Taiwanese ABS prices move lower in Turkey
A Taiwanese producer issued $60/ton declines compared to their initial November offers in line with the weak trend in Asian markets, including China and Southeast Asia. Thereby, the seller’s total decrease amount for this month reached $90/ton from late October. “We were offered lower prices at $1260/ton for ABS natural and $1410/ton for ABS white, CIF Turkey, subject to 6.5% customs duty, cash recently,” reported a trader. Meanwhile, offers of the same producer were also reported with drops in Southeast Asia over the week.
Several traders in Turkey expect to see a new round of price cuts from their Far East Asian suppliers for December. They blame sluggish demand on a global scale heading to the year end as well as lower energy costs, which have plunged by around $7.50/barrel on the NYMEX since November started. Spot styrene prices on a FOB South Korea basis were reportedly down by around $30/ton to move below the $900/ton threshold.
“We expect to receive fresh ABS offers from our South Korean supplier later this week with monthly decreases of $30-40/ton,” said an agent of a South Korean producer. South Korean ABS natural was dealt at $1200/ton CFR China lately suggesting that there is downwards pressure on the high end of the prevailing range in Turkey, which stands at $1250-1320/ton CFR Turkey, cash no duty.
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