South Korean ABS producer trims initial Nov hikes in Turkey

In Turkey, a South Korean ABS producer, who pioneered increases for November shipment cargos, stepped back from its initial hike targets, according to a trader.

The South Korean producer revealed an increase of $60/ton for the new month bringing its prices to $1500/ton for ABS natural CIF Turkey, cash no duty after not offering for that grade for October. “We replaced some quantity at $1470/ton with the same terms following our negotiation,” a Turkish trader reported. Meanwhile, the Korean supplier maintained its ABS white price at $1650/ton, a rollover from October before conceding to $1590/ton on deals.

Import ABS injection prices in Turkey were on a bullish trend for the last 3 months in a row. The firming was reinforced throughout October on the back of rising feedstock costs. Driven by higher crude oil prices, which hit around $51/barrel on average on the NYMEX by mid-October according to ChemOrbis Price Wizard, spot styrene costs in Asia soared $65/ton on FOB Korea basis during October, while butadiene prices climbed $130/ton with the same terms in the period.