Polystyrene (PS) importers to the Middle East market reduced their prices last week in line with a downtrend in the region, as the gap between price offers and the level of deals widened due to the fact that suppliers have different opinions about the immediate prospects of the market development, ICIS reported.

The difference in prices between various suppliers of material available for regional spot trading increased to USD70-100 per tonne last week from about USD40-50 per tonne compared to the level of the previous week.

So, one of the Middle Eastern suppliers even offered general-purpose polystyrene (PCS / M) grades for a small batch of material at a low level, like USD500 per tonne with delivery to the Middle East.

Another batch of Middle Eastern material was available for sale at a high level of USD1,400 per tonne, CFR of the Middle East. The price for these volumes is considered high among processors.

Nedokko PS suppliers in the Middle East also raised their price offerings in anticipation of good demand for material in the region.

“Generally, processors need material before the upcoming Ramadan holiday season,” said one supplier.

Ramadan should begin in the last week of May and end in about a month.

Demand for PS is usually growing on the eve of Ramadan, and sellers were confident that their proposals would be accepted by major buyers.

According to the Price Review of ICIS-MRC, the price offer of the Russian PS last week was not revised. At the same time, manufacturers noted that high styrene prices continued to affect the cost of polystyrene production in March. Also, some market players talked about a possible increase in the PS price in April, despite the expected decline in prices of styrene and polystyrene in Europe.