London — European general purpose polystyrene spot prices dropped this week as demand fell short of expectations, sources said.
The GPPS spot price was assessed at Eur1,350/mt ($1,576.50/mt) FD NWE Wednesday, down Eur15/mt on the week.
“Demand is a bit disappointing,” a seller source said.
Market sources had said in June that lower prices on a monthly basis in July could support demand. But this has not been seen in the market.
Buyers were heard to be limiting purchasing volumes, while some sellers were heard offering competitive prices to minimize stock accumulation ahead of the summer holiday period in August.
Supply was heard plentiful even if import offers remained unattractive.
The fall in Asian prices this week did little to increase competitiveness of non-EU origin material.
The GPPS CFR China price was assessed at $1,475/mt, down $20/mt on the week.
In the feedstock styrene market, spot prices have been stable on a weekly basis. A small backwardation in the market has led to early expectations for a modest fall in August styrene and polystyrene prices.
–Yuriko Kato, [email protected]
–Edited by Jeremy Lovell, [email protected]
Source: S&P Global Platts
