SE Asian producer issues sizeable hikes on PS prices
The source stated, “Our higher levels are not seeing great interest from buyers. However, we are standing firm on our prices as spot styrene costs continue to move higher given limited supplies.” The producer is now offering GPPS at $1650/ton and HIPS at $1700/ton, both on a CIF SEA, cash basis.
A trader who received new prices from the producer reported, “We feel that their new prices are very expensive and they may only sell to a few people who really need to purchase. We are not planning to replenish our stocks for now as we expect prices to change direction by mid-May in line with some styrene plant restarts across the region.”
A converter also reported receiving new offers from the producer and commented, “The producer significantly raised their prices. Luckily for us, we have sufficient stocks thanks to our previous purchases. We feel that PS prices may not be able to post further increases in May.”
In Southeast Asia, overall import PS prices currently stand at $1630-1680/ton for GPPS and at $1680-1700/ton for HIPS, all on a CIF Southeast Asia, cash equivalent basis.
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