Similarly, international suppliers have attempted to push import offers higher in China, citing limited supply. However, acceptance has been weak due to the sharp rise in local availability following the commissioning of several new plants since November 2024.
Despite the Dalian Commodity Exchange’s relative strength, spot sellers kept offers stable-to-softer, citing buyer-side resistance toward firmer levels. Market participants expressed caution over the futures market’s upturn, citing concerns over its sustainability.
The Shenhua Auction Platform commenced the month’s trading with more competitive offers, diverging from the firmer trends observed on the Dalian Commodity Exchange. The producer’s strategy appeared aimed at sustaining purchasing momentum, particularly as allocations for both grades increased.
Indonesia’s local PP and PE markets rebounded sharply as a major domestic producer reversed its earlier decision to maintain stable spot offers, implementing a substantial increase of IDR 330,000/ton ($20/ton) across most grades.
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.