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October PS prices emerge softer in Turkey despite rising costs

by ChemOrbis Editorial Team - content@chemorbis.com
  • 03/10/2016 (12:13)
In Turkey, import PS prices from Asia recorded some softening for October in spite of rallying crude oil prices following the news that OPEC reached a preliminary consensus to cut oil output. Players attributed the weak PS sentiment to the unresponsive styrene costs in both Asia and Europe against higher crude oil futures as well as persistently calm activity.

Crude oil futures indicated an increase of nearly $4/bbl on NYMEX week over week, while ICE Brent crude futures rose by slightly more than $3/bbl in the period. In Asia, spot butadiene costs rallied over the week to hit $1360/ton on FOB Korea basis, a jump of more than $200/ton week over week. Spot styrene prices, however, were down $15/ton with the same terms in the period, in line with restarts of some capacities following G20.

October GPPS prices for a South Korean origin were revealed and dealt at $1190/ton CIF Turkey, cash, down $10-30/ton. HIPS prices from the country were flat at $1240-1250/ton with the same terms, with a deal at the low end. Similarly, Malaysian HIPS appeared at $1240-1260/ton CIF Turkey, cash, down $10/ton on the low end.

As for dutiable cargos, Indian PS prices without Form A were down $30/ton to be quoted at $1120/ton for GPPS and $1170/ton for HIPS, CIF Turkey, subject to 6.5% customs duty, cash. An agent of an Indian producer stated, “Demand is not encouraging at all even after price discounts. However, traders bring only what they can sell in terms of quantity which may keep supply balanced with buying appetite.”

Iranian offers from bonded-warehouse were available at $1060-1080/ton for GPPS, FCA Turkey, subject to 6.5% customs duty, cash. The level represented a $20-30/ton fall. Iranian HIPS, meanwhile, was reported at $1100-1120/ton with the same terms. A trader projected that lower spot styrene costs in Asia will weigh down on these prices in the days to come.

As October styrene contracts settled down €50/ton ($56/ton with recent parity) in Europe late last week, fresh PS prices from the region may come lower soon, according to some players.
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