29 March 2012 09:36 [Source: ICIS news]
SINGAPORE (ICIS)--The rebound in styrene monomer (SM) prices in ?xml:namespace>
SM prices reversed its losing streak and rebounded to the high $1,400s/tonne (€1,050) CFR (cost & freight)
PS prices hovered in the low $1,600s/tonne CFR
“Plastic prices are still under pressure this week although feedstock SM prices are starting to increase,” said a trader in
Resins suppliers concede that it remains difficult to hike prices in the near term as demand has not improved.
”SM prices have stabilised but resin buyers are not coming out to seek parcels,” said an ABS producer.
Demand for resins typically improves in April as Chinese factories start to ramp up production of finished goods.
However, buying momentum showed limited signs of a pick up so far although orders for end products have started to trickle in.
Resin buyers are mostly adopting a cautious stance given the continued weakness in prices. Most buyers prefer to wait and see if the current SM price uptrend is sustainable before making commitments.
“Most resin buyers still have some stocks on hand and will prefer to wait for some price stabilisation before making purchases,” said another trader in
PS is used in packaging, toys, utensils and consumer electronics. ABS is used in the toys, office equipment, consumer electronics, automotive and construction sector.
($1 = €0.75)
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