01 February 2013 06:47 [Source: ICIS news]
SINGAPORE—The list price of general purpose polystyrene (GPPS) rose by Indian rupees (Rs) 1.00/kg ($18.77/tonne) as Indian producers raised their offers for February shipments, industry sources said on Friday.
The price of GPPS rose to Rs113/kg EXW (ex-works) for February-loading cargoes from Rs112/kg EXW in January.
The equivalent import parity for the revised GPPS list price at today’s exchange rate is at $1,925/tonne CFR India, a source close to a chief producer said.
Prices for high impact polystyrene (HIPS) were at Rs7/kg higher than GPPS at Rs120/kg EXW and at an import parity of $2,025-2,045/tonne CFR India, the source added.
Producers state the steep increase in styrene monomer (SM) price to be the factor driving higher offer prices for polystyrene (PS).
On 31 January, SM prices gained $10/tonne at the low end to $1,720-1,730/tonne CFR China tracking firm offers for March parcels.
According to producers, SM cargoes that arrived in January were purchased at high prices in December, and the February PS prices reflected the feedstock price increase.
Although SM prices have retreated after reaching a record high of $1,800/tonne CFR China on 4 January, market participants expect a rebound in the following weeks fuelled by tight supply caused by plant shutdowns.
($1 = Rs53.28)
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