Turkey’s PS market mostly flat with eyes on hikes in China.
Petrotahlil - In Turkey, PS prices were rather steady week over week as the rising USD/TRY parity kept price discussions limited in most cases. Still, suppliers preserved their firm stance blaming their modest volumes as well as rising prices in China.
South Korean GPPS and HIPS were assessed stable on the week at $1070-1090/ton and $1130-1150/ton, respectively CIF Turkey, cash no duty following a round of hikes last week. A trader reported to ChemOrbis, “Our supplier conceded to only $10/ton discounts on deals citing its modest allocations and higher offers in China this week.
Asian import PS prices remained under an upward pressure of China, as offers to Turkey lacked a healthy premium over prices in this market.
European PS offers did not show a considerable change from last week as an agent of a regional supplier said, “We were unable to give further ground for our customers as we already trimmed our initial hikes. Moreover, our supplier is readying for a planned turnaround next month.”
Local prices were notionally unchanged at $1210-1300/ton for GPPS and $1310-1400/ton for HIPS, ex-warehouse, inc VAT amid a lack of much price discussion given the volatile TRY/USD parity. Domestic producers’ prices were last reported at $1020-1030/ton for GPPS and $1130/ton for HIPS, FCA Adana, cash not inc VAT.
In the EPS white market, prices were quoted at $1010-1020/ton for regular and $1040-1050/ton for inflammable grade, FCA Turkey, cash not inc VAT between healthy demand from building sector and recently softer spot styrene prices in Europe.
Outlook
It remains to be seen whether or not the market will follow the latest series of price hikes in China. Needless to say, Turkish players may remain cautious for the remainder of August under the shadow of COVID-19 cases and economic challenges driven by the depreciation of Turkish Lira against foreign currencies. Some buyers approach the scene with skepticism, saying, “Prices may face a correction depending on demand and costs.” In upstream, spot styrene prices edged up week over week in Asia, while butadiene costs added to their gains. European styrene lost some ground, as a side note.
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Source : ChemOrbis
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