Aggressive local PS offers fail to buoy activity in Turkey.
Petrotahlil:
Aggressive local PS offers fail to buoy activity in Turkey
• Domestic PS producers issue $50-60 cuts
• Buying appetite unresponsive to rapid falls
• Turkey’s April PS, EPS imports up on month
• Local GPPS lowest in 5 months, HIPS at 2.5-year low
• China’s import market sinks to 2-year low
• Turkish ($/ton): GPPS 1240-1250 | HIPS 1300 FCA Adana
• Korea ($/ton): GPPS 1280-1300 | HIPS 1330-1360 CIF
• Local ($/ton): GPPS 1530-1630 | HIPS 1640-1700 inc VAT
Falling orders keep PS prices on downward track in SEA
• GPPS sees decreases of up to $40
• HIPS tracks stable to softer trend
• Spot styrene down on week
• Holiday lull in Malaysia, Indonesia
• Trade war concerns continue
• Weaker oil futures affect sentiment
• Import PS ($/ton): GPPS inj. 1210-1260 | HIPS inj. 1290-1350 CIF
Lower costs reinforce downward trend for PS in China
• Import GPPS falls further by $10 on both ends
• Import HIPS posts additional losses of $10-20
• Buying sentiment bearish on rising trade war
• Spot styrene indicates a weekly decrease in Asia
• Crude oil futures hit lowest level since Jan
• Import ($/ton): GPPS inj. 1200-1240| HIPS inj. 1270-1330 CIF
Initial June PS prices see three-digit decreases in Europe
• SM fully agreed €143 lower for June
• Hefty drops of €105-140 announced for PS
• Most buyers prefer to wait and see
• Fundamentals are weak amidst ample supply, slow demand
• Sellers expect better buying appetite in the days ahead
• Local spot (€/ton): GPPS 1220-1330 | HIPS 1310-1430 FD
Italy’s PS market turns down in June following SM plunge
• June SM settled down by €143
• European majors announce decreases of €105-145
• Distributors reveal decreases of €120-140 from May
• Sharp price reductions fail to stir buying interest so far
• Sellers’ stocks are still high
• Local spot (€/ton): GPPS 1170-1280 | HIPS 1260-1380 FD
Egypt’s PS markets down on frail demand
• Import GPPS, HIPS offers down by $10-40
• Local GPPS, HIPS prices also down by EGP400-1500
• Waning demand blamed for recent decreases
• Buyers adopt wait-and-see stance
• Import PS ($/ton): GPPS 1290-1310 | HIPS 1350-1360
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