ABS Weekly highlights, Aug11.
Petrotahlil :
Local ABS market hits 3-year low in China.
• Import prices down $40 on week
• Concerns over trade war grow
• Weaker yuan weighs on demand
• Crude oil, styrene plunge
• ACN, butadiene increase further
• Import prices ($/ton): 1370-1480 CIF
Muted ABS demand overshadows firmer ACN, butadiene in SEA.
• Import ABS market sinks to two-month low
• Escalation of trade tensions weighs on sentiment
• Sellers open to give extra discounts on deals
• Spot styrene, crude oil futures decline
• ACN, butadiene post weekly gains of $15-20
• Import ABS inj. ($/ton): 1410-1480 CIF
Aug ABS offers partially follow SM hike in Italy’s market.
• Stable to firmer prices surface in ABS market
• €30-35 increases announced by producers for Aug
• Holiday lull weighs on buying sentiment
• Early voices for increases in Sept emerge among players
• Local ABS (€/ton): ext. 1430-1530 | inj. 1450-1590 FD
European sellers announce stable to firmer ABS offers for Aug.
• Initial Aug offers indicate rollovers to increases of €30-35
• European ABS producers aim to recover margins
• Market activities are calm on summer break
• Players started to voice their expectations for September
• Local ABS (€/ton): ext., inj. 1500-1610
ABS hikes from Europe see resistance in Turkey.
• Trading activities stalled ahead of Eid
• Spot SM hits 4-month low on CFR China basis
• Saudi ABS natural at $1370 CIF found unworkably high
• ABS market may be prone to further drops
• Import (N) ($/ton): Korea ABS 1410-1420 CIF
• Local (N) ($/ton): 1550-1600 not inc. VAT
Buying interest wanes as holiday mood takes over Egypt’s ABS markets
• Prices unchanged in import market, deals scarce
• Local offers steady for second week in a row
• Festive mood weighs on sentiment
• Import ABS ($/ton): 1490-1520
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Source:Chemorbis
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