Asian PS: Falls $30-35/mt amid muted demand, weak
upstream- Weak
China import prices reduce interest- Crude
falls at $9.22/bThin demand, weak upstream crude oil prices, and styrene monomer market weakness meant that Asian spot polystyrene was under
pressure. HIPS
and CFR China GPPS spot price discussions remained muted. Sellers expected
import inquiries would remain low in the coming days due to lower domestic
styrene monomer feedstock costs. A South
Korean producer stated that domestic PS producers could receive cheaper SM than
local exporters. "So for us, the
ability to lower our selling price is weaker." Domestic China market price
discussions for GPPS were heard at Yuan 10,700-11,000/mt or $1,326-1.363/mt
based on an import parity basis. HIPS prices were reported at Yuan
11,250-11,300/mt or $1,395-1,400/mt based on import parity. Sources claimed that most PS producers retained their...