Visible PS increases from Asian producers to China,SEA
A source from a Southeast Asian producer reported that they raised both their GPPS and HIPS offers by $260/ton from their levels before the holiday. Following this adjustment, the producer’s offers are currently standing at $1720/ton for GPPS and at $1820-1830/ton for HIPS, both on a CIF SEA, cash basis.
Commenting on the regional markets, the source said, “Done deals are scarce. We heard that Vietnam Polystyrene’s supply to Indonesia is limited.”
A Taiwanese producer source also reported that they implemented hikes on their PS offers to Asia. The producer lifted its offers by $190/ton for GPPS injection and by $200/ton for HIPS injection, bringing their new prices to $1670/ton for HIPS injection and to $1600/ton for GPPS injection, all on a CIF SEA/China/Hong Kong, cash basis. Done deal levels are $20/ton lower for both products.
The producer source opined, “Customers are giving bids at pre-holiday levels, but we cannot accept them considering the current styrene prices. Done deals are rare since the market is still quiet after the holiday, but we expect an uptick in demand in line with the return of the players. When compared to levels before the holiday, our current operating rate is at 70% for all PS, which is the same for HIPS while it is 30% lower for GPPS.”
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