Trading activity on the Shenhua Auction Platform saw a modest rebound from the previous session, driven primarily by price reductions from the coal-based producer. Auction prices for LLDPE were lowered by CNY 10-90/ton in an effort to stimulate buying interest
With supply constraints from key overseas producers persisting, expectations are growing that the uptrend will extend into the coming months. These concerns have fuelled buying activity in the local market over the past week
As reported earlier, large-scale buyers in the beverage sector have procured tens of thousands of tons of PET bottle resin during the downswing in December for February delivery. With suppliers now focusing on fulfilling these commitments, immediate sales pressure has subsided.
Overseas suppliers have begun capitalizing on the bullish momentum in the local market to strengthen import offers to China. Market participants are closely assessing China's response to determine potential ripple effects in other markets.