Asian ABS producers withdraw offers in weak market

24 January 2006 10:38  [Source: ICIS news]

SINGAPORE (ICIS news)--A slowdown in market activity in the run-up to next week’s Chinese New Year has led to some Asian acrylonitrile butadiene styrene (ABS) producers withdrawing firm offers from the market this week, suppliers said on Tuesday.

“We have withdrawn our offers as the buyers have already retreated from the market. In the past week, there were no enquiries and my phone hardly rang,” said a Hong Kong-based ABS supplier.

“There is no point posting offers if the buyers are not around and there are no firm bids or buying interest,” he added.

ABS offers are notionally pegged at $1,450/tonne CFR Hong Kong and China against notional bids that are $30-50/tonne lower. The Asian market has practically come to a standstill ahead of the Chinese New Year holidays, with many players already winding down trading activities this week.

The Chinese market will be closed for up to 10 days from Sunday, while Hong Kong, Taiwan, South Korea, Singapore, Malaysia, Vietnam and Thailand will be closed on Monday and Tuesday.

“The market is very quiet and there were hardly any deals the past week. Anyway, January business has been completed and there is no point in starting negotiations on February business with the market closed for the next week or so,” said a supplier based in Guangzhou, Guangdong Province, China.

By: Helen Yan
+65 6780 4359

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