Depreciation of Turkish Lira dampens PS activity

Petrotahlil:

PS prices largely stable amid thin trading in SE Asia. 

• Import GPPS, HIPS mostly unchanged 

• Styrene fails to develop a clearer price direction 

• Pre-Ramadan demand from Indonesia disappoints sellers 

• PS sentiment weakens in China 

• Crude oil hovers around 6-month high

• Import PS ($/ton): GPPS inj. 1280-1330 | HIPS inj. 1300-1390 CIF

PS prices steady in China amid weakening sentiment. 

• Import market is stable 

• Demand is rather subdued 

• Styrene mostly indifferent to bullish crude 

• PS outlook turns somewhat soft

• Import ($/ton): GPPS 1280-1320 | HIPS 1300-1400 CIF

European PS market stagnant ahead of possible fresh hikes in May. 

• April business mostly wrapped up €90-100 higher 

• Players sidelined due to Easter festivities 

• Expectations call mainly for €30-50 hikes for May SM 

• Sellers project fresh hikes for May on stronger costs 

• A few buyers think that further firming may be unworkable

• Local spot (€/ton): GPPS 1330-1430 | HIPS 1430-1530 FD

PS players: slightly higher May SM is possible on costs in Italy. 

• Activities almost muted due to festivities 

• May SM awaited €20-50 higher 

• Sellers may seek fresh smaller hikes in May 

• Buyers skeptical about further firming on unsupportive demand

• Local spot (€/ton): GPPS 1320-1400 | HIPS 1420-1500 FD

Egypt’s import PS market puzzled by volatile costs. 

• Import PS offers track feedstock movements 

• Distribution market prices remain steady-to-soft 

• E-Styrenics April prices largely stable from March 

• Slow demand, tight liquidity overshadow markets

• Import PS ($/ton): GPPS 1300-1400 | HIPS 1380-1430 CIF