Has Styrene Monomer market hit rock bottom in Asia?

Buyers' interest has not been evoked and no enquiries heard even as sellers offered Styrene Monomer for second half August delivery in the spot market at US$1600/MT FOB Korea levels. Absence of buyer's intentions makes it difficult to assess the market sentiments, though many speculate that SM market of Asia has hit rock bottom. Price negotiations in China were being conducted at RMB12000/MT levels. Dipping feedstock values continue to exert pressures on downstream polystyrene markets. Polystyrene prices are continuing on their journey southwards in Asia, falling by twenty dollars. A price correction by the sellers has taken CFR China GPPS offers to US$1750/MT for August shipment. Despite the down adjusted prices, sluggish market sentiments have kept buying interest at lows of US$1710/MT. HIPS prices also took a thirty dollar beating.
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