PS, ABS offers revised upwards in China, SE Asia
Styrene prices on FOB Korea basis increased by more than $70/ton since the beginning of this week to be currently reported at around $1070-1075/ton.
A Southeast Asian producer increased its GPPS offers by $20-30/ton to 1200-1230/ton CIF China/Hong Kong, cash. “The market is quiet and we are yet to conclude any deals so far. Despite the price rebound followed by higher styrene prices, buyers are not active in the market. We are not certain as to whether the styrene rally will continue in the near term or it is temporary as demand is expected to remain weak due to the low season,” a source from the producer commented.
A Taiwanese producer increased its offers to Southeast Asia and China by $30/ton for HIPS and ABS from their latest levels. Accordingly, the producer’s new offers are standing at $1280/ton for HIPS injection and at $1630/ton for ABS injection, all on a CIF China/SEA, cash basis. A source from the producer noted, “We have adjusted our prices higher based on the styrene rally; however, demand is not improving. We think the recent increases for styrene is a healthy correction as prices has hit the bottom previously.”
An Indonesian trader also reported that their South Korean supplier raised its offers by $20-40/ton for GPPS and by $30-40/ton for HIPS from last week to $1220-1240/ton and $1330-1340/ton CIF Indonesia, cash basis, respectively. The trader opined, “We believe that the recent uptrend in styrene will not be sustained. Prices remain under pressure as buying interest is still low.”
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