European polystyrene spot prices declined on a weekly basis this week ahead of an anticipated slow down in demand in August, according to sources.
The GPPS spot price was assessed at Eur1,300/mt FD NWE Wednesday, down Eur20/mt on the week, and the HIPS spot price fell by the same amount to Eur1,380/mt FD NWE.
"Demand was healthy [this week]," a trader source said, adding that he had managed to secure some deals.
But he said it was difficult to bring prices up as August prices are expected to be lower.
A combination of bearish expectations for feedstock styrene in August and an anticipated slowdown in GPPS demand led to lower prices despite an uptick in market activity.
A second trader said there was some stock adjustment ahead of the summer holidays.
In addition, Egyptian E-styrenics is expected to restart GPPS production shortly, according to industry sources. The company was not available to comment.
The unit has been down since the first quarter of the year.
Traders said that, although E-styrenics may concentrate first production on supplying the local market, it was likely it will export product to Europe in the near future.
Earlier this year, Egyptian product was heard circulating in Europe.
