A South Korean producer reported to SSESSMENTS.COM on adjusting export ABS and PS offers after receiving heaps of inquiries from buyers. This week, the producer decided to raise their offers for ABS Injection and HIPS Injection by $10/ton as compared to a week earlier. The decision was made after the producer suddenly received a surge in inquiries, mostly from Chinese traders. Usually, the producer sells cargoes directly to converters. To date, the producer successfully sold out all of April allocations and some volume for May shipment for ABS Injection.
Despite being able to sell out April allocation, the producer is unable to fully understand the situation as to why many traders are procuring even though demand from the converters is sluggish at the moment. Yet, on the other hand, it does make sense that many traders are building inventory since the current styrenics prices are already nearing the bottom; therefore room for the prices to decrease further is limited. In the days to come, the producer told SSESSMENTS.COM that the outlook for the market is rather cloudy amid the Coronavirus outbreak.
Click below to view related stories and content on Styrenics:
NewsSSESSMENTS: China PS Prices On A Rollercoaster Ride
NewsSSESSMENTS: Ethylene Price At Multi Year Low, Reaching Level Last Seen In 2008
