Turkey’s local PS markets see new lows on slack demand
In overall ranges, GPPS was priced at $1880-1960/ton ex-warehouse Turkey, cash inc VAT, down $40/ton from last week. HIPS prices decreased by $50/ton on the low end to be reported at $2000-2100/ton with the same terms, meanwhile, with the high end staying flat amidst limited supplies.
“There are en-route Saudi Arabian materials offered as low as $1800/ton in the GPPS market as falling styrene costs in Asia and Europe caused the bearish sentiment to gain momentum this week,” a couple of buyers said.
The near term expectations call for additional decreases in the PS market. “The markets of China and Southeast Asia remained on a bearish path due to declining feedstock costs. We believe import PS prices will post additional reductions in April, which will reinforce the downward pressure on the local market particularly if activity remains hindered despite the nearing season for certain PS applications,” a manufacturer noted.
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