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IndiaIn Q1 2025, the global Polystyrene market experienced a bearish trend due to high inventory levels, fluctuating Styrene feedstock costs, and subdued demand across key sectors such as automotive and electronics. In Asia, prices dropped sharply due to the availability of products being more than the demand. Europe followed a similar path, impacted by muted buying interest and cautious converter activity.
In North America, the market softened due to reduced demand and economic uncertainty, despite stable production. USA FOB Houston Polystyrene prices (GPPS) settled at USD 1661/MT, reflecting the market’s bearish tone. Across all regions, macroeconomic headwinds, inflationary pressure, and conservative inventory management contributed to weak sentiment, limiting purchasing activity and delaying restocking cycles.
In Q4 2024, the global Polystyrene market saw a bearish trend driven by weak demand, excess supply, and falling Styrene feedstock costs. In Asia, GPPS prices fell modestly to USD 1316/MT FOB – Busan, South Korea. Europe saw a minor price dip due to the lower feedstock Styrene cost, which reflected a bearish trend on product price. EU supply chains were moderate, due to financial constraints, year-end tax pressures, and destocking of GPPS and HIPS. North America and MEA saw similar trends, while South America remained stable.
In Q3 2024, Polystyrene prices showed mixed trends across regions. In Asia, prices dropped sharply due to the availability of products being more than the demand and lower Styrene feedstock costs, especially in the packaging and construction sectors. In the USA, GPPS prices fell to USD 1,765/MT by quarter-end. The North American PS market also saw price declines, driven by softened demand and improved supply despite earlier cost concerns.
The European market remained relatively stable with a slight decrease, reflecting weak demand and lower feedstock prices. In the Middle East and Africa, prices remained mostly unchanged due to balanced supply and demand. Globally, buyers were cautious, holding off purchases in anticipation of better pricing amid changing market dynamics.
In Q2 2024, Polystyrene prices continued their upward trajectory due to sustained demand from the packaging and construction sectors. A combined 7.4% increase in container port volumes and a 10.4% rise in containership supply contributed to surging freight rates, exacerbating the bullish trend.
Congestion at major Asian ports, equipment shortages, and vessel rerouting around southern Africa worsened the supply-demand imbalance, significantly impacting the Asian market. North America and Europe experienced notable price fluctuations, with increases of 5.8% and 12.8%, respectively, over Q1 and Q2.
In Q1 2024, the global Polystyrene (PS) market saw a bullish trend, driven by rising Styrene feedstock prices and strong demand from key sectors like packaging and construction. The resurgence of the construction industry further fuelled PS demand, while the Lunar New Year boosted demand for packaging materials, especially in food, beverages, and consumer goods.
This festive season led to a spike in production and distribution, increasing Polystyrene usage. Supply chain disruptions from factory closures and rising freight rates, along with a 2% increase in global capacity utilization compared to 2023, added pressure to the market and pushed prices upward.
In Q1 2025, Polystyrene (GPPS) prices in India averaged USD 1381/MT, with the market remaining flat compared to Q4 2024. The stability was due to balanced supply-demand dynamics and minimal movement in styrene feedstock prices. Demand from core sectors like packaging and electrical appliances continued at a steady pace, but buyers refrained from aggressive restocking amid global economic uncertainties. Domestic production stayed consistent, and no major disruptions were reported. As a result, GPPS pricing remained steady, with participants adopting a cautious approach heading into the next quarter.
During Q4 2024, Polystyrene (GPPS) prices declined to USD 1431/MT, down 4% from Q3 2024. The softening trend was attributed to reduced buying interest amid year-end inventory adjustments and weaker demand from non-essential product manufacturers. Domestic supply remained stable, but subdued export opportunities and lower input cost pressure added to the price decline.
Buyers delayed purchases on expectations of further corrections, resulting in slower trade momentum. Overall, Q4 was marked by cautious sentiment and lean procurement, keeping GPPS prices under mild downward pressure.
In Q3 2024, Polystyrene (GPPS) prices in the Indian market touched USD 1500/MT, marking a 2% increase from Q2 2024. The rise was driven by steady demand from the packaging and appliance sectors, especially ahead of festive manufacturing cycles. Although styrene feedstock prices remained relatively stable, localized production slowdowns and delayed imports supported price firmness.
Buyers exercised caution, opting for short-term procurement. Still, festive season stockings helped maintain an overall bullish tone. Despite tight margins, consistent downstream demand kept GPPS prices elevated through most of the quarter.
Prices of Polystyrene (GPPS) rose sharply in Q2 2024 to USD 1481/MT, reflecting a 6% increase from Q1 2024. The surge was driven by increased raw material costs and robust restocking activity. Demand from disposable product manufacturers and the appliances sector remained healthy, supporting upward pricing. Limited availability of imported GPPS, coupled with high freight costs, further tightened the supply.
Domestic manufacturers benefited from firm offtake and stable production runs, while buyers stayed active, anticipating further cost hikes. Overall, improved market confidence and stronger downstream consumption fuelled the quarterly growth.
