22 Feb 2024
In spite of a more stabilised futures market, spot PP and PE prices in the domestic spot market continued to gallop lower in the face of sluggish demand conditions.
Auction prices were largely stable from the previous trading day, therefore, the satisfactory number of transactions indicated buyers’ willingness to make replenishments, LLDPE in particular
21 Feb 2024
Some players stated that their inventory digestion remains sluggish while many other sellers are lamenting today's poor sales, indicating the slow actual market buying activity.
Following a disappointing auction result in the previous session, Shenhua stepped up the effort to encourage purchasing activities by offering CNY70-80/ton discounts on the auction prices, leading to improved dealt volume today.
20 Feb 2024
Asian market participants initially expected a $10-20/ton increase from the producer, citing the weak demand ahead of the fasting month as a justification.
Sellers reckoned this would pressure the buyers to accept the increased price point due to the low on-hand inventory, in addition to the strong crude price at present.
The trading market is forecasted to have mediocre sales this week as more buyers take on a reserved approach to monitor the upcoming market direction.
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