Meanwhile, Chinese suppliers are losing competitiveness in the export ground, at least in Southeast Asia. The rising shipping costs outlook prevents Chinese sellers from conceding to larger discounts, which push buyers to more attractive South Korean parcels.
The regional PE market is not as active as the PP sector due to the lack of new direct offers from overseas sellers. However, Southeast Asian customers are certain that the downtrend would persist regardless of the strong energy complex considering the dwindling demand across the region.
As Shanghai gradually lifted COVID-19 containment measures that allow essential stores and services to reopen, Chinese customers see a limited impact on the trading sentiment. Apparently, many manufacturers in the city are still struggling to restart operations due to severe manpower shortages.