01 March 2013 10:18 [Source: ICIS news]
SINGAPORE (ICIS)--India’s polystyrene (PS) producers increased their list prices for March shipments by rupees (Rs) 2/kg ($36.8/tonne) on Friday, amid tight supply of feedstock styrene monomer (SM), market sources said.
The list prices for general purpose PS (GPPS) are now at Rs115/kg ($2,115.13/tonne) EXW (ex-works) for March-shipping cargoes, while those for high impact PS (HIPS) were raised to Rs122/kg EXW, the sources said.
Producers cited tightness in SM availability because of ongoing maintenance at a Middle Eastern facility that supplies the feedstock to India.
“The turnaround at the [Middle Eastern] producer’s facility has led to a cut in our contractual volumes for SM for March,” a source at an Indian PS producer said.
Furthermore, producers raised PS prices also in line with higher-priced SM cargoes that arrived in February.
PS demand in India is presently stable-to-soft but is expected to increase in March onwards, market sources said.
Given the likely increase in India’s demand this month, PS producers will focus on catering to the domestic market, with very limited volumes for export, industry sources said.
Indian producers typically export surplus cargoes to Europe and the Middle East that includes the Gulf Cooperation Council (GCC) countries, East Mediterranean markets of Jordan, Syria and Egypt and Europe.
($1 = Rs54.37)
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