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.
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.
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.