Taiwanese producer continues to cut PS offers to China, SE Asia
by ChemOrbis Editorial Team - content@chemorbis.com
A source from a Taiwanese producer reported that they cut their PS offers to China and Southeast Asia further when compared to last week in the face of weaker upstream markets and lower crude oil prices. The producer has been adjusting its offers lower gradually since March 9.
This week, the producer decreased its PS offers by $40-50/ton for GPPS and by $30-40/ton for HIPS, and concluded deals with an additional 20$/ton discount from their current offer levels at $1220-1230/ton for GPPS and at $1300-1310/ton for HIPS on CIF China/SEA, cash basis.
A source from the producer noted, “Players either prefer to remain on the sidelines or source based on their needs as they expect prices to retreat further in the days ahead. Sellers are under sales pressure due to falling feedstock costs. We think prices will witness additional drops in May, albeit in smaller amounts when compared to March and April.”
This week, the producer decreased its PS offers by $40-50/ton for GPPS and by $30-40/ton for HIPS, and concluded deals with an additional 20$/ton discount from their current offer levels at $1220-1230/ton for GPPS and at $1300-1310/ton for HIPS on CIF China/SEA, cash basis.
A source from the producer noted, “Players either prefer to remain on the sidelines or source based on their needs as they expect prices to retreat further in the days ahead. Sellers are under sales pressure due to falling feedstock costs. We think prices will witness additional drops in May, albeit in smaller amounts when compared to March and April.”
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