PS prices inch down ahead of December in Italy
A distributor sold West European PS with decreases of €20-30/ton from October. The seller expects to see more notable decreases in December considering the plunging energy markets. Another distributor reported selling South European PS with rollovers from October. Regarding December, the seller commented, “Demand is quite weak and it is unlikely to revive next month given short working days. In addition, buyers are unwilling to build stocks. We expect PS prices to move lower.”
A converter bought GPPS with rollovers for November while obtaining discounts of €10/ton on his HIPS deals. The buyer expects to see decreases of €50/ton for PS in December. Several other converters, however, elected to skip their purchases this month due to the bearish December outlook and their slower end product demand towards the end of the year.
For the awaited styrene contracts, a few players reported hearing about possible decreases of €100/ton from November. Expectations of seeing three-digit decreases in the styrene contracts were led by lower spot values, which were pulled down by the bearish energy markets. Spot styrene prices on an FOB NWE basis have slumped over $300/ton compared to the beginning of the month to hit the lowest level since August 2012.
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