11 Jan 2024
The producer maintained low operating rates at their plants to counterbalance the sluggish demand conditions. Trading sentiment in the domestic spot market is lethargic.
Long Son Petrochemical (LSP) successfully started up its mixed feed cracker in Southern Vietnam in late December 2023, which allow the producer to kickstart commercial production at both PP and PE units.
Following several days of continuous price reductions, Chinese buyers finally returned to the market for restocking ahead of the weekend.
Compared to the previous trading session, the transactions on the Shenhua platform improved sharply thanks to the producer’s effort to adjust the prices to attract customers.
10 Jan 2024 PPH Raf
However, the two consecutive downward price adjustments this week from Chinese sellers signal the possibility that the recent rally might have reached a peak.
10 Jan 2024
Despite the slower inventory digestion rates, sources said the current stock levels are well under control, which discourages producers from introducing any drastic price reductions
Following two consecutive sessions of dwindling sales results, Shenhua continued to lower auction prices for LLDPE by CNY50/ton while maintaining homo-PP unchanged.
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