The anti-dumping investigation, initiated by the South Korea Trade Commission on 12 January 2024, followed a petition from TK Chemical Co., Ltd., a prominent South Korean company. TK Chemical alleged that Chinese PET resins were being sold at unfairly low prices, harming the local industry.
This prolonged contraction is attributed to several factors, including weak domestic demand, extreme weather conditions, and the traditional off-peak production season. These challenges have amplified calls for increased policy support from the government to stimulate economic activity.
The sentiment in the oil market has been subdued following China’s report of its weakest economic growth in five quarters earlier this month. The nation’s oil import volumes have faltered, as refiners’ return from maintenance has proceeded at a slow pace.