Producers of polystyrene (PS) in Asia raised their price proposals for the supply of material to the Middle East against the backdrop of rising styrene quotations last week, ICIS sources told the market.

Prices for polystyrene for general use (PSS-M) were announced at USD1,300-1,350 per tonne, CFR GCC (Gulf countries), which is approximately USD20-30 per ton higher than a week earlier.

Vendors wanted to raise prices to restore the margin, as the downward price trend of styrene from February to May put downward pressure on quotes PS.

However, any possibility of rising prices can be limited by sluggish trade during the Islamic month of Ramadan, which, as a rule, is marked by a decrease in demand and capacity utilization in refineries.

According to the Price Review of ICIS-MRC, polystyrene prices in the domestic market of Russia fell again last week. Purchasing activity by trading companies is estimated as normal for this period of the year. Also, processors noted a decrease in the cost of European material entering the warehouse from direct purchases. The spot prices of the European PS in the domestic market of Russia also fell.