SE Asian producer slightly cuts PS offers to regional markets
The producer lowered its PS offers by $10/ton for GPPS and by $10-20/ton for HIPS from last week, bringing its new prices to $1310-1330/ton and $1400-1420/ton, respectively, on CIF SEA, cash basis.
Looking at the overall ranges, however, PS prices continued to gain ground during this past week due to several suppliers’ further hikes attempts earlier in the week.
In Southeast Asia, the overall ranges for import PS prices currently stand at $1300-1390/ton for GPPS injection and at $1400-1470/ton for HIPS injection, all on CIF, cash equivalent basis.
A trader based in Indonesia received $30-50/ton higher PS offers from its South Korean supplier at the start of the week. He commented, “We believe that the firming PS trend is about to come to an end as regional demand remains sluggish amidst volatile styrene prices which push buyers to the sidelines.”
Another trader added, “We are reconsidering our decision for replenishing stocks as yet the market has increased too much in the recent weeks. Buyers are showing resistance to rapidly increasing prices.”
In Asia, the styrene market turned softer in line with the fading impact of the tanker accident in Changzhou, with spot prices retreating by around $15-20/ton on a week over week basis to be currently quoted at $1140/ton FOB South Korea.
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