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Turkey’s import PS market retreats from almost a 3-year high

by Merve Madakbaşı - mmadakbasi@chemorbis.com
  • 28/12/2020 (11:57)
Import GPPS and HIPS offers witnessed downward corrections in Turkey over the week after the market saw massive increases driven by soaring freights in the second half of December. The notional offer levels retreated from more than a two-and-a-half year high, while Turkey’s large premium over China relatively narrowed.

Asian PS markets extended their drops to the year-end amid slowing demand and lower styrene prices. European players were out for Christmas holidays, which also kept Turkish players sidelined as the year-end drew closer.

According to the weekly average data from ChemOrbis Index, South Korean prices carried a premium of $225/ton for GPPS and $160/ton for HIPS over China in mid-December. Following last week’s corrections, these amounts were down to $160/ton and $80/ton, respectively.

Import GPPS and HIPS Prices – Turkey vs China

South Korean GPPS was assessed $50-170/ton lower at $1440-1580/ton CIF Turkey, no duty last week. HIPS declined by $50-110/ton to $1620-1700/ton. The sharper declines were observed on the low ends, pioneered by a producer’s fresh offers. Traders confirmed, “A producer apparently reflected falling styrene prices onto its downstream PS prices. However, they are for deliveries by March and April amid an ongoing equipment shortage at ports.”

“This is considered as a healthy correction since prices had spiked a lot previously due to skyrocketing transportation costs. The weaker sentiment in China has been mirrored on the recent policy of PS makers after they faced hesitant buying interest from Turkey following steep increases,” opined a participant.
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