01 October 2012 07:48 [Source: ICIS news]
SINGAPORE--Offers for polystyrene (PS) in the Gulf Cooperation Council (GCC) region rose by $80/tonne (€62/tonne) over September, as Saudi Arabian producers announced steep hikes pushing buyers to the sidelines, a market source said on Monday.
For general purpose polystyrene (GPPS), October offers to the GCC region were at $1,830-1,840/tonne DEL (delivered) GCC, against offers for September that were at $1,750/tonne DEL.
October offers to the UAE were at $1,830/tonne DEL UAE, while offers to ?xml:namespace>
For high-impact polystyrene, October offers were at $2,030/tonne DEL UAE and $2,040/tonne DEL Oman, up by $80/tonne from September offers.
The offers were considered as ‘too high’ by most buyers in the GCC and East Med markets, sources said.
Buyers largely retreated to the sidelines and adopted a wait-and-watch stance amidst these offers, they added.
Saudi producers expect demand to strengthen in the domestic markets because of the annual Muslim pilgrimage of ‘Haj’ to Mecca in Saudi Arabia is scheduled in October, a trader based in the East Med region said.
Consequently, allotment of product to export markets was likely to be lower this month on account of an increase in domestic demand, which explains the high offer levels, the trader added.
($1 = €0.78)
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