Several producers and distributors in China continue to reduce offers for GPPS and HIPS this week yielding to lower styrene feedstock costs as well as persistently sluggish end demand, as per Chemorbis.
Several B-grade PS producers began the week by issuing price reductions of around CNY100-300/ton (US$15-44/ton) to ease buyers’ stiff resistance amid slightly higher than normal inventory levels. Buyers also reported receiving lower prices for A-grade PS, although there have been no official announcements from producers so far. Most distributors decreased their offers for both A-grade and B-grade PS by around CNY400-600/ton (US$50-75/ton) in an attempt to conclude more deals before their year-end book keepings. Additional discounts will be considered in the case of firm bids, as sellers are not very optimistic regarding their prospects for the few days remaining before the Chinese New Year holidays.