Upstream developments have continued to play a defining role in market sentiment. The Chinese coal industry has faced tighter oversight since mid-year after excessive mining activity eroded margins and raised safety concerns.
Shandong Yulong’s latest auction on Thursday featured only PP cargoes, with trading activity muted as the producer’s October allocations neared completion. Market sentiment remained subdued amid persistent caution ahead of key macro events, including the upcoming US–China trade discussions.