PS, ABS sellers cut offers further in China, SEA on lower costs
by ChemOrbis Editorial Team - content@chemorbis.com
Players across Asian styrenics markets report that prices have witnessed additional decreases so far this week mainly due to weaker upstream costs and slumping crude oil futures.
A Chinese trader reported that a Taiwanese producer cut its offers to China by $20-30/ton for PS and by $70/ton for ABS from its latest levels. Accordingly, the producer’s new offers are standing at $1280/ton for GPPS inj., at $1350/ton for HIPS inj. and at $1470/ton for ABS inj., all on a CIF China/Hong Kong, cash basis.
A Chinese producer also reported decreasing its GPPS inj. offers to its local markets by CNY200/ton ($29/ton) while keeping its HIPS inj. offers stable on the week. The producer now offers GPPS inj. at CNY11500/ton ($1431/ton without VAT) and HIPS inj. at CNY12000/ton ($1493/ton without VAT), on an ex-warehouse China, cash including VAT basis.
A second Chinese trader commented, “We think that the downtrend in the styrenics markets will continue in the near term considering falling crude oil futures and lower upstream markets. Plus, buyers continue to take a wait and see stance in anticipation of seeing lower offer levels.”
A trader in Indonesia reported that a South Korean producer applied further reductions on its PS and ABS offers to the country this week. The producer cut its PS offers by $20/ton for GPPS inj. and by ABS inj. while applying a larger decrease of $120/ton for HIPS inj. when compared to last week.
The producer’s offers are now standing at $1300/ton for GPPS inj., at $1360/ton for HIPS inj. and at $1480/ton for ABS inj., all on CIF Indonesia, cash basis.
A Chinese trader reported that a Taiwanese producer cut its offers to China by $20-30/ton for PS and by $70/ton for ABS from its latest levels. Accordingly, the producer’s new offers are standing at $1280/ton for GPPS inj., at $1350/ton for HIPS inj. and at $1470/ton for ABS inj., all on a CIF China/Hong Kong, cash basis.
A Chinese producer also reported decreasing its GPPS inj. offers to its local markets by CNY200/ton ($29/ton) while keeping its HIPS inj. offers stable on the week. The producer now offers GPPS inj. at CNY11500/ton ($1431/ton without VAT) and HIPS inj. at CNY12000/ton ($1493/ton without VAT), on an ex-warehouse China, cash including VAT basis.
A second Chinese trader commented, “We think that the downtrend in the styrenics markets will continue in the near term considering falling crude oil futures and lower upstream markets. Plus, buyers continue to take a wait and see stance in anticipation of seeing lower offer levels.”
A trader in Indonesia reported that a South Korean producer applied further reductions on its PS and ABS offers to the country this week. The producer cut its PS offers by $20/ton for GPPS inj. and by ABS inj. while applying a larger decrease of $120/ton for HIPS inj. when compared to last week.
The producer’s offers are now standing at $1300/ton for GPPS inj., at $1360/ton for HIPS inj. and at $1480/ton for ABS inj., all on CIF Indonesia, cash basis.
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