- Weaker China domestic markets- Lowering upstream costs





In Asia, the market price of Asian
polystyrene dropped between $30 and $40/mt over the week ending July 20, due to
lower upstream styrene monomer costs and pessimistic sentiments downstream. Following the SM market, Asian PS offers trended
downward. High-impact PS offers were heard between $1,450
and $1,550/mt CFR China. This was down $30-$50/mt compared to the week before.
The buying indication was $1,350-1,380/mt. The
weakening acrylonitrile-butadiene-styrene prices also pressured HIPS while ABS
is considered a more premium alternative product, sources said. The ABS
prices fell from $30-35/mt over the week to $1,510-1,540/mt on July 20. In light of
global inflation, the falling PS prices were also indicative of bearish
sentiment in the downstream final product sector. Due to
domestic Chinese prices being relatively low, import inquiries for...