Traders cut Taiwanese PS prices to China
One of them reported that they lowered their PS offers for Taiwanese origins by $40-50/ton to $1570-1580/ton for GPPS and $1660/ton for HIPS, both on a CFR China, cash basis. He commented, “Crude oil and naphtha prices have posted significant decreases recently, which also pulled down upstream costs as well as polymer prices. We are not feeling optimistic about the near-term outlook and we think that prices still have some room to post further decreases.”
An agent of a Taiwanese producer also reported that their supplier reduced their PS prices to China by $10-20/ton from last week to $1715-1725/ton for GPPS and $1815-1825/ton for HIPS, both on a CFR China, cash basis. He stated, “Demand remains sluggish as buyers are still expecting to see further decreases. We feel that prices will maintain their bearish trend over the near term.”
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