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PS prices hit record high across Europe

  • 08/03/2017 (04:02)
In Europe, PS sellers are seeking increases of €100/ton and more for March, which has been the fourth month in a row that three-digit hikes are in place on the heels of the large increases posted in monthly styrene contracts. Along with the emergence of March offers, spot PS prices in Europe have recently hit record highs, according to ChemOrbis Price Index.

Spot PS prices have registered a cumulative increase of €575-600/ton in Northwest Europe since December while Italy’s PS market has witnessed a more considerable surge of €620-650/ton in the same timeframe, based on the average of ChemOrbis Price Index.

As for March, sellers generally concur that buying interest is unsatisfactory as consecutive, sizeable hikes have dampened buying interest to a large extent. “We could sell only limited amounts so far as buyers find current levels unacceptably high. The PS market must be near its peak,” a large trader in Italy commented.

A buyer in Belgium also claimed that PS prices have reached a peak. “We have been struggling to reflect our costs onto our prices for the past few months,” he complained. In the meantime, concerns over buyers’ preference to switch to alternative products including PP and PET have grown on the sellers’ side.

Considering the resistance built on the buyers’ side upon the massive increases that have passed for the last four months, some players expect to see PS prices stabilize while others opine that a downward correction will be witnessed in the latter part of March, particularly if styrene costs take their support away from PS prices.

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