PS prices step back in SEA given buyers’ resistance
A source from a Southeast Asian producer reported that they stepped back on their prices by $20/ton, bringing their new offers to $1560/ton for GPPS and to $1600/ton for HIPS, both on a CIF, cash basis. He commented, “Buyers are keeping to the sidelines as they expect prices to witness some price relief in line with the restarts of some styrene plants across the regional markets. Even after our downward adjustment, we are struggling to conclude deals.”
A Vietnamese converter reported that their supplier stepped back on their offers for Taiwanese materials, adding that the new offers they received stand at $1480/ton CIF, cash for GPPS and at $1550/ton for HIPS with the same terms. “Despite our supplier’s downward revision, we are planning to delay our purchases for a while longer as we feel that the market still has some room to move lower,” he stated.
A trader also reported that their South Korean supplier stepped back on their GPPS prices, bringing their new offers to $1640/ton CIF, cash. He commented, “We are not planning to replenish for now as we think that prices will witness some further downward adjustments in the days ahead. Instead, we are focused on selling off our existing stocks nowadays.”
In Southeast Asia, import prices currently stand at $1480-1640/ton CIF SEA, cash equivalent basis for GPPS and at $1550-1600/ton with the same terms for HIPS.
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