In Q1 2024, Polystyrene (GPPS) prices in India averaged USD 1395/MT, showing a 2% increase from the previous quarter. The price uptick was supported by steady demand from sectors like packaging, electronics, and consumer goods. Domestic producers saw improved off-take, while input costs, especially styrene monomer, remained moderately firm. Market sentiment was positive due to stable availability and post-holiday restocking. Demand from injection moulding applications also contributed to the upward pricing movement.
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Polystyrene is a lightweight, rigid plastic made from the polymerization of styrene, derived from petroleum or natural gas. It is used in packaging, disposables, and insulation due to its cost-effectiveness and ease of moulding.
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PriceWatch Quotation Terms:
Ex-Location: This incoterm refers to a shipping agreement where the seller makes the goods available at their premises, and the buyer is responsible for all transportation costs, including shipping, insurance, and any other fees.
CIF: CIF refers to the Cost, Insurance, and Freight (CIF) terms for goods. Under CIF terms, the seller is responsible for the cost of goods, insurance, and freight charges until the goods reach the port of destination.
FD: FD stands for Free Delivered where the seller takes full responsibility for delivering goods to the location/port. This ensures the buyer receives the goods at the designated port with all necessary costs, except import duties, covered.
FOB: FOB refers to the Free On-Board shipping term, where the seller is responsible for the cost and risk of delivering the goods to the port. Once the goods are on board the vessel, the responsibility shifts to the buyer for all costs, including shipping and insurance.
| Property | Specification (GPPS) | Specification (HIPS) |
| Melt Flow Index | 3-10gm/10 min | 5-10 gm/10 min |
| Vicat Softening Point | 94-98⁰C | 98-100⁰C |
| Heat Deflection Temperature | 80⁰-90⁰C | 76⁰-73⁰C |
| Tensile Strength | 475-562 kgf/cm2 | 230-336 kgf/cm2 |
| Elongation | 2-4% | 45-50% |
| Flexural Strength | 775-1117 kgf/cm2 | 365-530 kgf/cm2 |
| Flexural Modulus | 31590-31683 kgf/cm2 | 19374-22415 kgf/cm2 |
| Izod Impact (Notched) | 20-35.03 J/m | 100-105 J/m |
| Flammability | HB | HB |
| Specific Gravity | 1.04 | 1.03 |
| Processing Temperature | 180-240 ⁰C | 180-260 ⁰C |
| Pre-drying Temperature | 50-80 ⁰C | 40-80 ⁰C |
| Mold Temperature | 40-60 ⁰C | 10-60 ⁰C |
Applications
Polystyrene (PS) is a versatile plastic widely used in various industries due to its lightweight, durability, and cost-effectiveness. Its most common applications include packaging materials, such as disposable food containers and protective packaging for fragile goods. In construction, Polystyrene serves as insulation in walls, roofs, and floors, providing both thermal and soundproofing benefits. The automotive industry uses Polystyrene for interior components and safety padding. Additionally, high-impact Polystyrene (HIPS) is employed in consumer goods like toys, electronics casings, and household items.
Polystyrene prices are influenced by a complex interplay of factors, including:
Production cost: Production costs directly influence commodity prices. When production expenses rise, such as through higher raw material or labor costs, commodity prices typically increase. Conversely, lower production cost leads to reduced prices of particular commodities.
Supply and Demand: The fundamental driver of commodity prices is the balance between supply and demand. When demand exceeds supply, prices tend to rise, and vice versa.
Economic Growth: Global economic growth, particularly in emerging markets, can increase demand for commodities, driving prices higher.
Geopolitical Events: Political instability, conflicts, and trade tensions can disrupt supply chains, affecting commodity prices.
Natural Disasters: Weather events such as droughts, floods, and hurricanes can impact the production and availability of certain commodities.
Speculation: Financial speculators can influence commodity prices through their trading activities.
Government Policies: Government policies, such as tariffs, subsidies, and regulations, can impact the production, consumption, and trade of commodities.
Many commodities are derived from feedstocks, which are raw materials used in their production. The price of feedstocks can significantly influence the price of the final commodity. For example, the price of crude oil affects the price of gasoline and other petroleum products. When feedstock prices rise, it typically leads to higher commodity prices as well.
Commodity prices can have a significant impact on inflation. When commodity prices rise, it can increase the cost of production for businesses, which may pass these costs on to consumers in the form of higher prices. This can lead to inflation, a sustained increase in the general price level of goods and services in an economy.
Regional price differences for Polystyrene can be substantial, influenced by local production capacities, feedstock availability, and market demand. For instance, regions with strong refining infrastructure, like the U.S. and parts of Asia, may experience lower prices compared to others with limited production capabilities. Understanding these regional dynamics is essential for procurement heads, as they can optimize sourcing strategies by exploring cost-effective suppliers in favourable markets while balancing quality and delivery times.
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