SE Asian producer cuts PS offers to the region
When compared to last week, the producer’s done deal levels for GPPS was stable to $10/ton lower at $1260-1320/ton CIF SEA, cash equivalent basis while deal levels for HIPS retreated by $10-30/ton to $1360-1410/ton with the same terms.
A source from the producer commented, “Although there are some inquiries, they are still asking for the same quite low price levels from two or three weeks ago. Buying interest from Indonesia is particularly weak.”
This price cut defied the recent hike attempts of PS, ABS suppliers to China this week although they do not appear to be firm on their hike requests as they provide discounts in deals. Therefore, their hike targets are deemed as attempts to firm the market sentiment up in the midst of volatile styrene prices.
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