Limited Changes Captured In Southeast Asia PS Market
- Limited adjustment captured on PS prices in the Southeast Asia market
- Demand was dull during the week
- Players foresee limited room for changes in prices and demand in the near term
Over the week, Southeast Asia PS market showed limited changes in prices and demand trends. In Indonesia and Vietnam, offers for local GPPS Injection and HIPS Injection captured mostly stable over the week. However, due to buyers’ resistance towards the high prices, an Indonesian trader adjusted down the offers for local GPPS and HIPS cargoes by IDR500,000/ton ($34/ton). For localized cargoes, a trader in Indonesia increased offers for Thai GPPS and HIPS cargoes by IDR100,000/ton ($7/ton) on the back of the depreciation of local currency towards the U.S Dollar. In the import market, South Korean GPPS and HIPS cargoes to Indonesia reported stable, available at $920/ton and $1,020/ton respectively, all on LC at sight, CIF Indonesia main port basis. Meanwhile, a Vietnamese trader increased offers for Taiwanese HIPS cargoes by $10/ton. To the export market, a Vietnamese producer informed SSESSMENTS.COM on maintaining a stable offer level at $920/ton on LC at sight, FOB Vietnam basis. All price changes are on a weekly comparison.
Demand-wise, no noticeable changes over the week were seen. Buyers keep procuring on a hand-to-mouth basis. In Indonesia, a local trader in the country unveiled that demand for GPPS Injection has significantly decreased ever since Eid Al-Fitr. While in Vietnam, a local producer has yet to sell out this month’s allocation for the domestic and export market. On the supply front, no significant issue was reported by Southeast Asian market players to SSESSMENTS.COM this week.
Looking ahead, Southeast Asian PS market players foresee that there will be no significant changes in demand for GPPS and HIPS since there is no event that could boost buying appetite. In terms of prices, the firm SM prices are expected to provide a cushion for PS prices to remain stable amid sluggish demand, as stated to SSESSMENTS.COM.
