14 Mar 2022
Chinese bidders remain inactive on the first trading day of the week as the government imposes lockdown at Shenzhen, threatening the demand outlook.
14 Mar 2022 HD Film LL C4 Film
Vietnamese buyers are placing bids below the $1400/ton threshold for both cargoes, hoping that Chinese suppliers would be more inclined to accept the bids following the recent plunge in the local ground.
Sources said that the local PE market has been dwindling for too long while PP prices are now facing stiff resistance from the market, hence, the unsynchronized hikes.
The total PP and PE stocks at Sinopec and CNPC’s warehouses piled up 85,000 tons over the weekend to 1,010,000 tons as of 14 March 2022 – the highest level since 1 March.
This is the first time the stocks rose above the 1 million tons threshold since 1 March 2022.
11 Mar 2022
Transactions on the Shenhua auction platform remain sluggish on the final trading day of the week as the increasing number of COVID-19 infections in the mainland might trigger a widespread lockdown.
Market players worried that government might implement strict lockdown measures to contain the situation, which could cripple demand.
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