This week, PS prices declined in the European region.
An industry source in Europe informed a Polymerupdate team member, "The PS market in Europe was seen as weak, with converters inundated with concerns over diminishing scope for margin recovery. Furthermore, a few producers who have been holding excess inventories were faced with the challenge of clearing their unsold inventories, ahead of summer maintenance activity. Meanwhile, July contract price negotiations concluded with a drop in prices, mirroring the current weak market fundamentals and bearish upstream styrene contract values.”
The source added, “Demand from the packaging sector has weakened, with inflationary pressures continuing to weigh on end consumer spending. Rising interest rates have crimped demand from the construction sector.”
In the spot markets, GPPS prices were assessed at the Euro 1630-1640/mt FD Northwest Europe levels while HIPS prices were assessed at the Euro 1730-1740/mt FD North West Europe levels, both lower by Euro (-10/mt) week on week. Meanwhile, EPS prices were assessed at the Euro 1925-1935/mt FD Northwest Europe levels, a decrease of Euro (-10/mt) from last week.
In the contract markets, GPPS prices were assessed at the Euro 1665-1670/mt FD NWE Germany and FD NWE Italy levels, both declined by Euro (-20/mt) from the previous week. GPPS prices were assessed at the Euro 1665-1670/mt FD NWE France levels, a drop of Euro (-20/mt) from last week. Meanwhile, GPPS prices were assessed at the GBP 1400-1405/mt FD NWE UK levels, a fall of GBP (-20/mt) from last week.
In the contract markets, HIPS prices were assessed at the Euro 1765-1770/mt FD NWE Germany and FD NWE Italy levels, both decreasing by Euro (-20/mt) week on week. HIPS prices were also assessed at the Euro 1765-1770/mt FD NWE France levels, down Euro (-20/mt) from the previous week. Meanwhile, HIPS prices were assessed at the GBP 1485-1590/mt FD NWE UK levels, a week on week decrease of GBP (-20/mt).
In the contract markets, EPS prices were assessed at the Euro 2180-2185/mt FD NWE Germany and FD NWE Italy levels, both declining by Euro (-20/mt) from last week. EPS prices were assessed at the Euro 2180-2185/mt FD NWE France levels, a drop of Euro (-20/mt) from the previous week. Meanwhile, EPS prices were assessed at the GBP 1830-1835/mt FD NWE UK levels, a decline of Euro (-25/mt) from the previous week.
Upstream SM spot prices on Thursday were assessed at the USD 1270-1280/mt FOB Rotterdam levels, a week on week fall of USD (-20/mt).
European styrene feedstock contract price for July 2024 has been settled at the Euro 1542/MT CIF North West Europe. This price represents a steep fall of Euro 138/MT from its July 2024 settlement levels.
