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QuarterlySSESSMENTS: Q1 2020 SEA PS Prices

Author: SSESSMENTS

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  • Uptrend in PS prices captured only on January
  • Preparation for Eid Al-Fitr supported demand for PS in Indonesia
  • Market players predict GPPS Injection prices to touch a new low

The sudden surge in crude oil prices and the uptrend in SM prices supported upward adjustments on GPPS Injection and HIPS Injection prices in Southeast Asia market during January, as noted by SSESSMENTS.COM. GPPS Injection of Vietnam origin increased between $10-30/ton, while local offers for GPPS and HIPS in Indonesia went up by $40/ton. While in Thailand, the local PS producer increased the offers for GPPS and HIPS by THB1,500/ton ($46/ton) in total during January. In February, offers for local GPPS and HIPS from local traders in Indonesia decreased by IDR600,000/ton ($38/ton). From the producer’s end, March delivery offers for GPPS and HIPS from the Indonesian producer dipped by $60/ton compared to February. In Vietnam, local GPPS prices decreased by $20/ton. In March, the local PS producer in Indonesia decreased offers for GPPS and HIPS by $40/ton. From the traders’ end, the offers for local GPPS and HIPS cargoes were adjusted down by IDR900,000/ton ($56/ton) due to the inventory pressure and slow demand. However, at the end of March, offers for local PS cargoes from traders increased by IDR100,000/ton ($6/ton) on the back of the depreciation of Indonesian Rupiah towards the US Dollar. While in Vietnam, offers for local GPPS Injection decreased between $10-60/ton. Malaysia's local PS market was relatively stagnant during Q1, in January, deals for local HIPS Injection captured at $1,200/ton on cash, FD Malaysia basis.  

In the import market, offers for South Korean GPPS and HIPS cargoes to Indonesia surged between $20-40/ton and $20-70/ton respectively in January. While to the export market, a Thai PS producer adjusted up offers for GPPS and HIPS by $20/ton during the same time frame. Moving to February, offers for South Korean GPPS and HIPS cargoes to Indonesia down by $60/ton and $50/ton respectively. While in the Vietnam market, the offers were down by $30/ton for GPPS and $20/ton for HIPS. To the export market, SSESSMENTS.COM noted that the cumulative reduction made by a Vietnamese producer on GPPS offers was $40/ton on CIF basis and between $40-50/ton on FOB basis. A further price reduction was captured in March. GPPS cargoes of Vietnam origin to Southeast Asia decreased between $20-30/ton. Likewise, South Korean GPPS and HIPS cargoes recorded stable to softer by $80/ton in total. To the export market, a Vietnamese producer decreased offers for GPPS between $20-50/ton on FOB basis in March. 

A slight improvement in demand for PS resins was captured in January. However, approaching the Lunar New Year holiday, demand started to slow down as buyers preferred to keep lean inventory. In February, demand reported soft except in Indonesia. SSESSMENTS.COM was told that the preparation for Eid Al-Fitr supported the demand for PS resins in the country. While in March, the plunge in crude oil prices, Coronavirus pandemic, as well as market uncertainty hampered buying appetite in the region. 

On the supply front, an Indonesian PS producer decided to cut the allocation by 1,000 tons from normal quantity for February delivery owing to limited supply stemming from the previous maintenance shutdown. On the production front, SSESSMENTS.COM noted that Petrochemicals (Malaysia) Sdn Bhd has scheduled turnaround maintenance at its 110,000 tons/year HIPS plant in mid-October for about 40 days. Due to this, the producer will not have any offers for the spot market starting from March and would only be able to meet demand from contract-based customers. 

Looking into Q2, Southeast Asian PS market players believe that offers for GPPS and HIPS still have room to decrease further. Considering the continuous decrement in SM prices, it is possible for import GPPS offers to break $900/ton-level, SSESSMENTS.COM was told. 

