06 November 2012 10:05 [Source: ICIS news]
SINGAPORE (ICIS)--Producers in the Gulf Cooperation Council (GCC) region have lowered their November offers for polystyrene (PS) by $30-40/tonne (€23-31/tonne), an industry source said on Tuesday.
Offers for general purpose polystyrene (GPPS) to the GCC region were at $1,800/tonne DEL (delivered) GCC against October offers at $1,830-1,840/tonne DEL, the source said.
Offers for high-impact polystyrene (HIPS) were at $2,000/tonne DEL GCC, also down by $30-40/tonne over October prices, the source added.
According to the source, the official announcement for the offers was made on 3-4 November, a week later than usual, on account of the Eid ul-Adha holiday in the Middle East that fell between 18 October and 2 November.
Regional producers said that PS offers for November were lower and could fall further in the coming weeks, tracking weak demand across the region.
Demand for PS in the GCC region is seasonally weak in November and December because of winter when demand for frozen and packaged food and beverages slumps, and usually picks up in January, ahead of spring.
($1 = €0.78)
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