Taiwanese producers lift PS, ABS offers to China, SEA
A source from a Taiwanese producer reported that they raised their GPPS and HIPS offers by $70-80/ton, bringing their new offers to $1300/ton and $1350/ton for HIPS, respectively, on a CIF SEA and CIF China/Hong Kong, cash basis.
“The main driver of these high prices is surging styrene. After these hikes, demand weakened and done deals are becoming quite rare. Buyers mostly source based on their needs while suppliers are not feeling sales pressure. We think that prices still have room for additional increases therefore we are not willing to sell any extra orders. Demand for GPPS is still better than for HIPS. Sellers from US, Europe and Middle East are selling their cargoes to China and they are making a good profit from this. We think that the market outlook is uncertain. Our current production rate for GPPS is 100% while it is 70% for HIPS,” the source commented.
Traders operating in China reported that a Taiwanese major lifted their ABS, HIPS and GPPS offers by $80/ton to China when compared to last week’s levels. Prices were reported at at $1640/ton for ABS injection, at $1390/ton for HIPS injection and at $1330/ton for GPPS injection, all on a CIF China/Hong Kong, cash basis.
A Chinenese trader said, “We are not interested in replenishing materials and we are adopting a wait and see stance. Meanwhile, end-users are still requesting some spot materials.” A second trader based in China added, “We heard that another Taiwanese producer will raise its offers by $100/ton. Supply from this producer is tight.”
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