Range of local/localized PS transaction in January on FD basis, excluding VAT in all terms

OriginProductTransaction TypeCurrencyOffers/tonEquivalent in USD/tonPayment TermDelivery Location
IndonesiaGPPS InjectionOffer GivenIDR17,800,000-18,000,0001,117-1,129Cash In AdvanceIndonesia
IndonesiaGPPS InjectionOffer GivenUSD1,240-1,290-Cash In AdvanceIndonesia
SingaporeGPPS InjectionOffer GivenIDR17,800,0001,117Cash In AdvanceIndonesia
IndonesiaGPPS InjectionOffer GivenIDR18,000,0001,12930 Days Credit TermIndonesia
IndonesiaGPPS InjectionOffer ReceivedUSD1,200-Cash In AdvanceIndonesia
IndonesiaGPPS InjectionOffer ReceivedIDR18,800,000-19,000,0001,180-1,19260 Days Credit TermIndonesia
ThailandGPPS InjectionOffer ReceivedIDR17,200,000-17,300,0001,079-1,08660 Days Credit TermIndonesia
IndonesiaGPPS InjectionSell IdeaIDR18,400,0001,15530 Days Credit TermIndonesia
IndonesiaGPPS InjectionSoldUSD1,200-1,230-Cash In AdvanceIndonesia
ThailandGPPS InjectionOffer GivenTHB33,500-35,0001,022-1,068Cash In AdvanceThailand
ThailandGPPS InjectionOffer ReceivedTHB33,500-34,5001,022-1,052Cash In AdvanceThailand
VietnamGPPS InjectionOffer GivenUSD1,100-1,130-Cash In AdvanceVietnam
VietnamGPPS InjectionSoldUSD1,100-Cash In AdvanceVietnam
IndonesiaHIPS InjectionOffer GivenIDR18,800,000-19,000,00001,180-1,192Cash In AdvanceIndonesia
IndonesiaHIPS InjectionOffer GivenUSD1,310-1,360-Cash In AdvanceIndonesia
IndonesiaHIPS InjectionOffer ReceivedUSD1,270-1,300-Cash In AdvanceIndonesia
IndonesiaHIPS InjectionPurchasedIDR18,000,000-19,000,0001,129-1,192Cash In AdvanceIndonesia
IndonesiaHIPS InjectionSoldUSD1,270-1,320-Cash In AdvanceIndonesia
IndonesiaHIPS InjectionSell IdeaIDR19,400,0001,21730 Days Credit TermIndonesia
IndonesiaHIPS InjectionOffer GivenIDR19,000,0001,19230 Days Credit TermIndonesia
IndonesiaHIPS InjectionOffer ReceivedIDR19,800,000-20,000,0001,242-1,25560 Days Credit TermIndonesia
SingaporeHIPS InjectionOffer GivenIDR18,800,0001,180Cash In AdvanceIndonesia
ThailandHIPS InjectionOffer ReceivedIDR18,000,000-18,500,0001,129-1,16160 Days Credit TermIndonesia
MalaysiaHIPS InjectionSoldUSD1,200-Cash In AdvanceMalaysia
ThailandHIPS InjectionOffer GivenTHB35,500-37,0001,083-1,129Cash In AdvanceThailand
ThailandHIPS InjectionOffer ReceivedTHB35,500-36,5001,083-1,113Cash In AdvanceThailand

Range of import PS transaction in January on LC at sight, CIF/CFR Main Port basis

OriginProductTransaction TypeOffers (USD/ton)Delivery Country
South KoreaGPPS InjectionOffer Given1,110-1,180Indonesia
VietnamGPPS InjectionOffer Received1,100-1,150Indonesia
VietnamGPPS InjectionSold1,100Southeast Asia
TaiwanGPPS InjectionOffer Received1,040-1,060Vietnam
TaiwanGPPS InjectionPurchased1,040Vietnam
South KoreaHIPS InjectionOffer Given1,180-1,300Indonesia
MalaysiaHIPS InjectionOffer Given1,200Southeast Asia
MalaysiaHIPS InjectionSold1,190Southeast Asia
TaiwanHIPS InjectionOffer Received1,120Vietnam

