PS market follows suit as China market cooled down after Dragon Boat Festival. A China-based producer informed SSESSMENTS.COM that latest offers for GPPS Injection at CNY7,850/ton ($1,110/ton), while HIPS Injection at CNY8,400-9,050 ($1,188-1,280/ton) depends on the grade. Local offers are on cash, EXW basis and including 13% VAT. All offers dropped by CNY150/ton ($21/ton) as SM prices softened slightly between CNY100-120/ton ($14-28/ton), all on a weekly comparison.
SSESSMENTS.COM quoted from the producer which saying that converters currently place orders based on needs as end-product demand remains soft after June 18 shopping festival. PS market also depressed as the price gap between GPPS Injection and XPS gradually back to normal, with XPS converters stopped using GPPS Injection. Ample supply of SM also mentioned as local SM producers maintain production rate at 80%, with stable volume reported from imported SM. On the production sector, the producer said PS plant is running normal and does not hear any undergoing maintenance so far in China market.
Looking ahead, the producer told SSESSMENTS.COM that PS market would soften in the short term, as no sign of significant improvement in demand in the near future. PS price also follows the trend of SM, where this week affected by supply sentiment, coupled with a lack of sentiment in firmness regarding feedstock prices as inventory pressure on benzene beckons.
