Anticipation is now building for a joint press conference between the Chinese government and the People’s Bank of China on Thursday, 17 October, where authorities are expected to unveil new stimulus measures, particularly for the ailing housing sector.
Buying interest has weakened, with the appearance that buyers resist current prices unless bolstered by substance, such as a tangible supply disruption in the Middle East or a realised economic stimulus—both of which were anticipated throughout the previous week but did not materialise.
The Shenhua auction platform experienced a notably tepid market response this morning for both PP and PE, marking a decline in activity compared to the previous session. Even with a modest discount of CNY 50/ton ($7), buyer engagement was lackluster, reflecting broader market hesitancy.