Range of export PS transaction in January on LC at sight, FOB basis

OriginProductTransaction TypeOffers (USD/ton)Delivery Location
ThailandGPPS InjectionOffer Given1,080-1,100Thailand
VietnamGPPS InjectionOffer Given1,080-1,100Vietnam
ThailandHIPS InjectionOffer Given1,150-1,170Thailand

Range of local/localized PS transaction in February on FD basis, (including 10% VAT in VND term, all equivalent in USD excluding VAT)

OriginProductTransaction TypeCurrencyOffers/tonEquivalent in USD/tonPayment TermDelivery Location
IndonesiaGPPS InjectionOffer GivenIDR17,000,000-18,000,0001,067-1,129Cash In AdvanceIndonesia
IndonesiaGPPS InjectionOffer GivenUSD1,180-1,230-Cash In AdvanceIndonesia
IndonesiaGPPS InjectionOffer ReceivedIDR17,600,0001,104Cash In AdvanceIndonesia
ThailandGPPS InjectionOffer ReceivedIDR17,600,0001,104Cash In AdvanceIndonesia
Southeast AsiaGPPS InjectionOffer ReceivedIDR17,500,0001,098Cash In AdvanceIndonesia
IndonesiaGPPS InjectionBuy IdeaIDR16,000,0001,004Cash In AdvanceIndonesia
IndonesiaGPPS InjectionPurchasedIDR16,800,000-17,900,0001,054-1,123Cash In AdvanceIndonesia
IndonesiaGPPS InjectionSell IdeaIDR17,800,000-17,900,0001,117-1,123Cash In AdvanceIndonesia
IndonesiaGPPS InjectionSoldUSD1,240-1,290-Cash In AdvanceIndonesia
IndonesiaGPPS InjectionSoldIDR17,500,0001,098Cash In AdvanceIndonesia
IndonesiaGPPS InjectionOffer GivenIDR17,800,000-18,000,0001,117-1,12930 Days Credit TermIndonesia
IndonesiaGPPS InjectionOffer ReceivedIDR18,400,0001,15560 Days Credit TermIndonesia
ThailandGPPS InjectionOffer GivenTHB34,5001,052Cash In AdvanceThailand
VietnamGPPS InjectionOffer GivenUSD1,080-1,130-Cash In AdvanceVietnam
TaiwanGPPS InjectionOffer GivenVND27,000,000-28,000,0001,037-1,075Cash In AdvanceVietnam
ThailandGPPS InjectionOffer ReceivedVND28,500,0001,094Cash In AdvanceVietnam
VietnamGPPS InjectionOffer ReceivedVND29,000,0001,113Cash In AdvanceVietnam
VietnamGPPS InjectionSoldUSD1,100-Cash In AdvanceVietnam
TaiwanGPPS InjectionOffer GivenVND30,200,000-30,500,0001,159-1,17110 Days Credit TermVietnam
ThailandGPPS InjectionOffer GivenVND29,000,000-29,500,0001,113-1,13210 Days Credit TermVietnam
IndonesiaHIPS InjectionOffer GivenIDR18,000,000-19,000,0001,129-1,192Cash In AdvanceIndonesia
IndonesiaHIPS InjectionOffer GivenUSD1,250-1,300-Cash In AdvanceIndonesia
IndonesiaHIPS InjectionPurchasedIDR17,800,000-18,000,0001,117-1,129Cash In AdvanceIndonesia
IndonesiaHIPS InjectionSell IdeaIDR18,800,000-18,900,0001,180-1,186Cash In AdvanceIndonesia
IndonesiaHIPS InjectionSoldUSD1,310-1,380-Cash In AdvanceIndonesia
IndonesiaHIPS InjectionOffer GivenIDR18,800,000-19,000,0001,180-1,19230 Days Credit TermIndonesia
IndonesiaHIPS InjectionOffer ReceivedIDR19,400,0001,21760 Days Credit TermIndonesia
ThailandHIPS InjectionOffer GivenTHB36,5001,113Cash In AdvanceThailand

