April PS list prices steady in India; down by PR5/kg in Pakistan

05 April 2013 10:36  [Source: ICIS news]

SINGAPORE (ICIS)--Domestic list prices for April polystyrene (PS) were rolled over from March in India, while those in Pakistan fell amid weak buying sentiment in the south Asian markets, market sources said on Friday.

Regional supply of feedstock styrene monomer (SM) has remained tight, they said.

In India, prices of general purpose PS (GPPS) were kept at Indian rupees (Rs) 115/kg ($2,095/tonne) EXW (ex-works), while high impact PS (HIPS) values were maintained at Rs122/kg EXW for April lots, market sources said.

In Pakistan, on the other hand, list prices for April PS lots declined by Pakistan rupees (PRs) 5/kg ($51/tonne) from March.

List prices for GPPS are now at PRs205/kg EXW, and at PRs210/kg EXW for HIPS.

In March, PS list prices in India and Pakistan increased as supply of feedstock tightened because of a planned turnaround at a major Middle East-based SM facility.

South Asian producers had offered very limited PS cargoes for export throughout March, with some of them operating their plants at 50% of capacity given limited feedstock availability.

An outage at a 500,000 tonne/year SM plant in Jubail, Saudi Arabia in the second half of March exacerbated the tight feedstock supply for Indian and Pakistani PS producers.

South Asian PS producers may continue finding it difficult to export PS volumes this month, with an expected strengthening of demand in their respective domestic markets.

PS demand from the refrigerator and air conditioner manufacturing sectors in India and Pakistan typically strengthens around this time.

Indian producers traditionally export surplus cargoes to Europe and the Middle East, which includes the Gulf Cooperation Council (GCC) countries and the East Mediterranean (East Med) markets of Jordan, Syria and Egypt.

Pakistan, meanwhile, exports PS cargoes to traders and converters in the GCC countries, Lebanon and Egypt.

($1 = Rs54.89 / $1 = PRs98.39)

By: Veena Pathare
+65 6780 4327

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