Market sources told SSESSMENTS.COM that sellers in the Asia PS market are facing fierce competition amidst the decline of SM prices. A distributor reported that offers for GPPS Injection and HIPS Injection of Taiwan origin decreased by $50/ton and between $40-50/ton, respectively. Meanwhile, offers for ABS Injection of the same origin dropped by $20/ton. All are compared to last week. The distributor mentioned that the huge adjustments applied were meaningless as some other sellers offered at much lower levels. The distributor added that another issue to face at the moment is requests for order cancellations from buyers as the current prices are lower than the deals concluded previously.
In the same tone, a South Korean PS producer revealed to SSESSMENTS.COM that the company received negative responses from buyers although the producer has adjusted down offers for HIPS Injection by $110/ton to follow the market trend. After the adjustments, offers from the producer stood at $970/ton on LC at sight, CIF China main port basis. According to the producer, buyers were reluctant to place bids, afraid in case the bids could be accepted as they are not serious to take the cargoes.