Range of import PS transaction in February on LC at sight, CIF/CFR Main Port basis

OriginProductTransactionOffers (USD/ton)Delivery Country
SingaporeGPPS InjectionOffer Received1,080Indonesia
South KoreaGPPS InjectionOffer Given1,110-1,170Indonesia
South KoreaGPPS InjectionSell Idea1,080Indonesia
VietnamGPPS InjectionBid Received1,070Indonesia
TaiwanGPPS InjectionOffer Given1,070-1,080Malaysia
TaiwanGPPS InjectionOffer Received1,060Myanmar
TaiwanGPPS InjectionOffer Given1,030-1,060Southeast Asia
TaiwanGPPS InjectionSold1,040-1,060Southeast Asia
VietnamGPPS InjectionOffer Given1,060-1,100Southeast Asia
VietnamGPPS InjectionBid Received1,000Southeast Asia
VietnamGPPS InjectionSold1,100Southeast Asia
South KoreaGPPS InjectionOffer Received1,040-1,090Vietnam
TaiwanGPPS InjectionOffer Given1,040-1,050Vietnam
TaiwanGPPS InjectionOffer Received1,040-1,070Vietnam
TaiwanGPPS InjectionBid Given1,020Vietnam
TaiwanGPPS InjectionPurchased1,040Vietnam
TaiwanGPPS InjectionSold1,040-1,050Vietnam
ThailandGPPS InjectionOffer Received1,050-1,160Vietnam
South KoreaHIPS InjectionOffer Given1,210-1,260Indonesia
TaiwanHIPS InjectionOffer Given1,170-1,180Malaysia
TaiwanHIPS InjectionOffer Given1,120-1,160Southeast Asia
TaiwanHIPS InjectionSold1,140-1,160Southeast Asia
South KoreaHIPS InjectionOffer Received1,150-1,190Vietnam
TaiwanHIPS InjectionOffer Given1,140-1,150Vietnam
TaiwanHIPS InjectionOffer Received1,140Vietnam
TaiwanHIPS InjectionBid Given1,120Vietnam
TaiwanHIPS InjectionPurchased1,140Vietnam
TaiwanHIPS InjectionSold1,140-1,150Vietnam

Range of export PS transaction in February on LC at sight, FOB Vietnam basis

OriginProductTransaction TypeOffers (USD/ton)
VietnamGPPS InjectionOffer Given1,040-1,090

Range of local/localized PS transaction in March on FD basis, excluding VAT in all terms

