Bearish sentiment amid slow buying activity
Asian acrylonitrile-butadiene-styrene slid $10/mt from last Friday to $1,570/mt CFR China and $1,590/mt CFR Southeast Asia Friday on the back of bearish market sentiment. Sources said that the fall in prices was “a matter of time” given the persistently high offer levels earlier. “Offers are kept high at above $1,600/mt but it faced resistance from end-users leading to limited trading,” said an Asian producer. Another Southeast Asian producer said that similar to upstream styrene monomer, ABS and polystyrene were facing blurry market directions as well. The producer added that the market continues to wait and see how the US-China trade negotiations progress, and that there was limited clarity in the market direction. In the feedstock market, styrene monomer was at $1,078/mt CFR China while butadiene fell $10/mt on the week to $955/mt CFR China Friday amid slow activity ahead of the Chinese holiday this week. Acrylonitrile continued its uptrend at $1,900/mt CFR Far East Asia Friday as the ACN market remains short.
Acrylonitrile-butadiene-styrene was assessed down $10/mt from last Friday at $1,570/mt CFR China, based on tradable indications heard at that level, while CFR Southeast Asia was assessed at $1,590/mt Friday, maintaining the spread between Southeast Asia and China.