Turkey’s import PS market sees first hike attempts in 2 months

In Turkey, import PS prices were on a bearish trend since the middle of September driven by muted end product markets, ample local supplies and falling upstream costs. However, some suppliers have lifted their import offers recently, blaming higher energy costs and spot styrene prices in tandem with slight hike requests in China.

An Indian producer raised its list offers by $55/ton for GPPS and $70/ton for HIPS this week to $1425/ton and $1500/ton, respectively, CIF Turkey, subject to 3% customs duty, cash.

An agent of the producer noted, “We revised our offers up in line with the guideline from our supplier since styrene prices in Asia moved up compared to early November supported by the rising energy complex. We are yet to receive any response from our customers so far as demand is quiet as of early this week.”

Additionally, some players confirmed that Iranian PS producers started to seek increases of $20-40/ton by the second half of last week. GPPS prices moved up above $1300/ton FCA, subject to 6.5% customs duty, cash after being offered as low as $1270/ton last week. As for HIPS, two traders reported that they were not able to receive any new prices from Iran as a producer delayed their offers to next week given limited supplies.