Asian PS, ABS markets stay weak as November begins, after ending October over five-year lows

Asian styrenics markets ended October under persistent downward pressure, with both ABS and PS prices either extending losses or stabilizing near multi-year lows. In China, import ABS prices fell to around five-and-a-half-year lows, while PS values breached key psychological thresholds in the face of fading cost support and sluggish downstream demand. In Southeast Asia, prices held largely steady, but sentiment remained fragile as buyers continued to purchase only on a need basis.

Prices hit new lows in China

In China, import PS prices declined by up to $30/ton in the week ending October 31, with the low end of the GPPS injection range falling below $950/ton and HIPS injection dropping below $1000/ton for the first time since the July-August period of 2020, according to the ChemOrbis Price Index. ABS injection prices followed a stable-to-softer trajectory, reaching the lowest weekly average since May 2020.

Inside the country, domestic ABS injection offers stood slightly lower than the previous week, whereas PS prices experienced visible decreases of CNY100-300/ton ($14-42/ton), pressured by month-end inactivity and subdued sentiment. A local trader for PS confirmed, “Domestic prices move down due to falling raw material prices and weak demand.”

Stability prevails in SEA, but Chinese origin remains key pressure

In the week ending October 31, Southeast Asia’s import ABS and PS prices were largely steady at over five-year lows, with sellers mostly holding offers while allowing small discounts. A source from a regional PS producer said, “We keep our offers stable, but we’re open to lowering them by around $10/ton during negotiations.” A Vietnamese trader added, “Demand remains sluggish, with most players restricting purchases to essential needs only.”

Meanwhile, aggressively priced Chinese-origin cargoes in Vietnam continued to exert downward pressure on regional sentiment. GPPS injection shipments were concluded at $930-950/ton CIF Vietnam, cash, reviving sub-$950/ton levels, while ABS injection offers were reported as low as $1070/ton on the same basis by late October. These levels significantly undercut offers from South Korean, Taiwanese, and ASEAN producers.

Lackluster demand keeps market tone bearish

Weak demand persists across Asian styrenic markets, weighed down by underperforming downstream sectors. Hopes for improved sentiment following the US-China meeting have failed to translate into stronger buying interest this week. Although a source from a Chinese ABS producer cited a “slight improvement in orders” after the meeting, most players agreed that demand from home appliances, electronics, and automotive sectors remained stagnant.

A Taiwanese producer source said, “Demand remains in the doldrums with fewer orders being placed for this year’s Christmas season. In China, the property sector downturn continues to suppress home appliance demand, while the electronics and automotive industries show no signs of recovery.”

Feedback from Southeast Asia mirrored this weakness. A Vietnamese trader noted that prices were unchanged due to “limited demand,” while a local producer confirmed they were “willing to give some discounts for done deals” amid poor buying interest. Across the region, inquiries stayed minimal as buyers avoided stock building.

Falling upstream values extend pressure on Asian styrenics

Falling upstream costs further undermined styrenic resin prices. A source from a Taiwanese producer remarked, “Styrene feedstock prices have been volatile and trending lower, eroding cost support.” Declines in crude oil futures and key feedstock prices left producers with little room to defend margins in an already soft market.

An Indonesian trader similarly observed, “ABS prices have fallen from last month due to weaker cost support and sluggish demand.”

According to ChemOrbis Price Wizard data, spot styrene prices extended their downtrend to reach more than five-year lows by the end of October, while butadiene slipped for a second consecutive week to over two-year lows. ACN prices held flat but hovered near their lowest levels in more than five years.