02 November 2012 10:22 [Source: ICIS news]
SINGAPORE (ICIS) --Indian producers announced an increase in their list prices for polystyrene (PS) in the domestic market for November shipments by Indian rupees (Rs) 2/kg, a market source said on Friday.
The list price for general purpose polystyrene (GPPS) for November lots rose to Rs104/kg ($1,935.6/tonne), according to the source.
Likewise, prices for high-impact polystyrene (HIPS) increased to Rs114/kg ($2,121.7/tonne), the source said.
Producers cited firm upstream styrene monomer (SM) costs in October as the reason for the price revision, although demand for PS in the country is expected to slow after the festival of Diwali, the source added.
Diwali falls on 13 November this year.
SM prices were consistently over $1,535/tonne CFR (cost and freight) China through October, hitting a peak of $1,625/tonne CFR China between 17 and 19 October.
October also saw Europe styrene spot prices at their highest levels since 2008.
A regional producer said that with consistently high SM prices throughout October, purchases were agreed at higher levels than usual, and that this increase would be reflected in the PS sold in November.
Traditionally, demand for PS from the downstream refrigerator and television manufacturing sectors peaks ahead of Diwali in mid-October, when many families look to purchase new household appliances. Demand slumps by mid-November when purchases are largely complete, and recovers again in the month of December, before the spring season.
($1 = Rs53.73)
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