In China, domestic and regional producers have reduced their offer levels this week in response to softening demand and bearish market sentiment, as per Chemorbis. In the local market, two B-grade producers reported concluding some deals with discounts of CNY700-800/ton (US$103-117/ton) from their initial offer levels, with deals done ex-warehouse China, cash inc VAT at US$1352-1377/ton without VAT for GPPS and with the same terms at US$1440-1452/ton without VAT for HIPS. The producer complained that buying interest did not pick up noticeably even after their steep price reductions, with further decreases anticipated over the short term.
In the import market, a producer in Hong Kong announced April offers at US$1415/ton FCA Hong Kong, cash for GPPS and at US$1515/ton with the same terms for HIPS, with these offers marking decreases of US$25/ton when compared with the producer’s March done deal level. As the producer is not feeling optimistic about the market outlook over the near term, discounts will be considered for buyers placing firm bids.