Türkiye’s styrenics markets hover at 5-year lows, players debate potential bottom

Styrenics markets extended their bearish tone into October amid weak regional demand and lower upstream costs. Most players left their desks last week to attend the K 2025 Fair, the outcome of which was closely followed by global industry participants. While import offers hit their lowest levels since October 2020 for PS and July 2020 for ABS injection natural, domestic EPS prices also sank to a five-year low.

The release of Türkiye’s final anti-dumping (AD) report on polystyrene imports added a fresh layer of uncertainty, as PS players assessed how potential duties might reshape import dynamics toward the year-end.

Meanwhile, participants continued to hunt for signs of a bottom across all styrenics products, including ABS and EPS.

To track global price trends of PS, ABS, and EPS, please visit ChemOrbis Price Wizard.

Final anti-dumping report for PS imports draws spotlight   

Polystyrene prices in Türkiye continued to lose ground over the past week, tracking weak post-holiday sentiment across Asia and subdued market activity as many participants attended the K Fair in Germany (October 8–15). The local and import markets both registered marginal declines, while players adopted a wait-and-see stance amid the recently published final anti-dumping report and lower styrene costs compared to last month.

For imports, some traders reported receiving fresh offers with up to $30/ton reductions for South Korean origins following the Golden Week break in China and part of the region. Domestic producers, meanwhile, applied $40–50/ton cuts for October, in line with lower European styrene contracts.

Türkiye’s Ministry of Trade issued its final AD notification on October 7, covering PS imports from China, Taiwan, India, Korea, Russia, and Thailand. The investigation confirmed dumping and injury to domestic producers, with duties expected to range between 3.5–8.1% for GPPS and 9–11% for HIPS from South Korea, one of the key suppliers.

Players said the final decision could be announced soon, adding that potential duties may alter the import mix and offer some short-term relief to domestic producers, though they are unlikely to stimulate demand in the current sluggish climate. A PS supplier commented, “We are not overly concerned about the potential measures since we sell our products globally. Purchasing power may be adversely affected, but we do not expect a major impact on the overall market trend.”

Another player was more pessimistic, saying, “Such measures have already dealt a blow to Türkiye’s downstream exports of GPPS-based end products. For instance, Türkiye used to produce and export GPPS-made cups competitively thanks to affordable Egyptian and Iranian imports. However, the imposition of these duties has eroded that advantage — and now, more duties seem to be on the way.”

Data from ChemOrbis Stats Wizard suggested that Türkiye’s main import PS suppliers in 2024 were Belgium, South Korea, Iran, Russia, and Taiwan.

For Türkiye’s import PS trade flow with detailed figures on tonnage and more, visit ChemOrbis Stats Wizard.

Import ABS sinks to more than 5-year lows   

ABS markets also added to their losses as of early Q4, with import and locally-held prices mirroring lower production costs. Activity was largely constrained by holidays in Asia and the K Fair, leaving few fresh transactions in both import and distribution channels.

While the overall import ABS natural injection market dived to its lowest level since July 2020 on a weekly average, Türkiye’s premium over Northeast Asian ABS prices in China narrowed to around $95/ton last week, the lowest since early August, according to ChemOrbis Price Index data. This narrowing spread limited the scope for deeper discounts from import suppliers.

A trader noted that his South Korean suppliers offered ABS at $10/ton lower than previous levels, compared with more noticeable cuts for GPPS and HIPS. “Although derivative demand has been weak, ABS has faced less pressure than PS due to local capacity for the latter,” a player said.

EPS remains a “buyer’s market” under SM pressure   

October domestic EPS prices were assessed $80-90/ton lower than September, since sellers yielded to falling counter bids under the shadow of historic low styrene prices. On a monthly average, EPS white regular and non-flammable markets stood at their lowest levels since November 2020, ChemOrbis Price Index revealed as of mid-month.

A source from a domestic EPS producer said, “As long as styrene costs do not bounce from current lows, prices may remain under downward pressure in November. At the same time, derivative demand has been okay, which prompted converters to buy their regular needs, albeit cautiously, given the volatile upstream chain.”

Upstream chain unsupportive for now   

According to the ChemOrbis Price Wizard, Brent and WTI crude futures on a weekly average were down by $2/bbl from last week at the time of writing, with markets paring part of their losses triggered by rising trade war tension between the US and China on Friday early this week. Asian spot styrene hovered in the low-$800s/ton FOB Korea/CFR China amid post-holiday sluggishness, the lowest in five years, as per ChemOrbis Price Wizard data. European spot styrene slipped to break below $800/ton FOB NWE last week, keeping cost pressure intact.

Players monitor imminent domestic duty decision and global cues

Styrenics in Türkiye may continue to face downside risk as year-end approaches, though already multi-year low prices could limit further losses. Weak global styrene prices, macroeconomic headwinds, and ongoing destocking point to limited short-term recovery. Players will closely monitor the outcome of the K 2025 Fair.

For PS, focus remains on the Ministry’s final AD decision, expected soon. Any anti-dumping duties on import origins could provide temporary support to local producers by curbing competitive imports, yet persistent demand weakness may cap immediate gains while bearish trends in Asian and European styrenics linger.

For ABS, sentiment is likely to remain pressured by ample supply in Asia and muted European markets ahead of year-end. Planned capacity adjustments in Asia could gradually rebalance the market, but a meaningful turnaround is not expected before early 2026.

Overall, Türkiye’s styrenics markets are expected to navigate a cautious path through November, balancing cost signals, potential shifts in import trade flows, and global demand recovery prospects. An EPS player voiced his early November expectations on a weak note, saying, “Local prices may break below $1250/ton FD, not inc. VAT on next transactions.”