Trader: local PS prices move lower in China
The trader’s local PS offers are standing at CNY8800-9000/ton ($1225-1253/ton without VAT) for B grade GPPS, at CNY9200/ton ($1281/ton without VAT) for A grade GPPS, at CNY9600/ton ($1337/ton without VAT) for B grade HIPS and at CNY10000-10200/ton ($1392-1420/ton without VAT) for A grade HIPS, all on an FD China, cash including VAT basis.
He commented, “We expect that B grade GPPS will soon hit the CNY8000/ton ($1114/ton without VAT) level. Buyers are not active in the market as they are expecting to see further decreases in line with weaker upstream costs. We think that the prevailing softening trend will remain in place until after the Chinese New Year holidays.”
Upstream, spot styrene prices have plunged around $110/ton on the week to be currently quoted at around $825/ton on an FOB South Korea basis.
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