Import PS and ABS markets rebounded from their lowest levels not seen since 11 years and 4 years over the past week, respectively. The firming trend has remained in place recently with Asian suppliers standing firm on their offers mainly due to robust demand in the country. The slight firming in spot styrene prices has also contributed to the recent gains.

According to ChemOrbis Price Index, the weekly averages of HIPS inj. and GPPS inj. on CIF China basis have gained a total of $40-45/ton in the past two weeks to respectively stand at $990/ton and $895/ton. ABS inj. prices on CIF China basis have also posted a cumulative increase of $65/ton within the same period to stand at $1165/ton.



Demand in China healthy after end of lockdown

Demand in China, the first country to have come out of the COVID-19 lockdown, has been robust for the past two weeks with increasing manufacturing activity and promising economic data.

The support from the demand side has pushed Asian sellers to lift their PS, ABS offers further to China this week.

A source from a South Korean producer reported increasing its ABS inj. offers by $50-60/ton to $1200-1220/ton CIF China while offering HIPS inj. steady to $20/ton higher from last week at $1040-1050 with similar terms.

“We have increased our PS, ABS offers for late April to early May shipment just like many Taiwanese suppliers as demand in China has improved with the end of a long lockdown period,” he noted.

Asian styrene defies recent movements in oil

The fact that spot styrene prices have remained unresponsive to the volatility of energy values has also given sellers’ an upper hand.

Crude oil futures have continued to fluctuate as lower global demand has outpaced the support from the OPEC’s historic production cut deal. However, spot styrene prices have increased almost 14% in the past three weeks, ChemOrbis data show.