22 May 2008 05:02 [Source: ICIS news]
SINGAPORE (ICIS news)-- Spot prices of polystyrene (PS) and acrylonitrile-butadiene-styrene (ABS) resins have gained further ground this week rising $30-40/tonne over last week on bullish feedstock styrene monomer (SM) numbers.
Despite the record numbers, market players said the prices had further upside potential as crude had set another record high.
"Record crude prices would surely propel SM values, which in turn would prompt PS and ABS suppliers to hike offers again very soon’, said a trader in Hong Kong.
"New offers would emerge by the end of this week or next week and they could be $50/tonne higher," another trader in Hong Kong said.
Suppliers, however, remained concerned that high resin costs would cause even more moulders to switch to recycled plastics to mitigate their costs, resulting in an overall decline in demand for pure resins.For more on PS, ABS visit ICIS chemical intelligence
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