22 Apr 2021
Besides the price cuts, the producer has also introduced price protection until 1 May 2021 for all PP and PE cargoes that guarantee buyers that their purchases this week will be adjusted if prices come down during the protection period.
Transactions once again pick up on the Shenhua Auction platform for both PP and PE grades, which continue to fuel more positive expectation for the pre-holiday replenishment activities.
Several traders have expressed the readiness in reducing spot offers in the coming days with aims to deplete more stocks ahead of the long Labor Day holiday.
21 Apr 2021
The increasing local production outputs coupled with the unexpectedly high import arrivals for both PP and PE pressured the local market throughout the month of March.
Even with the large price cuts, the average import LLDPE film prices are still about $30/ton higher than local market while import LDPE film is about $20/ton higher, data from CommoPlast showed.
As the supplier attempted to increase the deal prices, the number of transactions fell compared to the previous trading day, indicating the challenges facing suppliers to lift offers in the local ground.
There are no supports for the futures market to firm up strongly because the government is tightening credit control.
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