Turkey’s local PS prices jump on rising import market
The import PS prices posted remarkable increases of $230/ton for Indian cargos, while South Korean prices emerged with $140-190/ton hikes when compared with last August levels. European PS offers also registered €200-210/ton increases in tandem with a €190/ton hike on September styrene contracts.
“We believe that supply concerns stemming from Hurricane Harvey also strengthened sellers’ hands for September. We have not achieved any deals at these levels so far in Turkey though,” suppliers of the abovementioned origins stated.
The sharp hike requests for import cargos caused rapid increases from the local distributors as well. “We lifted our PS offers as we are facing much higher replacement costs compared to last month. Moreover, we have limited prompt material left on hand,” a distributor noted.
Converters, meanwhile, hope that PS sellers will trim their hike requests down in the latter part of September as prices rose too much already.
The local GPPS market rose by $80-130/ton to $1850-1900/ton compared to the pre-holiday levels while HIPS jumped $120/ton to $1920-1970/ton, ex-warehouse Turkey, cash inc VAT.
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