers to China and Southeast Asia later this week owing to the bullishness in the energy complex as well as firmer styrene and benzene prices.

A Taiwanese producer increased its offers by $20/ton for both GPPS and HIPS injection early this week to $1360-1380/ton and $1440-1480/ton CIF China/Hong Kong, cash basis, respectively when compared to its most recent levels.

This was followed by other producers as the week wore on. Another Taiwanese producer raised its PS offers by $30/ton for GPPS inj. to $1380/ton CIF China/SEA, cash basis and by $40/ton for HIPS inj. to $1480/ton with the same terms. “Our offers are higher this week given firmer styrene prices. We are not producing styrene; hence the recent increases have affected our pricing immediately. If the upward trend continues in the styrene market, we may consider limiting our sales to our regular customers,” a source from the producer commented.

A Southeast Asian producer also offered HIPS injection at $1550/ton CIF China/SE Asia, cash basis this week. “Crude oil and styrene prices are firming up and for this reason, we expect weak sales to display a rebound soon. Meanwhile, we are not open to negotiations,” a source from the producer noted.

In Asia, FOB Korea based spot styrene prices are currently up by more than $90/ton when compared to early November levels.