Pakistan PS producers increase prices on feedstock SM costs

21 September 2012 06:04  [Source: ICIS news]

SINGAPORE (ICIS)--Pakistan's polystyrene (PS) producers have increased their domestic list prices by Pakistan rupees (PRs) 2-4/kg (PRs2,000-4,000/tonne) ($21-426/tonne) this week on rising feedstock styrene monomer (SM) values, market sources said on Friday.

The list price of general purpose polystyrene (GPPS) was increased by PRs4/kg to PRs180/kg while the price of high-impact polystyrene (HIPS) was increased by PRs2/kg to PRs200/kg.

Pakistan, which has to import SM, announced the increase in list prices on 17 September, sources added.

SM prices in Europe and Asia Pacific hit a three year high of $1,810/tonne FOB Rotterdam on 11 September, according to ICIS data.

A day later all Asian producers withdrew offers for export of polystyrene to the Middle East and South Asian regions.

No offers were made by Asian PS producers this week who maintained that it was possible do business only when a clear indication of styrene monomer prices emerges.

However, SM prices for October cargoes fell on 20 September, with European SM as $20-40/tonne lower at $1,680-1,700/tonne FOB Rotterdam.

Asia Pacific markets were assessed as $50/tonne lower at $1,500-1,520/tonne FOB Korea, according to ICIS data.

With the softening in Europe and Asia Pacific SM prices on 20 September, market sources said that offers from producers were likely to be announced in the coming week.

($1 = PRs94.64)

By: Veena Pathare
+65 6780 4327

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