A trader reported selling some GPPS over the past week as inquiries picked up a bit compared to the previous weeks. “GPPS activity has been a bit better than for HIPS in general. If buyers need to meet their requirements, they turn to prompt materials rather than long distance cargos,” he reported.
"Traders are keeping their replenishment activities restricted as their previously sold cargos faced cancellations given the global bearish trend. With crude oil prices hovering around $30/barrel, prices should have fallen much more, but limited PS supplies partially counterbalanced this trend," players stated.
Local PS availability could tighten in the near term particularly if traders keep purchases limited given the lessons from 2008, according to a trader.