01 October 2008 05:33 [Source: ICIS news]
SINGAPORE (ICIS news) – Demand for styrenics resins is likely to weaken further in the fourth quarter as the global economy teetered on the brink of a US-led recession, said producers and traders on Wednesday.
‘Demand has been slow since the start of the third quarter and look set to weaken in the fourth,’ said a producer in ?xml:namespace>
The widening financial and credit turmoil in the
Recent import data from the Chinese Customs revealed that for the month of August, PS imports plunged 27% on year while ABS fell 21%.
‘The troubles in the
Orders for products at factories in
The much anticipated post-Olympics recovery did not materialise as key Chinese export destinations, US and
With its own domestic market experiencing decelerating growth, real estate and stock prices went on a free fall, the Chinese government reduced the benchmark one year lending rates and reserve ratios at banks in September in a bid to shore up its economy.
However, the effects of these measures might take a few quarters to filter through to the broader economy, industry sources said.
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