Singaporean producer cuts PS offers to SEA
The overall market, meanwhile, was reported at $1180-1230/ton for GPPS and $1210-1280/ton for HIPS, CIF SEA, cash. The low ends were stable while the high ends were down by $20-30/ton for GPPS and $10/ton for HIPS, in which the decrease that came from the Singaporean producer played a role.
Taiwanese producers, meanwhile, held their offers steady, although some admitted that they are open to negotiation for firm bids.
A source from the Singaporean producer said, “We are not sure if the upcoming shutdowns will prevent further softening as demand is performing rather poorly.”
In Far East Asia, there are several shutdowns planned for August and September. Shanghai Secco will shut down their plant in the middle of August for 40 days while Formosa is planning to take its styrene site offline in September and Idemitsu is also scheduled to shut its styrene plant in September.
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