OriginProductTransaction TypeCurrencyOffers/tonEquivalent in USD/tonPayment TermDelivery Location
IndonesiaGPPS InjectionOffer GivenIDR16,500,000-17,700,0001,035-1,111Cash In AdvanceIndonesia
IndonesiaGPPS InjectionOffer ReceivedIDR17,000,0001,067Cash In AdvanceIndonesia
IndonesiaGPPS InjectionPurchasedIDR16,700,000-16,900,0001,048-1,060Cash In AdvanceIndonesia
IndonesiaGPPS InjectionSoldIDR16,500,000-17,000,0001,035-1,067Cash In AdvanceIndonesia
IndonesiaGPPS InjectionOffer GivenIDR17,000,000-17,500,0001,067-1,09830 Days Credit TermIndonesia
IndonesiaGPPS InjectionOffer ReceivedIDR16,500,000-17,700,0001,035-1,11130 Days Credit TermIndonesia
IndonesiaGPPS InjectionPurchasedIDR16,400,000-17,000,0001,029-1,06730 Days Credit TermIndonesia
IndonesiaGPPS InjectionOffer ReceivedUSD1,180-Cash In AdvanceIndonesia
IndonesiaGPPS InjectionOffer GivenUSD1,040-1,080-Cash In AdvanceIndonesia
IndonesiaGPPS InjectionOffer GivenUSD1,040-30 Days Credit TermIndonesia
Southeast AsiaGPPS InjectionOffer GivenIDR17,000,000-17,500,0001,067-1,098Cash In AdvanceIndonesia
Southeast AsiaGPPS InjectionOffer ReceivedIDR16,700,0001,048Cash In AdvanceIndonesia
Southeast AsiaGPPS InjectionOffer ReceivedIDR18,000,0001,12930 Days Credit TermIndonesia
ThailandGPPS InjectionOffer ReceivedIDR17,400,0001,09260 Days Credit TermIndonesia
VietnamGPPS InjectionOffer GivenUSD1,080-LC at sightVietnam
VietnamGPPS InjectionOffer GivenUSD960-1,080-Cash In AdvanceVietnam
VietnamGPPS InjectionSoldUSD960-1,000-Cash In AdvanceVietnam
IndonesiaHIPS InjectionOffer ReceivedUSD1,250-Cash In AdvanceIndonesia
IndonesiaHIPS InjectionOffer GivenUSD1,100-1,140-Cash In AdvanceIndonesia
IndonesiaHIPS InjectionOffer GivenUSD1,100-30 Days Credit TermIndonesia
IndonesiaHIPS InjectionOffer GivenIDR17,500,000-18,700,0001,098-1,173Cash In AdvanceIndonesia
IndonesiaHIPS InjectionOffer ReceivedIDR18,000,0001,129Cash In AdvanceIndonesia
Southeast AsiaHIPS InjectionOffer ReceivedIDR17,700,0001,111Cash In AdvanceIndonesia
IndonesiaHIPS InjectionPurchasedIDR17,700,000-17,900,0001,111-1,123Cash In AdvanceIndonesia
IndonesiaHIPS InjectionSoldIDR17,500,000-18,000,0001,098-1,129Cash In AdvanceIndonesia
IndonesiaHIPS InjectionOffer GivenIDR18,000,000-18,500,0001,129-1,16130 Days Credit TermIndonesia
IndonesiaHIPS InjectionOffer ReceivedIDR17,500,000-18,000,0001,098-1,12930 Days Credit TermIndonesia
IndonesiaHIPS InjectionPurchasedIDR17,400,0001,09230 Days Credit TermIndonesia
ThailandHIPS InjectionOffer ReceivedIDR18,200,0001,14260 Days Credit TermIndonesia

Range of import PS transactions in March on LC at sight, CIF Main Port basis

OriginProductTransaction TypeOffers (USD/ton)Delivery Country
South KoreaGPPS InjectionOffer Given980-1,050Indonesia
South KoreaGPPS InjectionOffer Received1,050Indonesia
South KoreaGPPS InjectionPrice List1,060Indonesia
VietnamGPPS InjectionSold1,040Indonesia
TaiwanGPPS InjectionOffer Given1,050-1,060Malaysia
TaiwanGPPS InjectionOffer Received1,280Malaysia
SingaporeGPPS InjectionBid Given650*Malaysia
VietnamGPPS InjectionBid Received1,000Philippines
ThailandGPPS InjectionOffer Received1,090Philippines
VietnamGPPS InjectionOffer Given970-1,040Southeast Asia
TaiwanGPPS InjectionOffer Given930-1,030Vietnam
South KoreaHIPS InjectionOffer Given1,080-1,150Indonesia
South KoreaHIPS InjectionOffer Received1,100Indonesia
South KoreaHIPS InjectionPrice List1,160Indonesia
TaiwanHIPS InjectionOffer Given1,130-1,140Malaysia
ThailandHIPS InjectionOffer Received1,190Philippines
TaiwanHIPS InjectionOffer Given1,000-1,110Vietnam
Description: *Offers on DAP basis

Range of export PS transactions in March on LC at sight, FOB Vietnam basis

OriginProductTransaction TypeOffers (USD/ton)
VietnamGPPS InjectionOffer Given900-1,020
VietnamGPPS InjectionBid Received920
VietnamGPPS InjectionSold900-980

Tags: Asia Pacific,English,Quarterly,SEA,Styrenics

Published on April 11, 2020 12:47 AM (GMT+8)
Last Updated on April 11, 2020 12:47 AM (GMT+8)

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