Soaring butadiene props up HIPS, ABS prices in Asia
This week, a Taiwanese producer raised their ABS and HIPS prices to China by $30/ton and $20/ton respectively while their GPPS prices remained unchanged in comparison to last week’s offers. These hikes on ABS and HIPS followed the modest increases implemented last week for these products.
A South Korean producer also applied $20-30/ton hikes on their HIPS prices and $50/ton hikes on ABS prices following the end of the holidays. In the post-holiday week, more South Korean and Taiwanese suppliers followed the hikes implemented on ABS in China.
Players in China concurred that the hikes on HIPS would have been larger if they had not been constrained by the styrene outlook. Spot styrene prices, in the meantime, were on a downward path since mid-September until recently as they lost around $50/ton on average before rebounding $20/ton in the past few days.
Along with the recent firming of styrene, sellers may feel impelled to raise GPPS prices as well if the styrene gains are sustained. Last week they found it more difficult to lift GPPS prices due to lack of support from styrene although demand was relatively better for this product.
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