South Korean producer issues PS, ABS hikes to Turkey

Traders in Turkey reported receiving sharp price increases from a South Korean producer for PS and ABS this week. The producer cited higher styrene prices in Asia compared to the beginning of November as well as limited availability in the region as the reasons for their price hike.

The South Korean producer applied increases of $70-80/ton for GPPS and HIPS, bringing their latest offers to $1300/ton and $1350/ton, respectively, CIF Turkey, cash no duty. The supplier also raised their ABS natural injection price by $50/ton week over week to $1550/ton with the same terms.

A trader who received these offers said, “Our supplier did not reveal any prices for ABS white or black this time. Meanwhile, they were not able to give GPPS over the past 1 month.”

“We are not planning to replace any stocks at those higher levels at the moment as demand in Turkey is not promising heading to the year-end which makes it difficult to reflect rising costs of imports to the locally-held market. Most buyers keep their activity in check given the record low TL/USD parity,” another trader said.

Spot styrene costs on FOB South Korea basis were last reported at around $1160/ton on Friday, down $25/ton week over week but they represented an increase of $125/ton since early November. Spot butadiene prices soared $125/ton to be reported at $1460/ton with the same terms on the week.