Surging styrene fuels firming trend in Asia’s import ABS, PS markets
In Asia, the spot styrene market has maintained its steadily firming trend so far this week, posting cumulative increases of almost $100/ton to hit a five-month high on average. Traders attributed surging spot prices to reducing availability across the global markets while supply concerns grew further after Hurricane Harvey forced many refineries to shut down along the US Gulf Coast.
Some ABS sellers applied three-digit increases on their offers this week in line with higher costs while import offers at and above the $2000/ton CIF threshold emerged in China and Southeast Asia for the first time since March.
A source from a South Korean producer reported that their ABS offers to China increased by $200/ton from two weeks ago given firmer costs. “The prevailing market levels are dramatically high,” the source commented.
A trader in China also opined, “ABS and PS prices remain on a bullish path due to firmer upstream costs while there is almost a panic mood among traders. Our offers increased by $60-80/ton on a weekly basis.”
In Southeast Asia, an Indonesian trader reported that their South Korean supplier’s ABS offers increased by $90/ton from last week, saying, “We think prices moved up too fast and their decline might be quick as well.”
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