April hikes see partial acceptance in Turkey’s ABS market.
•Seller: ABS natural demand performs better •Sellers’ controlled imports keep supply in check •Crude oil hits over 5-month high on average •Economic woes pressurize buying appetite •Import (N) (€/ton): Europe ABS 1530 CIF •Import (N) ($/ton): Korea ABS 1610-1660 CIF •Local (N) ($/ton): 1730-1800 not inc. VAT
Petrotahlil:
⚫Import ABS prices move back up in SEA
• Sellers renew confidence on bullish crude
• Offers from South Korea rise $10-20
• Cautious improvement seen in buying interest
• Spot ACN up further by $10 on week
• Styrene’s rebound proves short-lived
• Import ABS inj. ($/ton): 1580-1640 CIF
⚫ABS sellers attempt to lift market in China
• Offers from Taiwan, Korea up $20-30
• Sellers resume firm stance after 2 weeks of declines
• Styrene fails to maintain its rebound, down on week
• Spot ACN climbs $10, butadiene down $15
• Buying sentiment cautiously improves
• Import prices ($/ton): 1560-1670 CIF
⚫Sellers’ initial hike targets met resistance in Europe’s ABS market
• A few April deals were concluded €70-80 higher
• Weak demand hampers sellers’ initial hike targets
• No supply concerns despite a few output outages
• Import ABS (€/ton): S. Korea ext. 1580-1600 DDP
• Local ABS (€/ton): ext., inj. 1670-1770 FD
⚫Higher ABS prices dampen demand further in Italy
• Initial April deals start to see hikes of €70-80
• Demand remains weak regardless of sellers’ discounts
• Sellers’ stocks are still high despite turnaround season
• Activities may slow down further due to imminent festivities
• Import ABS (€/ton): S. Korea inj., ext. 1550-1580 DDP
• Local ABS (€/ton): ext. 1650-1720 | inj. 1630-1700 FD
⚫Tepid ABS demand outweighs higher costs in Egypt
• Both import and local markets unchanged
• Market demand remains subdued
• Liquidity issues continue hampering sales
• Players do not expect an imminent recovery
• Import ABS ($/ton): 1640-1700 CIF
