The Shenhua Auction Platform closed the month on a strong footing, supported by the firmness on the Dalian Commodity Exchange. Further support arose from the producer’s thinner allocations, stemming from robust purchasing activity in the previous session.
While trading sentiment in the local market has been flat for two consecutive weeks, key Chinese suppliers attempted to spur buying interest on the international front by sporadically adjusting offers to gauge buyer responses.
In the LLDPE segment, discounts of up to CNY30/ton spurred buying interest, leading to a complete depletion of the day’s allocations. This marked the first sell-out since the start of the year, reflecting hints of potential post-holiday demand recovery.
Shenhua's auction session concluded on a mixed note today, with transactions for homo-PP experiencing a sharp decline compared to the previous session. Market participants attributed the weaker performance to the downturn in the futures market