A Chinese PS producer contacted by SSESSMENTS.COM’s team commented that local PS prices have been on a rollercoaster ride. At the beginning of the week due to the rapid increases in futures PP prices, PS prices were also increased between CNY500-600/ton ($71-85/ton). However, as of Wednesday, April 15, offers for GPPS Injection and HIPS Injection dropped between CNY200-300/ton ($28-42/ton) as compared to Tuesday’s level as no support from demand.
The producer stated the current state of demand is not in a positive note. “There is no improvement in demand from the downstream market. We can say that demand is even worst than last week. As such, in the days to come, PS prices would be hovering at the current level depending on SM prices,” as stated to SSESSMENTS.COM.
On the upstream market, from early April to April 15, SM prices increased by $83/ton. At the beginning of the month, SM prices stood between $522-526/ton on LC at sight, CFR China main port basis. On April 15, SSESSMENTS.COM noted that the offers were at $605-609/ton with the same payment and shipment term. The increases in SM prices did not reflect on PS prices.
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