China Morning Snapshot – 24 November 2025

PP and LLDPE futures on the Dalian Commodity Exchange posted a mild rebound on Monday morning, offering limited support to a market still weighed down by weak buying interest.

Domestic inventories rose by around 25,000 tons from last Friday to 710,000 tons as of 24 November, intensifying pressure on local traders heading into month-end.

Spot activity remained subdued, with buyers largely holding back to assess short-term direction amid expectations that prices could still drift lower. Offers were broadly steady, though sellers indicated willingness to negotiate for firm inquiries.

“Prices are already at relatively weak levels, and many distributors are reluctant to push material out at steeper discounts given the risk of a technical rebound,” one mainland trader commented. “But with buying interest still thin, any upside remains limited, and we are following producers’ guidance in closing only serious deals.”

Meanwhile, sentiment received some modest lift from news of multiple shutdowns at Iranian methanol plants—including Apadana, Sabalan, and Kimiya—with a combined capacity of 4.95 million tons/year. The disruptions have strengthened expectations of short-term cost support for PP through the upstream chain.

Even so, most buyers prefer to wait for clearer signals before increasing procurement.

Written by: Kat Yun Yun

Edited by: Farid Muzaffar