Importers of polystyrene (PS) in the Middle East have so far refrained from buying because of the recent rise in prices, with increased styrene quotations, ICIS reported, citing market sources.

Most importers are unable to take a sharp increase in Asian PS offers, which rose this week to USD1 500 per tonne, CFR Persian Gulf / Middle East.

Some customers expect new price proposal from a regional manufacturer, which should be announced next week.

Traders say such a sharp jump in prices could limit the growth in demand. The demand for PS in the Middle East, as a rule, grows a few months before the Muslim month of Ramadan, which lasts from late May to June.

Import prices for general-purpose polystyrene (PSS / M) of January 20, were at the level of USD1 380-1 410 per tonne, CFR Gulf States (GCC) and USD1 350-1 430 per tonne, CFR Middle East (East Med).

According to the Price Review ICIS-MRC, in Russia last week quotes UPS / M and MSS / M on the domestic market were stable. A slight increase was observed in the European brand of PS on the background of the sale of old stock. Also, their prices revised upwards “Gazprom Neftekhim Salavat”. styrene rise in prices in the domestic and foreign markets has wag future producer prices in February. styrene spot prices in Russia were sounded in the corridor of 85 000-86 000 rub. per tonne, FCA, exclusive of VAT.