Trading activities on the Shenhua Auction Platform plunged sharply from the previous session despite the moderate auction volume available. Chinese bidders shied away from the unappealing pricing set by the coal-based producer – Shenhua despite the continued weakening of futures contracts on the Dalian Commodity Exchange.
Saudi Aramco, the state-owned oil and gas giant, has opted to keep its December liquefied petroleum gas (LPG) contract prices unchanged, sustaining levels at a 20-month high. This decision reflects the balancing act between strong seasonal demand for winter heating and a sluggish petrochemical sector.
Market participants noted significant, even aggressive, buying activity in Southern China at the start of the week, largely driven by local traders seeking to secure ready-stock parcels to meet the delivery obligations of previously sold containers.
Indonesia, like other Muslim-majority countries, will observe Ramadan at the beginning of March 2025. Preparations for the festive season, typically seen between December and early January, are fuelling a positive outlook for food and beverage packaging demand.