Saudi Arabia Basic Industries Corporation (Sabic), the largest Saudi petrochemical company, to roll over their October offer price of polystyrene (PS) for November delivery, on Wednesday told ICIS source in the company.

Thus, the November price of PS companies are at the level of USD1 200 per tonne DEL (delivered) for the Gulf countries, general purpose polystyrene (PSS / M) and USD1 250 per tonne DEL to high-impact polystyrene (HIPS / M).

However, the source added that prices can vary depending on the volumes of purchased material.

Other market participants believe that the price offers of the company were increased due to the consistently low demand in the fourth quarter.

According to the price review ICIS-MRC, PS prices in the spot market in Russia are growing in connection with the situation in the styrene market. Market players noted an increase in the purchase price of styrene in Russia (in connection with the monomer production stoppage at the facilities of the plant Sibur-Khimprom) and foreign markets (Europe and Asia). styrene price increase will significantly affect the cost of production of the SS. In turn, polymer producers will revise prices upwards, said a source on the market.

Sabic is a diversified company that produces chemical products, industrial polymers, fertilizers and metals. It is the largest public company in Saudi Arabia. Sabic now – the second largest global producer of ethylene glycol, the third largest producer of polyethylene, the fourth largest producer of polypropylene. Sabic has cut its net profit for the previous year by 7% to SR23,43 billion (Saudi reais), equivalent USD6,24 billion, due to lower average price of products sold and increased sales volumes.