Mideast PS makers keep April prices for May shipments on firm SM

06 May 2013 06:14  [Source: ICIS news]

SINGAPORE (ICIS)--Polystyrene (PS) producers in the Middle East  have maintained their April offers for May shipments, citing continued strength in the prices of feedstock styrene monomer (SM), market sources said on Monday.

A major producer offered general purpose PS (GPPS) cargoes loading in May at $1,980-1,990/tonne (€1,505-1,512/tonne) DEL (delivered) GCC (Gulf Cooperation Council), and offered high impact PS (HIPS) May-loading cargoes at $2,130-2,140/tonne DEL GCC, the sources said.

Early last week, northeast and southeast Asian GPPS cargoes shipping in May were offered at $1,820-1,850/tonne CFR GCC, while HIPS were quoted at $1,900-1,930/tonne CFR GCC for May lots, according to ICIS data.

Feedstock SM prices have been hovering above $1,650/tonne CFR NE (northeast) Asia over the past seven weeks, according to ICIS data.

PS importers in the UAE market deemed the offers from the major producer as very high amid lower prices being quoted for Asian material.

Limited deals are likely to be concluded for cargoes originating in the GCC region, with converters and end-users expected to prefer to source material from Asia, traders said.

In the east Mediterranean market, offers for GCC-origin cargoes were heard at $2,000/tonne DEL Jordan and at $2,150/tonne DEL Jordan for GPPS and HIPS cargoes, respectively.

Importers based in Jordan too, deemed the GCC offer prices as high and awaited fresh offers for Taiwanese cargoes expected to be made in the following week.

In end-April, early May loading Taiwanese cargoes were offered to the Jordan market at $1,950/tonne CFR Jordan.

Offers quoted on a DEL basis have an additional cost of $50/tonne included to the CFR prices that accounts for finance and clearing charges and land freight costs.

($1 = €0.76)

By: Veena Pathare
+65 6780 4327

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