India polystyrene prices rise on surging SM costs
13 September 2012 13:09 [Source: ICIS news]
SINGAPORE (ICIS)--Producers in ?xml:namespace>India increased the list price for polystyrene (PS) by Indian rupees (Rs) 2/kg (Rs2,000/tonne, $36.2/tonne) on Wednesday, market sources said on Thursday.
The list price of general purpose PS (GPPS) was increased from Rs100/kg to Rs102/kg, while price of high-impact PS (HIPS) rose from Rs111/kg to Rs113/kg.
The increase came following a surge in styrene monomer (SM) prices in European and Asia Pacific markets. In Europe, SM was traded at a three-year high of $1,810/tonne FOB (free on board) Rotterdam on Tuesday. European offers for September were at $1,780/tonne FOB Rotterdam and SM was assessed at $1,730-1,780/tonne FOB Rotterdam on 13 September following the spike, according to ICIS data.
Europe styrene spot prices have been at their highest levels since July 2008.
In the Asia Pacific markets, styrene prices strengthened by $40/tonne to $1,510-1,530/tonne CFR (cost and freight) China on 12 September.
Following the upswing in SM prices, all Asian producers withdrew offers for export of PS to the Middle East and south Asian regions on Wednesday 12 September. Producers said that it was possible to make future offers only when a clear indication of SM prices emerged.
($1 = Rs55.23)By: Veena Pathare+65 6780 4327
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