Buyer response has remained cautious amid a tug-of-war between reluctance to sell at lower prices and hesitation to buy at higher levels, as it is increasingly difficult to justify the rationale to the end of the supply chain.
Now, domestic coal adds an extra layer of insulation, providing a resilient, cost-advantaged base while regional peers face halted operations and price controls amid constrained naphtha and propane.
Prospects of ceasefire developments dissolved the market's defensive procurement posture on Thursday, resulting in near-total buyer rejection as elevated auction baselines collided with softening spot sentiment.
Aggressive baseline corrections failed to salvage platform liquidity on Thursday as cautious downstream buyers, wary of a cyclical peak, largely rejected the offerings amid softening macroeconomic cues.
| PP | LLDPE | PVC | |
|---|---|---|---|
| Close (CNY/ton) | 9,117 -149 | 8,579 -245 | 5,093 -161 |
| Close (USD/ton) | 1,181 -22 | 1,112 -35 | 660 -23 |
| Volume | 239,613 -10867 | 241,334 -5346 | 566,030 +17584 |
| * All USD prices are excluding VAT basis Volume indicates number of contracts |
|||
| PX | PTA | MEG | |
|---|---|---|---|
| Close (CNY/ton) | 9,234 -84 | 6,524 -50 | 5,152 -205 |
| Close (USD/ton) | 1,196 -12 | 845 -7 | 668 -30 |
| Volume | 107,606 -5750 | 710,042 -43031 | 255,239 -2179 |
| * All USD prices are excluding VAT basis Volume indicates number of contracts |
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