06 Feb 2023
Over the weekend, a key domestic producer in Indonesia lifted spot PP and PE offers even though international sellers started to loosen their stance in this market given the stiff resistance from buyers.
It has passed the Chap Goh Mei festival, which marks the return of manufacturers, however, trading sentiment remains soft throughout the morning session.
Trading activities on the Shenhua auction platform dimmed sharply from the previous session even though the producer lowered deal prices by CNY50-70/ton.
02 Feb 2023
Responses from Southeast Asian buyers remained disappointing, however, Chinese sellers started seeing an uptick in inquiries from South American buyers.
For many months, local PE cargoes in Indonesia have been highly attractive against imported materials, which discourages buyers from seeking overseas materials even though the exchange rates are more favourable.
Local suppliers offer another round of minor discounts on both PP and PE cargoes, yet real transactions remain mediocre.
Chinese bidders returned to the coal-based auction platform approaching the weekend on expectations that the futures contracts on Dalian Commodity Exchange would revive after the FED lifted the key interest rate by 0.25%,
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