Feedstock costs defy plunging crude, but ABS demand worsens
In Southeast Asia, sentiment in the ABS market was not as bearish as it was in the previous week as upstream costs witnessed some unexpected increases recently, defying plunging crude oil prices. However, players continued to report weak demand, with more buyers retreating to the sidelines following the crude oil losses. Import ABS prices were quoted within the prior week’s range at $1150-1170/ton on a CIF Southeast Asia, cash equivalent basis. The low end of the range was $30/ton higher on the week while the high end retreated by the same amount. Despite ongoing limited demand, sellers were reluctant to give additional discounts on their offers, pointing to firmer feedstock markets.