Unclear market direction induces stock liquidation of styrenics in Asia

11-Sep-09
Unenthusiastic demand and uncertain market outlook is inducing traders and distributors in Hong Kong to liquidate styrenic resins stocks-in-hand in China as per ICIS. PS and ABS resins values declined in recent weeks as traders liquidated stocks on uncertain outlook of demand in September, despite it being the last phase of the traditional manufacturing season, and volatile energy and feedstock SM. A keenness has crept into the markets to further reduce stocks, offload material for cash and lock in profits ahead of the week long national holidays in China starting 1 October. Traders will liquidate stocks to reduce storage costs and repay loans when potential profits and near-term outlook are doubtful. Spot PS and ABS values had declined 2-7% over the past two weeks amid lower-priced sales by traders, according to data from global market intelligence service ICIS pricing. PS prices fell from US$1250/ton CFR China to US$1160/ton CFR China while ABS values declined from US$1515/ton CFR China to US$1490/ton CFR China.
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