“We have rolled over offers for PS this week but hope to achieve higher spot prices,” said a producer in SE Asia.
PS deals in the spot market remained under the level of the offers.
Spot PS prices were hovering in the mid-$1,400/tonne CFR (cost & freight) China levels and around $1,500/tonne CFR SE (southeast) Asia.
“We are trying to achieve higher prices this week as margins are becoming squeezed,” said a seller to China.
PS resins are used for packaging, utensils, toys and consumer electronics.
Meanwhile, prices of feedstock SM continued to gain ground this week to above $1,350/tonne CFR China, ICIS data showed.
Traders expect some replenishing of PS stocks in the near term as end-users look to stock up some resins ahead of the Lunar New Year holidays in mid-February.
The Lunar New Year, which is on 16 February 2018, is celebrated in most parts of northeast and southeast Asia.
“Some buying interest may emerge in end-January but no significant and sustained pick-up in demand [is] expected,” said a Hong Kong-based trader.
Picture: A package containing a stapler. Polystyrene (PS) is used for packaging. (Source: Monkey Business/REX/Shutterstock)